Evergy (NASDAQ:EVRG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has a $68.00 target price on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 5.97% from the stock’s current price.
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.”
Other equities research analysts also recently issued reports about the company. SunTrust Banks lifted their target price on Evergy from $66.00 to $67.00 and gave the stock a “buy” rating in a report on Friday, August 9th. UBS Group lifted their target price on Evergy from $58.00 to $61.00 and gave the stock a “neutral” rating in a report on Friday, June 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $62.67.
EVRG stock traded up $0.43 during mid-day trading on Wednesday, reaching $64.17. The company’s stock had a trading volume of 17,418 shares, compared to its average volume of 1,668,699. The business’s 50 day moving average price is $61.11. Evergy has a 12 month low of $54.19 and a 12 month high of $63.93.
Evergy (NASDAQ:EVRG) last issued its earnings results on Wednesday, August 7th. The company reported $0.58 earnings per share 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 analyst estimates of $1.33 billion. During the same period in the prior year, the firm posted $0.67 EPS.
In other news, SVP Heather A. Humphrey sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $58.24, for a total transaction of $58,240.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Greg A. Greenwood sold 5,000 shares of the business’s stock in a transaction that occurred 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 hedge funds and other institutional investors have recently added to or reduced their stakes in EVRG. Rockefeller Capital Management L.P. boosted its position in shares of Evergy by 66.3% during the second quarter. Rockefeller Capital Management L.P. now owns 424 shares of the company’s stock valued at $26,000 after buying an additional 169 shares during the last quarter. Miller Howard Investments Inc. NY boosted its position in shares of Evergy by 0.3% during the second quarter. Miller Howard Investments Inc. NY now owns 52,127 shares of the company’s stock valued at $3,135,000 after buying an additional 176 shares during the last quarter. 6 Meridian boosted its position in shares of Evergy by 2.2% during the second quarter. 6 Meridian now owns 8,623 shares of the company’s stock valued at $519,000 after buying an additional 189 shares during the last quarter. Heritage Wealth Advisors boosted its position in shares of Evergy by 19.4% during the first quarter. Heritage Wealth Advisors now owns 1,378 shares of the company’s stock valued at $80,000 after buying an additional 224 shares during the last quarter. Finally, Tdam USA Inc. boosted its position in shares of Evergy by 3.3% during the second quarter. Tdam USA Inc. now owns 7,464 shares of the company’s stock valued at $449,000 after buying an additional 235 shares during the last quarter.
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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