Vectren Corp. (VVC) Upgraded to Hold at Zacks Investment Research
According to Zacks, “Vectren Corp., through its regulated subsidiaries Indiana Gas and SIGECO, offers gas and/or electricity to customers in adjoining service areas that cover nearly two-thirds of Indiana. Vectren’s non-regulated subsidiaries currently offer energy-related products and services, including energy marketing, fiber-optic based communication services, and utility related services including materials management, debt collections, locating, meter reading and trenching services to customers throughout the surrounding region. (PRESS RELEASE) “
Separately, Citigroup Inc. increased their price target on Vectren Corp. from $44.00 to $53.00 and gave the stock a neutral rating in a research note on Wednesday, July 27th.
Vectren Corp. (NYSE:VVC) opened at 50.17 on Tuesday. Vectren Corp. has a one year low of $39.43 and a one year high of $53.33. The company’s 50-day moving average price is $49.87 and its 200-day moving average price is $50.19. The stock has a market cap of $4.16 billion, a P/E ratio of 22.44 and a beta of 0.57.
Vectren Corp. (NYSE:VVC) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.39 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.43 by $0.04. Vectren Corp. had a return on equity of 10.99% and a net margin of 8.06%. The business earned $533.70 million during the quarter, compared to analysts’ expectations of $585.40 million. During the same quarter in the previous year, the company posted $0.43 EPS. The company’s quarterly revenue was down 3.1% on a year-over-year basis. Analysts forecast that Vectren Corp. will post $2.47 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Monday, August 15th were given a dividend of $0.40 per share. The ex-dividend date was Thursday, August 11th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.19%. Vectren Corp.’s payout ratio is 71.43%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Vectren Corp. during the fourth quarter worth $33,584,000. Geode Capital Management LLC raised its position in shares of Vectren Corp. by 2.4% in the first quarter. Geode Capital Management LLC now owns 528,008 shares of the company’s stock worth $26,696,000 after buying an additional 12,198 shares during the last quarter. Icon Advisers Inc. Co. purchased a new position in shares of Vectren Corp. during the first quarter worth $880,000. JPMorgan Chase & Co. raised its position in shares of Vectren Corp. by 22.2% in the first quarter. JPMorgan Chase & Co. now owns 192,836 shares of the company’s stock worth $9,749,000 after buying an additional 35,053 shares during the last quarter. Finally, M&T Bank Corp purchased a new position in shares of Vectren Corp. during the first quarter worth $200,000. Hedge funds and other institutional investors own 62.91% of the company’s stock.
About Vectren Corp.
Vectren Corporation (Vectren) is an energy holding Company. The Company segregates its operations into groups, including the Utility Group, the Nonutility Group, and Corporate and Other. The Company’s subsidiary, Vectren Utility Holdings, Inc (Utility Holdings or VUHI), serves as the intermediate holding company for three public utilities: Indiana Gas Company, Inc (Indiana Gas), Southern Indiana Gas and Electric Company (SIGECO) and Vectren Energy Delivery of Ohio, Inc (VEDO).
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