Evergy (NASDAQ:EVRG) Reaches New 12-Month High After Strong Earnings

Evergy Inc. (NASDAQ:EVRG)’s share price hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $88.93 and last traded at $89.2020, with a volume of 661,567 shares traded. The stock had previously closed at $86.21.

The company reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.25. The business had revenue of $2.10 billion during the quarter, compared to analyst estimates of $1.93 billion. Evergy had a return on equity of 9.20% and a net margin of 15.19%. During the same period in the previous year, the company earned $2.03 EPS.

Analyst Ratings Changes

Several analysts have commented on EVRG shares. TD Cowen initiated coverage on shares of Evergy in a research report on Thursday, October 22nd. They issued a “buy” rating and a $95.00 target price for the company. Truist Financial began coverage on shares of Evergy in a report on Tuesday, October 27th. They set a “buy” rating and a $97.00 price target on the stock. Barclays reduced their price objective on shares of Evergy from $92.00 to $86.00 and set an “overweight” rating for the company in a research note on Monday, October 19th. Weiss Ratings reiterated a “buy (b)” rating on shares of Evergy in a report on Friday, August 7th. Finally, Citigroup increased their target price on shares of Evergy from $95.00 to $97.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Ten investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Evergy presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.00.

Insider Activity

In other news, Director Jonathan Rolph bought 1,640 shares of the stock in a transaction that occurred on Friday, September 11th. The shares were acquired at an average cost of $81.47 per share, for a total transaction of $133,610.80. Following the purchase, the director owned 670 shares of the company’s stock, valued at $54,584.90. This represents a -169.07% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.52% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of EVRG. Lido Advisors LLC grew its stake in shares of Evergy by 8.0% in the third quarter. Lido Advisors LLC now owns 22,478 shares of the company’s stock worth $1,763,000 after acquiring an additional 1,659 shares during the last quarter. Keybank National Association OH increased its holdings in shares of Evergy by 27.0% during the third quarter. Keybank National Association OH now owns 20,151 shares of the company’s stock worth $1,581,000 after buying an additional 4,290 shares in the last quarter. University of Texas Texas AM Investment Management Co. boosted its stake in Evergy by 84.1% in the third quarter. University of Texas Texas AM Investment Management Co. now owns 499 shares of the company’s stock worth $39,000 after purchasing an additional 228 shares in the last quarter. Parallel Advisors LLC grew its holdings in Evergy by 5.0% during the 3rd quarter. Parallel Advisors LLC now owns 14,413 shares of the company’s stock worth $1,131,000 after acquiring an additional 690 shares during the last quarter. Finally, Alps Advisors Inc. increased its holdings in shares of Evergy by 7.7% in the third quarter. Alps Advisors Inc. now owns 379,417 shares of the company’s stock valued at $29,761,000 after purchasing an additional 27,141 shares in the last quarter. Institutional investors and hedge funds own 87.24% of the company’s stock.

Evergy Stock Up 3.8%

The firm has a 50 day moving average price of $81.57 and a 200-day moving average price of $82.15. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.36 and a quick ratio of 0.21. The firm has a market cap of $20.63 billion, a price-to-earnings ratio of 22.63, a price-to-earnings-growth ratio of 2.21 and a beta of 0.49.

About Evergy

Evergy, Inc is an investor-owned electric utility that generates, transmits, distributes and sells electricity to residential, commercial, industrial and municipal customers. The company operates regulated utilities in Kansas and Missouri, providing electric service through its Kansas Central, Kansas South, Missouri Metro and Missouri West operations.

Evergy’s generation portfolio includes wind, solar, coal, natural gas and nuclear power. The company also owns an interest in the Wolf Creek Generating Station, a nuclear power plant in Kansas, and continues to invest in renewable energy, grid modernization and other infrastructure intended to support reliable electricity service.

Evergy was formed in 2018 through the merger of Westar Energy and Great Plains Energy, the parent company of Kansas City Power & Light.