Scana Corporation (SCG) Issues Earnings Results
Scana Corporation (NYSE:SCG) released its earnings results on Thursday. The utilities provider reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.11, MarketWatch Earnings reports. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $931.67 million. Scana Corporation had a return on equity of 10.55% and a net margin of 13.99%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.74 earnings per share.
Scana Corporation (NYSE:SCG) traded down 2.37% on Friday, hitting $63.79. The company’s stock had a trading volume of 1,758,337 shares. The company has a market capitalization of $9.12 billion, a P/E ratio of 15.46 and a beta of 0.25. Scana Corporation has a 1-year low of $60.00 and a 1-year high of $75.92. The company has a 50 day moving average price of $66.63 and a 200-day moving average price of $67.30.
The business also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Monday, September 11th will be issued a $0.6125 dividend. This represents a $2.45 annualized dividend and a dividend yield of 3.84%. Scana Corporation’s dividend payout ratio is currently 57.68%.
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A number of research firms have weighed in on SCG. Mizuho restated an “underperform” rating and issued a $59.50 target price (up from $57.00) on shares of Scana Corporation in a research report on Tuesday. BidaskClub cut Scana Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, June 27th. Goldman Sachs Group, Inc. (The) raised Scana Corporation from a “sell” rating to a “neutral” rating and dropped their price target for the company from $66.00 to $64.00 in a report on Thursday, July 20th. Gabelli cut Scana Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Finally, Barclays PLC raised Scana Corporation from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $65.00 to $73.00 in a report on Tuesday. Five equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $71.44.
A number of institutional investors have recently made changes to their positions in SCG. BlueCrest Capital Management Ltd boosted its position in shares of Scana Corporation by 331.7% in the first quarter. BlueCrest Capital Management Ltd now owns 18,260 shares of the utilities provider’s stock worth $1,193,000 after buying an additional 14,030 shares during the last quarter. OppenheimerFunds Inc. boosted its position in shares of Scana Corporation by 20.8% in the first quarter. OppenheimerFunds Inc. now owns 7,837 shares of the utilities provider’s stock worth $512,000 after buying an additional 1,349 shares during the last quarter. CHURCHILL MANAGEMENT Corp acquired a new position in shares of Scana Corporation during the second quarter worth about $2,767,000. Pensionfund DSM Netherlands boosted its position in shares of Scana Corporation by 4.0% in the first quarter. Pensionfund DSM Netherlands now owns 41,600 shares of the utilities provider’s stock worth $2,719,000 after buying an additional 1,600 shares during the last quarter. Finally, Koch Industries Inc. acquired a new position in shares of Scana Corporation during the first quarter worth about $263,000. 67.55% of the stock is currently owned by hedge funds and other institutional investors.
About Scana Corporation
SCANA Corporation is a holding company. The Company, through its subsidiaries, is engaged in the generation, transmission, distribution and sale of electricity in South Carolina. The Company operates through segments, including Electric Operations, Gas Distribution, Gas Marketing and All Other. The Company is engaged in the purchase, transmission and sale of natural gas in North Carolina and South Carolina.
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