Zacks Investment Research downgraded shares of SCANA (NYSE:SCG) from a hold rating to a sell rating in a report issued on Thursday morning.
According to Zacks, “Investors in SCANA are concerned over the expected adverse ruling on cost recovery associated with the utility’s failed $20 billion nuclear project. The uncertainty and turmoil related to the outcome and the time span for the court to reach to the conclusion might affect the fate of SCANA’s impending merger with Dominion Energy. Moreover, the company decided to reduce dividend payments from the second quarter, which can upset investors. Additionally, SCANA’s balance sheet is highly levered with more than $6 billion in long term debt. Given these headwinds, SCANA seems like a risky bet that ordinary investors should exit.”
Other equities research analysts have also recently issued research reports about the stock. Mizuho raised shares of SCANA from a neutral rating to a buy rating in a research report on Tuesday, October 9th. UBS Group upgraded shares of SCANA from a sell rating to a neutral rating in a research note on Friday, September 28th. Wolfe Research reiterated an outperform rating on shares of SCANA in a research note on Thursday, September 27th. Finally, ValuEngine upgraded shares of SCANA from a strong sell rating to a sell rating in a research note on Thursday, October 18th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The company has an average rating of Hold and an average price target of $38.30.
SCANA (NYSE:SCG) last announced its quarterly earnings results on Thursday, October 25th. The utilities provider reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.20. SCANA had a negative net margin of 5.50% and a positive return on equity of 10.57%. The firm had revenue of $926.00 million during the quarter. Equities research analysts forecast that SCANA will post 3.23 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 1st. Investors of record on Monday, December 10th will be paid a dividend of $0.1237 per share. The ex-dividend date is Friday, December 7th. This represents a $0.49 annualized dividend and a dividend yield of 1.35%. SCANA’s dividend payout ratio (DPR) is presently 11.67%.
Several hedge funds and other institutional investors have recently bought and sold shares of SCG. Sei Investments Co. raised its stake in shares of SCANA by 42.4% during the 1st quarter. Sei Investments Co. now owns 10,145 shares of the utilities provider’s stock worth $382,000 after acquiring an additional 3,022 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of SCANA by 4.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 143,428 shares of the utilities provider’s stock worth $5,386,000 after acquiring an additional 5,466 shares in the last quarter. LPL Financial LLC raised its stake in shares of SCANA by 26.8% during the 1st quarter. LPL Financial LLC now owns 20,989 shares of the utilities provider’s stock worth $788,000 after acquiring an additional 4,441 shares in the last quarter. Cubist Systematic Strategies LLC raised its stake in shares of SCANA by 89.3% during the 1st quarter. Cubist Systematic Strategies LLC now owns 7,500 shares of the utilities provider’s stock worth $282,000 after acquiring an additional 3,539 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. increased its stake in SCANA by 52.3% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 122,701 shares of the utilities provider’s stock valued at $4,608,000 after purchasing an additional 42,162 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.
SCANA Company Profile
SCANA Corporation, through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity to retail and wholesale customers in the United States. The company owns nuclear, coal, hydro, natural gas, oil, biomass, and solar generating facilities. It also purchases, sells, and transports natural gas; and offers energy-related services.
Read More: Using the New Google Finance Tool
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for SCANA Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SCANA and related companies with MarketBeat.com's FREE daily email newsletter.