Palisade Asset Management LLC Has $2.54 Million Stake in CenterPoint Energy, Inc. (NYSE:CNP)
Palisade Asset Management LLC boosted its position in CenterPoint Energy, Inc. (NYSE:CNP) by 41.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 92,693 shares of the utilities provider’s stock after buying an additional 27,000 shares during the period. Palisade Asset Management LLC’s holdings in CenterPoint Energy were worth $2,538,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Van ECK Associates Corp increased its position in shares of CenterPoint Energy by 18.0% in the first quarter. Van ECK Associates Corp now owns 3,695 shares of the utilities provider’s stock worth $102,000 after buying an additional 564 shares during the last quarter. Johnson Financial Group Inc. boosted its stake in CenterPoint Energy by 28.8% in the first quarter. Johnson Financial Group Inc. now owns 4,843 shares of the utilities provider’s stock worth $134,000 after buying an additional 1,084 shares during the period. Huntington National Bank boosted its stake in CenterPoint Energy by 58.1% in the second quarter. Huntington National Bank now owns 6,121 shares of the utilities provider’s stock worth $168,000 after buying an additional 2,250 shares during the period. Mirador Capital Partners LP bought a new stake in CenterPoint Energy during the first quarter worth approximately $200,000. Finally, Usca Ria LLC bought a new stake in CenterPoint Energy during the first quarter worth approximately $204,000. 77.16% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CenterPoint Energy, Inc. (CNP) opened at 29.06 on Thursday. The stock’s 50 day moving average is $27.95 and its 200-day moving average is $27.65. CenterPoint Energy, Inc. has a 12-month low of $21.83 and a 12-month high of $29.45. The stock has a market cap of $12.52 billion, a price-to-earnings ratio of 26.91 and a beta of 0.64.
CenterPoint Energy (NYSE:CNP) last posted its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.29 EPS for the quarter, beating the consensus estimate of $0.22 by $0.07. The company had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $1.98 billion. CenterPoint Energy had a return on equity of 16.45% and a net margin of 6.86%. The firm’s revenue was up 36.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.17 EPS. Equities analysts anticipate that CenterPoint Energy, Inc. will post $1.32 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Wednesday, August 16th will be issued a $0.2675 dividend. This represents a $1.07 annualized dividend and a yield of 3.68%. The ex-dividend date of this dividend is Monday, August 14th. CenterPoint Energy’s dividend payout ratio (DPR) is 76.98%.
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A number of analysts recently commented on CNP shares. Zacks Investment Research upgraded shares of CenterPoint Energy from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a research note on Monday, June 5th. BidaskClub cut shares of CenterPoint Energy from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Finally, J P Morgan Chase & Co began coverage on shares of CenterPoint Energy in a research note on Thursday, June 29th. They set a “neutral” rating and a $29.00 price objective for the company. One analyst has rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. CenterPoint Energy presently has a consensus rating of “Hold” and a consensus target price of $27.33.
In other CenterPoint Energy news, CEO Scott M. Prochazka sold 1,000 shares of CenterPoint Energy stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $27.66, for a total value of $27,660.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 3,000 shares of company stock valued at $84,560 in the last 90 days. 0.20% of the stock is owned by company insiders.
CenterPoint Energy Company Profile
CenterPoint Energy, Inc is a public utility holding company. The Company, through its subsidiaries, owns and operates electric transmission and distribution facilities, and natural gas distribution facilities. The Electric Transmission & Distribution segment provides electric transmission and distribution services to retail electric providers.
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