Zacks Investment Research upgraded shares of Evergy (NASDAQ:EVRG) from a sell rating to a hold rating in a research note published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $68.00 price target on the stock.
According to Zacks, “Evergy Inc.’s second-quarter earnings were lower than expected as unfavorable weather largely affected demand. The company is on track to generate a substantial volume of electricity from wind assets and aims to produce more than 50% of its electricity from clean sources by 2020. Share repurchases, cost-saving initiatives and long-term investments to strengthen operations will help the company to improve earnings annually by 5-7% through 2023. Evergy’s shares have outperformed its industry in the past 12 months. 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, unplanned outages in transmission and distribution assets could adversely impacting business and profitability.”
EVRG has been the subject of a number of other reports. SunTrust Banks lifted their price objective on Evergy from $66.00 to $67.00 and gave the company a buy rating in a report on Friday, August 9th. UBS Group lifted their price objective on Evergy from $58.00 to $61.00 and gave the company a neutral rating in a report on Friday, June 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $62.67.
Evergy (NASDAQ:EVRG) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.02). The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the firm posted $0.67 earnings per share.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be paid a $0.475 dividend. The ex-dividend date is Thursday, August 29th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 2.97%.
In other news, SVP Heather A. Humphrey sold 1,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $58.24, for a total value of $58,240.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Greg A. Greenwood sold 5,000 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $59.32, for a total value of $296,600.00. The disclosure for this sale can be found here.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Evergy by 2.7% in the first quarter. BlackRock Inc. now owns 20,259,245 shares of the company’s stock valued at $1,176,051,000 after buying an additional 539,149 shares in the last quarter. Invesco Ltd. increased its position in Evergy by 34.3% in the second quarter. Invesco Ltd. now owns 4,879,106 shares of the company’s stock worth $293,478,000 after purchasing an additional 1,246,803 shares during the period. Commonwealth Bank of Australia increased its position in Evergy by 1.8% in the second quarter. Commonwealth Bank of Australia now owns 4,100,212 shares of the company’s stock worth $246,616,000 after purchasing an additional 74,101 shares during the period. Janus Henderson Group PLC increased its position in Evergy by 19.4% in the first quarter. Janus Henderson Group PLC now owns 4,057,234 shares of the company’s stock worth $235,523,000 after purchasing an additional 658,342 shares during the period. Finally, Geode Capital Management LLC increased its position in Evergy by 6.4% in the fourth quarter. Geode Capital Management LLC now owns 3,525,405 shares of the company’s stock worth $199,800,000 after purchasing an additional 212,498 shares during the period.
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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