CenterPoint Energy (CNP) Lifted to “Overweight” at JPMorgan Chase & Co.
JPMorgan Chase & Co. upgraded shares of CenterPoint Energy (NYSE:CNP) from a neutral rating to an overweight rating in a research note issued to investors on Wednesday, Marketbeat.com reports. JPMorgan Chase & Co. currently has $31.00 target price on the utilities provider’s stock.
Several other research firms have also recently weighed in on CNP. ValuEngine upgraded CenterPoint Energy from a sell rating to a hold rating in a report on Tuesday, July 31st. Zacks Investment Research cut CenterPoint Energy from a buy rating to a hold rating in a report on Tuesday, August 7th. SunTrust Banks restated a hold rating and set a $30.00 price target on shares of CenterPoint Energy in a report on Monday, August 6th. Credit Suisse Group upgraded CenterPoint Energy from a neutral rating to an outperform rating and raised their price target for the company from $27.00 to $30.00 in a report on Wednesday, May 9th. Finally, Bank of America upgraded CenterPoint Energy from an underperform rating to a neutral rating in a report on Thursday, June 28th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $28.88.
NYSE:CNP opened at $28.51 on Wednesday. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.95 and a quick ratio of 0.83. CenterPoint Energy has a 12-month low of $24.81 and a 12-month high of $30.45. The stock has a market cap of $12.47 billion, a P/E ratio of 20.81, a price-to-earnings-growth ratio of 3.17 and a beta of 0.45.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 13th. Shareholders of record on Thursday, August 16th will be issued a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 3.89%. The ex-dividend date is Wednesday, August 15th. CenterPoint Energy’s dividend payout ratio is presently 81.02%.
In other news, insider Milton Carroll sold 10,000 shares of CenterPoint Energy stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $28.27, for a total value of $282,700.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Scott M. Prochazka sold 4,000 shares of CenterPoint Energy stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $27.99, for a total value of $111,960.00. The disclosure for this sale can be found here. Insiders have sold a total of 18,000 shares of company stock valued at $504,940 in the last 90 days. 0.22% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in the company. Oppenheimer & Co. Inc. boosted its holdings in shares of CenterPoint Energy by 18.9% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 11,129 shares of the utilities provider’s stock worth $309,000 after purchasing an additional 1,771 shares during the period. First Allied Advisory Services Inc. boosted its holdings in shares of CenterPoint Energy by 18.9% in the 2nd quarter. First Allied Advisory Services Inc. now owns 11,719 shares of the utilities provider’s stock worth $331,000 after purchasing an additional 1,865 shares during the period. Amalgamated Bank boosted its holdings in shares of CenterPoint Energy by 3.5% in the 2nd quarter. Amalgamated Bank now owns 55,555 shares of the utilities provider’s stock worth $1,539,000 after purchasing an additional 1,885 shares during the period. Northpointe Capital LLC boosted its holdings in shares of CenterPoint Energy by 2.0% in the 2nd quarter. Northpointe Capital LLC now owns 98,431 shares of the utilities provider’s stock worth $2,728,000 after purchasing an additional 1,927 shares during the period. Finally, Zacks Investment Management boosted its holdings in shares of CenterPoint Energy by 5.1% in the 2nd quarter. Zacks Investment Management now owns 43,053 shares of the utilities provider’s stock worth $1,193,000 after purchasing an additional 2,090 shares during the period. Hedge funds and other institutional investors own 77.29% of the company’s stock.
About CenterPoint Energy
CenterPoint Energy, Inc operates as a public utility holding company in the United States. The company's Electric Transmission & Distribution segment offers electric transmission and distribution services to retail electric providers, municipalities, electric cooperatives, and other distribution companies.
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