Evergy (NASDAQ:EVRG) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Friday. The brokerage presently has a $64.00 price objective on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 12.83% from the company’s previous close.
According to Zacks, “In the past 12 months, shares of Evergy have gained against a decline of the industry it belongs to. Evergy generates a substantial volume of electricity from the wind assets, and its renewable power volume is ahead of the standards set in Missouri and Kansas. Cost-saving initiatives and long-term investment to strengthen operation will help the company to improve earnings annually by 6-8% through 2021. The company generates a major chunk of sales come from residential and commercial customers, and unfavorable weather lowers sales volumes from these customer categories. Despite maintenance, the aging transmission and distribution assets could fail anytime, leading to unplanned outages, thereby adversely impacting business and profitability.”
EVRG has been the subject of a number of other research reports. Goldman Sachs Group downgraded Evergy from a “neutral” rating to a “sell” rating and lifted their price target for the company from $53.00 to $56.00 in a research note on Friday, January 4th. Wells Fargo & Co set a $62.00 price target on Evergy and gave the company a “buy” rating in a research note on Friday, October 5th. Finally, UBS Group cut their price target on Evergy from $60.00 to $58.00 and set a “neutral” rating for the company in a research note on Friday, September 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $59.83.
Evergy (NASDAQ:EVRG) last released its quarterly earnings results on Thursday, November 8th. The company reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.06. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.67 billion. Evergy’s revenue for the quarter was up 99.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.11 EPS.
In other news, EVP Anthony D. Somma sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 26th. The stock was sold at an average price of $56.91, for a total value of $56,910.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Terry D. Bassham sold 10,940 shares of the business’s stock in a transaction that occurred on Tuesday, December 4th. The stock was sold at an average price of $60.54, for a total value of $662,307.60. The disclosure for this sale can be found here. Insiders sold a total of 18,755 shares of company stock worth $1,124,990 in the last 90 days.
Several hedge funds and other institutional investors have recently made changes to their positions in EVRG. FMR LLC purchased a new position in shares of Evergy in the 2nd quarter worth approximately $437,286,000. Millennium Management LLC bought a new stake in shares of Evergy in the 2nd quarter worth approximately $224,008,000. Northern Trust Corp bought a new stake in shares of Evergy in the 2nd quarter worth approximately $166,971,000. Bank of New York Mellon Corp bought a new stake in shares of Evergy in the 2nd quarter worth approximately $137,635,000. Finally, BlackRock Inc. raised its holdings in shares of Evergy by 11.7% in the 3rd quarter. BlackRock Inc. now owns 21,248,712 shares of the company’s stock worth $1,166,980,000 after purchasing an additional 2,225,498 shares during the period.
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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