Great Plains Energy Inc (GXP) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Great Plains Energy Inc (NYSE:GXP) from a hold rating to a sell rating in a research report released on Tuesday morning.
According to Zacks, “Great Plains Energy Incorporated engages in the generation, transmission, distribution and sale of electricity to customers located in all or portions of numerous counties in western Missouri and eastern Kansas. Customers include residences, commercial firms, and industrials, municipalities and other electric utilities. “
A number of other brokerages also recently commented on GXP. KeyCorp reiterated a hold rating on shares of Great Plains Energy in a research note on Friday, September 1st. BidaskClub upgraded shares of Great Plains Energy from a sell rating to a hold rating in a research note on Wednesday, June 14th. Finally, J P Morgan Chase & Co upgraded shares of Great Plains Energy from a neutral rating to an overweight rating and boosted their target price for the stock from $31.00 to $32.00 in a research note on Tuesday, July 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $31.56.
Great Plains Energy (NYSE GXP) traded down 0.42% during mid-day trading on Tuesday, hitting $30.63. The stock had a trading volume of 263,907 shares. The firm has a 50-day moving average of $31.02 and a 200-day moving average of $29.63. Great Plains Energy has a 52-week low of $25.85 and a 52-week high of $31.69. The stock has a market cap of $6.60 billion, a P/E ratio of 36.33 and a beta of 0.45.
Great Plains Energy (NYSE:GXP) last issued its earnings results on Wednesday, August 9th. The utilities provider reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.04). The firm had revenue of $682.60 million for the quarter, compared to analyst estimates of $677.00 million. Great Plains Energy had a return on equity of 5.62% and a net margin of 8.00%. During the same quarter in the previous year, the firm posted $0.55 EPS. On average, analysts forecast that Great Plains Energy will post $1.60 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Tuesday, August 29th will be paid a $0.275 dividend. The ex-dividend date is Friday, August 25th. This represents a $1.10 annualized dividend and a yield of 3.58%. Great Plains Energy’s dividend payout ratio is presently 105.77%.
Institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC boosted its stake in shares of Great Plains Energy by 90.3% during the second quarter. FMR LLC now owns 8,745,550 shares of the utilities provider’s stock worth $256,070,000 after buying an additional 4,150,082 shares during the period. Janus Henderson Group PLC acquired a new stake in shares of Great Plains Energy during the second quarter worth about $116,876,000. Jennison Associates LLC acquired a new stake in shares of Great Plains Energy during the second quarter worth about $104,441,000. Commonwealth Bank of Australia acquired a new stake in shares of Great Plains Energy during the second quarter worth about $53,387,000. Finally, Principal Financial Group Inc. boosted its stake in shares of Great Plains Energy by 96.3% during the second quarter. Principal Financial Group Inc. now owns 3,476,540 shares of the utilities provider’s stock worth $101,793,000 after buying an additional 1,705,459 shares during the period. Institutional investors and hedge funds own 88.63% of the company’s stock.
About Great Plains Energy
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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