HITE Hedge Asset Management LLC Buys 60,966 Shares of PPL Co. (NYSE:PPL)

HITE Hedge Asset Management LLC raised its position in PPL Co. (NYSE:PPL) by 24.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 307,773 shares of the utilities provider’s stock after acquiring an additional 60,966 shares during the period. HITE Hedge Asset Management LLC’s holdings in PPL were worth $10,181,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. HighTower Advisors LLC grew its position in PPL by 8.9% during the 3rd quarter. HighTower Advisors LLC now owns 160,417 shares of the utilities provider’s stock worth $5,305,000 after purchasing an additional 13,169 shares during the last quarter. Hilltop Holdings Inc. lifted its position in shares of PPL by 81.0% in the third quarter. Hilltop Holdings Inc. now owns 16,094 shares of the utilities provider’s stock worth $532,000 after purchasing an additional 7,200 shares in the last quarter. Centiva Capital LP grew its holdings in PPL by 20.7% during the third quarter. Centiva Capital LP now owns 29,647 shares of the utilities provider’s stock valued at $981,000 after purchasing an additional 5,078 shares during the last quarter. Ascent Group LLC bought a new position in PPL in the third quarter worth $1,714,000. Finally, Benjamin Edwards Inc. acquired a new stake in shares of PPL in the third quarter valued at $386,000. Hedge funds and other institutional investors own 76.99% of the company’s stock.

PPL Price Performance

Shares of PPL stock opened at $34.44 on Tuesday. PPL Co. has a fifty-two week low of $25.35 and a fifty-two week high of $35.15. The firm has a market capitalization of $25.42 billion, a price-to-earnings ratio of 30.75, a PEG ratio of 3.01 and a beta of 0.82. The stock’s 50-day simple moving average is $33.00 and its 200-day simple moving average is $30.88. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.07 and a current ratio of 1.29.

PPL (NYSE:PPL) last issued its quarterly earnings data on Friday, November 1st. The utilities provider reported $0.42 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.42. PPL had a return on equity of 9.20% and a net margin of 9.95%. The business had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same period in the prior year, the business earned $0.43 earnings per share. The business’s revenue was up 1.1% on a year-over-year basis. As a group, equities analysts forecast that PPL Co. will post 1.72 earnings per share for the current fiscal year.

PPL Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Tuesday, December 10th will be issued a $0.2575 dividend. This represents a $1.03 annualized dividend and a dividend yield of 2.99%. The ex-dividend date is Tuesday, December 10th. PPL’s payout ratio is currently 91.97%.

Insider Buying and Selling at PPL

In other news, insider John R. Crockett III sold 9,161 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.35, for a total transaction of $314,680.35. Following the completion of the transaction, the insider now directly owns 12,434 shares of the company’s stock, valued at $427,107.90. This represents a 42.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.22% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on PPL. Bank of America upped their price objective on PPL from $34.00 to $35.00 and gave the company a “buy” rating in a report on Monday, November 4th. JPMorgan Chase & Co. initiated coverage on shares of PPL in a report on Friday, October 25th. They set an “overweight” rating and a $37.00 price target on the stock. Morgan Stanley lifted their price objective on shares of PPL from $31.00 to $33.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Jefferies Financial Group initiated coverage on PPL in a research report on Thursday, September 19th. They issued a “buy” rating and a $38.00 target price on the stock. Finally, Wells Fargo & Company increased their price target on shares of PPL from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $35.50.

PPL Company Profile

PPL Corporation, an energy company, focuses on providing electricity and natural gas to approximately 3.6 million customers in the United States. It operates through three segments: Kentucky Regulated, Pennsylvania Regulated, and Rhode Island Regulated. The company delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky.