SummitTX Capital L.P. Cuts Stock Holdings in Evergy Inc. $EVRG

SummitTX Capital L.P. lessened its stake in Evergy Inc. (NASDAQ:EVRG) by 76.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 38,207 shares of the company’s stock after selling 121,701 shares during the quarter. SummitTX Capital L.P.’s holdings in Evergy were worth $3,130,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in EVRG. Geode Capital Management LLC boosted its holdings in Evergy by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 6,447,150 shares of the company’s stock valued at $465,684,000 after acquiring an additional 105,842 shares during the last quarter. Franklin Resources Inc. grew its position in Evergy by 0.6% during the fourth quarter. Franklin Resources Inc. now owns 6,091,518 shares of the company’s stock valued at $441,574,000 after acquiring an additional 33,457 shares during the period. Federated Hermes Inc. increased its stake in Evergy by 1.6% during the fourth quarter. Federated Hermes Inc. now owns 3,760,548 shares of the company’s stock worth $272,602,000 after acquiring an additional 57,814 shares during the last quarter. Northern Trust Corp increased its stake in Evergy by 10.6% during the third quarter. Northern Trust Corp now owns 2,760,494 shares of the company’s stock worth $209,853,000 after acquiring an additional 263,619 shares during the last quarter. Finally, Truist Financial Corp raised its holdings in shares of Evergy by 28.4% in the 4th quarter. Truist Financial Corp now owns 1,847,410 shares of the company’s stock worth $133,919,000 after purchasing an additional 408,452 shares during the period. 87.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on EVRG shares. Wells Fargo & Company set a $87.00 price objective on Evergy in a research note on Tuesday, April 21st. UBS Group increased their target price on shares of Evergy from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. BTIG Research set a $97.00 price target on shares of Evergy in a report on Thursday, July 23rd. Barclays lifted their price target on shares of Evergy from $89.00 to $94.00 and gave the company an “overweight” rating in a research report on Tuesday, June 30th. Finally, Citigroup boosted their price objective on shares of Evergy from $95.00 to $97.00 and gave the stock a “buy” rating in a research note on Friday. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $90.60.

Insider Buying and Selling at Evergy

In other Evergy news, EVP Charles A. Caisley sold 10,787 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $83.46, for a total value of $900,283.02. Following the transaction, the executive vice president owned 37,789 shares in the company, valued at $3,153,869.94. The trade was a 22.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sandra Aj Lawrence sold 600 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $81.41, for a total transaction of $48,846.00. Following the completion of the transaction, the director directly owned 680 shares of the company’s stock, valued at approximately $55,358.80. The trade was a 46.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 12,748 shares of company stock worth $1,061,870 in the last ninety days. 1.52% of the stock is currently owned by insiders.

Evergy Stock Down 0.2%

NASDAQ EVRG opened at $85.66 on Wednesday. The company has a quick ratio of 0.24, a current ratio of 0.45 and a debt-to-equity ratio of 1.29. Evergy Inc. has a fifty-two week low of $68.05 and a fifty-two week high of $88.62. The business has a 50 day moving average price of $84.62 and a two-hundred day moving average price of $81.91. The stock has a market cap of $19.75 billion, a PE ratio of 22.72, a P/E/G ratio of 2.23 and a beta of 0.54.

Evergy (NASDAQ:EVRG) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.06. Evergy had a net margin of 14.63% and a return on equity of 9.09%. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the firm posted $0.54 earnings per share. The business’s quarterly revenue was up 5.0% on a year-over-year basis. As a group, sell-side analysts predict that Evergy Inc. will post 4.25 EPS for the current fiscal year.

Evergy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Friday, May 22nd were paid a dividend of $0.695 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $2.78 annualized dividend and a yield of 3.2%. Evergy’s payout ratio is 73.74%.

Evergy Company Profile

Evergy, Inc is a regulated electric utility that generates, transmits and distributes electricity to residential, commercial and industrial customers primarily across Kansas and western Missouri. The company provides core utility services including retail electric delivery, grid operations, customer service and outage restoration, operating under state regulatory frameworks. Evergy serves a mix of urban and rural communities, including portions of the Kansas City metropolitan area and other population centers in its service territory.

The company’s business activities span power generation, system planning, transmission and distribution infrastructure, and customer-facing programs such as energy efficiency and demand-side management.