Evergy (NASDAQ:EVRG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday, Zacks.com reports. They presently have a $65.00 target price on the stock. Zacks Investment Research‘s price target indicates a potential upside of 6.93% from the stock’s previous close.
According to Zacks, “Evergy’s shares have outperformed its industry in the past 12 months. Evergy is on track to generate a substantial volume of electricity from wind assets. The company aims to produce more than 50% of its electricity from clean sources by 2020 and its current renewable power volume is ahead of the standards set in Missouri and Kansas. Cost-saving initiatives and long-term investments to strengthen operation will help the company improve earnings annually by 5-7% through 2023. However, Evergy generates a major chunk of sales come from residential and commercial customers, and unfavorable weather lowers sales volumes from these customer categories. Despite maintenance, the aging transmission and distribution assets could fail anytime, leading to unplanned outages, thereby adversely impacting business and profitability.”
Separately, UBS Group reiterated a “buy” rating on shares of Fortis in a research note on Friday, June 7th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $61.20.
Evergy (NASDAQ:EVRG) last issued its earnings results on Wednesday, May 8th. The company reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.02. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the prior year, the firm posted $0.34 earnings per share.
In related news, Director S Carl Soderstrom, Jr. sold 4,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $58.30, for a total value of $233,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Heather A. Humphrey sold 1,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $57.37, for a total value of $57,370.00. The disclosure for this sale can be found here. Insiders sold a total of 11,000 shares of company stock valued at $645,410 over the last 90 days.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in shares of Evergy by 45.8% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 3,500 shares of the company’s stock worth $211,000 after buying an additional 1,100 shares in the last quarter. MainStreet Investment Advisors LLC acquired a new position in shares of Evergy during the 2nd quarter worth $337,000. Fox Run Management L.L.C. acquired a new position in shares of Evergy during the 2nd quarter worth $215,000. Miller Howard Investments Inc. NY raised its holdings in shares of Evergy by 0.3% during the 2nd quarter. Miller Howard Investments Inc. NY now owns 52,127 shares of the company’s stock worth $3,135,000 after buying an additional 176 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its holdings in shares of Evergy by 88.5% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 52,736 shares of the company’s stock worth $3,172,000 after buying an additional 24,758 shares in the last quarter.
Evergy Company Profile
Westar Energy, Inc engages in the generation, transmission and distribution of electricity in Kansas. It provides electricity to residential, commercial, and industrial customers in the cities of Topeka, Lawrence, Manhattan, Salina, and Hutchinson. The company was founded in 1924 and is headquartered in Topeka, KS.
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