Zacks Investment Research upgraded shares of Great Plains Energy Inc (NYSE:GXP) from a hold rating to a buy rating in a report released on Wednesday morning. They currently have $35.00 price objective on the utilities provider’s stock.
According to Zacks, “Great Plains Energy Incorporated engages in the generation, transmission, distribution and sale of electricity to customers located in all or portions of numerous counties in western Missouri and eastern Kansas. Customers include residences, commercial firms, and industrials, municipalities and other electric utilities. “
A number of other research firms have also issued reports on GXP. BidaskClub raised Great Plains Energy from a hold rating to a buy rating in a report on Tuesday, August 8th. KeyCorp reaffirmed a hold rating on shares of Great Plains Energy in a report on Friday, September 1st. SunTrust Banks, Inc. reaffirmed a hold rating and set a $30.00 target price on shares of Great Plains Energy in a report on Wednesday, October 4th. Wells Fargo & Company raised Great Plains Energy from a market perform rating to an outperform rating in a report on Monday, October 2nd. Finally, J P Morgan Chase & Co raised Great Plains Energy from a neutral rating to an overweight rating and lifted their target price for the stock from $31.00 to $32.00 in a report on Tuesday, July 11th. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Great Plains Energy has an average rating of Buy and an average price target of $31.43.
Great Plains Energy (NYSE GXP) traded up 0.804% during midday trading on Wednesday, hitting $31.975. 1,258,713 shares of the company traded hands. Great Plains Energy has a 12-month low of $25.85 and a 12-month high of $32.09. The stock has a market cap of $6.89 billion, a P/E ratio of 37.930 and a beta of 0.44. The stock has a 50 day moving average of $30.76 and a 200 day moving average of $29.89.
Great Plains Energy (NYSE:GXP) last released its earnings results on Wednesday, August 9th. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.04). The firm had revenue of $682.60 million for the quarter, compared to analyst estimates of $677.00 million. Great Plains Energy had a return on equity of 5.62% and a net margin of 8.00%. During the same period in the previous year, the firm earned $0.55 earnings per share. Equities research analysts predict that Great Plains Energy will post $1.60 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Investors of record on Tuesday, August 29th were given a $0.275 dividend. The ex-dividend date of this dividend was Friday, August 25th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.47%. Great Plains Energy’s dividend payout ratio (DPR) is 105.77%.
In related news, CFO Kevin E. Bryant sold 9,853 shares of the stock in a transaction on Monday, September 18th. The stock was sold at an average price of $30.64, for a total value of $301,895.92. Following the completion of the transaction, the chief financial officer now owns 38,003 shares in the company, valued at approximately $1,164,411.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Heather A. Humphrey sold 3,500 shares of the stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $30.86, for a total value of $108,010.00. The disclosure for this sale can be found here. Insiders sold a total of 27,391 shares of company stock valued at $838,626 in the last quarter. 0.41% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in GXP. Nomura Asset Management Co. Ltd. boosted its position in shares of Great Plains Energy by 17.9% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 3,420 shares of the utilities provider’s stock valued at $100,000 after purchasing an additional 520 shares during the period. Proficio Capital Partners LLC boosted its position in shares of Great Plains Energy by 312.2% in the 1st quarter. Proficio Capital Partners LLC now owns 3,710 shares of the utilities provider’s stock valued at $107,000 after purchasing an additional 2,810 shares during the period. Ffcm LLC boosted its position in shares of Great Plains Energy by 171.5% in the 2nd quarter. Ffcm LLC now owns 4,018 shares of the utilities provider’s stock valued at $118,000 after purchasing an additional 2,538 shares during the period. First Command Bank boosted its position in shares of Great Plains Energy by 100.0% in the 2nd quarter. First Command Bank now owns 4,400 shares of the utilities provider’s stock valued at $128,000 after purchasing an additional 2,200 shares during the period. Finally, Advisory Services Network LLC boosted its position in shares of Great Plains Energy by 0.9% in the 2nd quarter. Advisory Services Network LLC now owns 4,793 shares of the utilities provider’s stock valued at $140,000 after purchasing an additional 45 shares during the period. Institutional investors and hedge funds own 87.90% of the company’s stock.
Great Plains Energy Company Profile
Great Plains Energy Incorporated (Great Plains Energy) is a utility holding company. The Company operates through electric utility segment. The Company’s subsidiaries with operations include Kansas City Power & Light Company (KCP&L) and KCP&L Greater Missouri Operations Company (GMO). KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas.
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