Great Plains Energy Inc (GXP) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research cut shares of Great Plains Energy Inc (NYSE:GXP) from a buy rating to a hold rating in a report issued on Wednesday 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. “
Several other equities research analysts have also recently commented on GXP. ValuEngine raised Great Plains Energy from a hold rating to a buy rating in a research note on Thursday, November 9th. BidaskClub raised Great Plains Energy from a hold rating to a buy rating in a research note on Tuesday, August 8th. Wells Fargo & Company raised Great Plains Energy from a market perform rating to an outperform rating in a research note on Monday, October 2nd. J P Morgan Chase & Co set a $35.00 target price on Great Plains Energy and gave the stock a buy rating in a research note on Thursday, October 12th. Finally, SunTrust Banks, Inc. reaffirmed a hold rating and set a $30.00 target price on shares of Great Plains Energy in a research note on Wednesday, October 4th. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of Buy and a consensus price target of $32.00.
Shares of Great Plains Energy (NYSE GXP) traded down $0.29 during mid-day trading on Wednesday, hitting $33.70. The stock had a trading volume of 1,976,900 shares, compared to its average volume of 2,246,390. The firm has a market capitalization of $7,330.34, a PE ratio of 19.53, a price-to-earnings-growth ratio of 3.49 and a beta of 0.47. The company has a current ratio of 1.44, a quick ratio of 1.24 and a debt-to-equity ratio of 0.65. Great Plains Energy has a 12 month low of $25.85 and a 12 month high of $34.09.
Great Plains Energy (NYSE:GXP) last released its earnings results on Wednesday, November 1st. The utilities provider reported $1.05 EPS for the quarter, topping the consensus estimate of $0.96 by $0.09. Great Plains Energy had a return on equity of 5.41% and a net margin of 3.42%. The business had revenue of $857.20 million during the quarter, compared to analysts’ expectations of $805.72 million. During the same quarter last year, the firm posted $1.00 earnings per share. equities analysts forecast that Great Plains Energy will post 1.77 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Wednesday, November 29th will be issued a $0.275 dividend. The ex-dividend date is Monday, November 27th. This represents a $1.10 annualized dividend and a yield of 3.26%. Great Plains Energy’s payout ratio is currently 550.03%.
In other Great Plains Energy news, CFO Kevin E. Bryant sold 9,853 shares of the stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $30.64, for a total value of $301,895.92. Following the transaction, the chief financial officer now owns 38,003 shares in the company, valued at $1,164,411.92. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Lori A. Wright sold 7,668 shares of the stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $30.54, for a total value of $234,180.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,391 shares of company stock worth $838,626. Corporate insiders own 0.41% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. Commonwealth Bank of Australia lifted its holdings in shares of Great Plains Energy by 237.8% in the third quarter. Commonwealth Bank of Australia now owns 6,159,458 shares of the utilities provider’s stock valued at $185,952,000 after purchasing an additional 4,336,097 shares in the last quarter. FMR LLC lifted its holdings in shares of Great Plains Energy by 90.3% in the second quarter. FMR LLC now owns 8,745,550 shares of the utilities provider’s stock valued at $256,070,000 after purchasing an additional 4,150,082 shares in the last quarter. Janus Henderson Group PLC bought a new position in shares of Great Plains Energy in the second quarter valued at approximately $116,876,000. Jennison Associates LLC bought a new position in shares of Great Plains Energy in the second quarter valued at approximately $104,441,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of Great Plains Energy by 96.3% in the second quarter. Principal Financial Group Inc. now owns 3,476,540 shares of the utilities provider’s stock valued at $101,793,000 after purchasing an additional 1,705,459 shares in the last quarter. Institutional investors and hedge funds own 87.80% of the company’s stock.
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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