Zacks Investment Research upgraded shares of Evergy (NASDAQ:EVRG) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday. The brokerage currently has $65.00 target price on the stock.
According to Zacks, “Shares of Evergy have outperformed its industry in last six months.Evergy continues to benefit from Westar retail sales, lower income tax, and the inclusion of KCP&L and GMO earnings. The company generates a substantial volume of electricity from the wind assets, and its renewable power volume is ahead of the standards set in Missouri and Kansas. Cost-saving initiatives and long-term investment to strengthen operation will help the company to improve earnings annually by 6-8% through 2021. The company 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.”
Several other research firms also recently issued reports on EVRG. UBS Group cut their target price on Evergy from $60.00 to $58.00 and set a neutral rating on the stock in a research report on Friday, September 21st. Wells Fargo & Co set a $62.00 target price on Evergy and gave the company a buy rating in a research report on Friday, October 5th. Finally, Guggenheim initiated coverage on Evergy in a research report on Friday, June 15th. They issued a buy rating and a $58.00 target price on the stock. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $60.80.
Shares of NASDAQ EVRG traded up $0.08 during mid-day trading on Wednesday, hitting $55.62. The stock had a trading volume of 1,757,069 shares, compared to its average volume of 1,478,570. Evergy has a twelve month low of $47.06 and a twelve month high of $59.28.
Evergy (NASDAQ:EVRG) last released its earnings results on Thursday, August 9th. The company reported $0.56 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.56. The firm had revenue of $893.40 million during the quarter, compared to analyst estimates of $623.51 million. During the same period in the previous year, the company earned $0.50 earnings per share. Evergy’s revenue was up 46.6% on a year-over-year basis.
The firm also recently declared a dividend, which was paid on Thursday, September 20th. Shareholders of record on Wednesday, August 29th were issued a $0.46 dividend. The ex-dividend date was Tuesday, August 28th.
In other Evergy news, Director Richard L. Hawley sold 2,100 shares of the company’s stock in a transaction on Friday, August 24th. The shares were sold at an average price of $57.26, for a total value of $120,246.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mark A. Ruelle sold 43,500 shares of the company’s stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $57.51, for a total transaction of $2,501,685.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 106,620 shares of company stock worth $6,136,954.
A number of large investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in Evergy in the second quarter valued at $1,068,152,000. FMR LLC purchased a new stake in Evergy in the second quarter valued at $437,286,000. Commonwealth Bank of Australia purchased a new stake in Evergy in the second quarter valued at $337,943,000. Renaissance Technologies LLC purchased a new stake in shares of Evergy during the 2nd quarter worth about $301,928,000. Finally, Millennium Management LLC purchased a new stake in shares of Evergy during the 2nd quarter worth about $224,008,000.
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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