Bank of America upgraded shares of CenterPoint Energy (NYSE:CNP) from a neutral rating to a buy rating in a research report released on Thursday morning, 24/7 WallStreet reports. The firm currently has $29.32 target price on the utilities provider’s stock. The analysts noted that the move was a valuation call.
Several other analysts have also commented on CNP. Mizuho started coverage on shares of CenterPoint Energy in a research report on Monday, June 3rd. They set a buy rating and a $31.00 price target on the stock. Goldman Sachs Group started coverage on shares of CenterPoint Energy in a research report on Monday, February 25th. They set a buy rating and a $34.00 price target on the stock. Credit Suisse Group set a $32.00 price target on shares of CenterPoint Energy and gave the company a buy rating in a research report on Friday, March 1st. Wells Fargo & Co restated a buy rating on shares of CenterPoint Energy in a research report on Thursday, February 28th. Finally, ValuEngine lowered shares of CenterPoint Energy from a buy rating to a hold rating in a research report on Thursday, February 28th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $31.86.
NYSE:CNP opened at $29.26 on Thursday. The firm has a market capitalization of $14.55 billion, a PE ratio of 18.29, a price-to-earnings-growth ratio of 3.24 and a beta of 0.51. CenterPoint Energy has a 1-year low of $25.65 and a 1-year high of $31.42. The company has a current ratio of 1.09, a quick ratio of 0.97 and a debt-to-equity ratio of 2.12.
CenterPoint Energy (NYSE:CNP) last released its quarterly earnings data on Thursday, May 9th. The utilities provider reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.06). The business had revenue of $3.53 billion during the quarter, compared to analyst estimates of $3.84 billion. CenterPoint Energy had a return on equity of 13.31% and a net margin of 3.39%. The firm’s revenue was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.55 EPS. Research analysts predict that CenterPoint Energy will post 1.64 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Investors of record on Thursday, May 16th were given a dividend of $0.2875 per share. The ex-dividend date was Wednesday, May 15th. This represents a $1.15 annualized dividend and a yield of 3.93%. CenterPoint Energy’s dividend payout ratio is presently 71.88%.
In related news, CEO Scott M. Prochazka sold 7,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $30.90, for a total transaction of $216,300.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Milton Carroll sold 19,780 shares of the firm’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $29.70, for a total transaction of $587,466.00. Following the sale, the insider now owns 98,301 shares in the company, valued at approximately $2,919,539.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,780 shares of company stock worth $1,573,746. 0.24% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of CenterPoint Energy in the first quarter valued at about $25,000. PRW Wealth Management LLC acquired a new stake in shares of CenterPoint Energy in the fourth quarter valued at about $29,000. Flagship Harbor Advisors LLC grew its position in shares of CenterPoint Energy by 174.6% in the first quarter. Flagship Harbor Advisors LLC now owns 950 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 604 shares during the period. Claybrook Capital LLC acquired a new stake in shares of CenterPoint Energy in the fourth quarter valued at about $31,000. Finally, Parallel Advisors LLC grew its position in shares of CenterPoint Energy by 89.4% in the fourth quarter. Parallel Advisors LLC now owns 1,352 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 638 shares during the period. Institutional investors and hedge funds own 78.35% of the company’s stock.
About CenterPoint Energy
CenterPoint Energy, Inc operates as a public utility holding company in the United States. The company's Electric Transmission & Distribution segment offers electric transmission and distribution services to retail electric providers, municipalities, electric cooperatives, and other distribution companies.
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