PNC Financial Services Group Inc. Buys 1,200 Shares of Spark Energy Inc. (SPKE)
PNC Financial Services Group Inc. increased its stake in Spark Energy Inc. (NASDAQ:SPKE) by 8.1% during the second quarter, Holdings Channel reports. The firm owned 16,100 shares of the company’s stock after buying an additional 1,200 shares during the period. PNC Financial Services Group Inc. owned approximately 0.28% of Spark Energy worth $532,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its position in Spark Energy by 24.0% in the first quarter. JPMorgan Chase & Co. now owns 431,655 shares of the company’s stock valued at $7,769,000 after buying an additional 83,598 shares during the period. American Century Companies Inc. raised its position in Spark Energy by 355.5% in the second quarter. American Century Companies Inc. now owns 225,613 shares of the company’s stock valued at $7,457,000 after buying an additional 176,080 shares during the period. Royce & Associates LP bought a new position in Spark Energy during the first quarter valued at approximately $1,800,000. Spark Investment Management LLC raised its position in Spark Energy by 289.6% in the first quarter. Spark Investment Management LLC now owns 78,700 shares of the company’s stock valued at $1,416,000 after buying an additional 58,500 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its position in Spark Energy by 156.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 76,993 shares of the company’s stock valued at $1,386,000 after buying an additional 46,937 shares during the period. 31.58% of the stock is currently owned by hedge funds and other institutional investors.
Spark Energy Inc. (NASDAQ:SPKE) traded up 0.24% during midday trading on Friday, hitting $29.62. The company had a trading volume of 43,450 shares. The company’s 50 day moving average is $27.89 and its 200-day moving average is $27.22. Spark Energy Inc. has a one year low of $15.56 and a one year high of $35.63. The company has a market cap of $192.32 million, a P/E ratio of 15.17 and a beta of -2.10.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 13th. Shareholders of record on Monday, August 29th were given a $0.3625 dividend. This represents a $1.45 annualized dividend and a yield of 4.91%. The ex-dividend date was Thursday, August 25th.
SPKE has been the topic of several recent research reports. Zacks Investment Research lowered Spark Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, July 20th. Janney Montgomery Scott lowered Spark Energy from a “buy” rating to a “neutral” rating and set a $34.00 target price on the stock. in a research report on Friday, June 10th. They noted that the move was a valuation call. Ladenburg Thalmann started coverage on Spark Energy in a research report on Friday, August 19th. They issued a “neutral” rating and a $27.00 target price on the stock. Wunderlich upped their target price on Spark Energy from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, August 12th. Finally, FBR & Co reaffirmed a “buy” rating on shares of Spark Energy in a research report on Monday, June 6th. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Spark Energy has a consensus rating of “Buy” and a consensus target price of $30.50.
About Spark Energy
Spark Energy, Inc is an independent retail energy services company. The Company provides residential and commercial customers in United States with an alternative for their natural gas and electricity. The Company operates in two segments: Retail Natural Gas Segment and Retail Electricity Segment. It operates in approximately 50 utility service territories across over 20 states and has approximately 328,000 residential customers and over 19,000 commercial customers, which translates to approximately 415,000 renewable energy credits (RCEs).
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