BNP Paribas Arbitrage SA Purchases 548,281 Shares of Great Plains Energy Inc (GXP)
BNP Paribas Arbitrage SA boosted its stake in shares of Great Plains Energy Inc (NYSE:GXP) by 72.5% during the second quarter, Holdings Channel reports. The institutional investor owned 1,304,950 shares of the utilities provider’s stock after buying an additional 548,281 shares during the period. BNP Paribas Arbitrage SA’s holdings in Great Plains Energy were worth $38,209,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capstone Asset Management Co. increased its stake in Great Plains Energy by 1.8% in the first quarter. Capstone Asset Management Co. now owns 19,492 shares of the utilities provider’s stock worth $570,000 after buying an additional 350 shares in the last quarter. Shell Asset Management Co. purchased a new stake in Great Plains Energy during the first quarter worth $1,092,000. Macquarie Group Ltd. increased its stake in Great Plains Energy by 63.3% in the fourth quarter. Macquarie Group Ltd. now owns 73,500 shares of the utilities provider’s stock worth $2,010,000 after buying an additional 28,500 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in Great Plains Energy by 3.3% in the second quarter. Louisiana State Employees Retirement System now owns 56,200 shares of the utilities provider’s stock worth $1,646,000 after buying an additional 1,800 shares in the last quarter. Finally, Morgan Stanley increased its stake in Great Plains Energy by 45.7% in the first quarter. Morgan Stanley now owns 1,661,567 shares of the utilities provider’s stock worth $48,553,000 after buying an additional 521,501 shares in the last quarter. 87.79% of the stock is owned by institutional investors.
Shares of Great Plains Energy Inc (GXP) opened at 31.49 on Thursday. The stock’s 50 day moving average is $30.37 and its 200 day moving average is $29.18. The firm has a market cap of $6.78 billion, a P/E ratio of 37.35 and a beta of 0.44. Great Plains Energy Inc has a 12 month low of $25.85 and a 12 month high of $31.69.
Great Plains Energy (NYSE:GXP) last issued its quarterly earnings results on Wednesday, August 9th. The utilities provider reported $0.43 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.04. The firm had revenue of $682.60 million during the quarter, compared to analysts’ expectations of $677 million. Great Plains Energy had a return on equity of 5.62% and a net margin of 8.00%. During the same period in the previous year, the company earned $0.55 earnings per share. Equities research analysts expect that Great Plains Energy Inc will post $1.66 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Tuesday, August 29th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Friday, August 25th. This represents a $1.10 annualized dividend and a yield of 3.49%. Great Plains Energy’s payout ratio is 105.77%.
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A number of analysts have weighed in on GXP shares. BidaskClub raised shares of Great Plains Energy from a “hold” rating to a “buy” rating in a research report on Tuesday, August 8th. Zacks Investment Research raised shares of Great Plains Energy from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a research report on Tuesday, July 25th. Finally, J P Morgan Chase & Co raised shares of Great Plains Energy from a “neutral” rating to an “overweight” rating and increased their target price for the company from $31.00 to $32.00 in a research report on Tuesday, July 11th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $31.56.
Great Plains Energy Company Profile
Great Plains Energy Incorporated (Great Plains Energy) is a utility holding company. The Company operates through electric utility segment. The Company’s subsidiaries with operations include Kansas City Power & Light Company (KCP&L) and KCP&L Greater Missouri Operations Company (GMO). KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas.
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