Evergy (EVRG) Raised to “Strong-Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Evergy (NASDAQ:EVRG) from a hold rating to a strong-buy rating in a research note released on Wednesday. They currently have $65.00 target price on the stock.
According to Zacks, “Shares of Evergy have outperformed its industry in last six months.Evergy continues to benefit from Westar retail sales, lower income tax, and the inclusion of KCP&L and GMO earnings. The company generates a substantial volume of electricity from the wind assets, and its renewable power volume is ahead of the standards set in Missouri and Kansas. Cost-saving initiatives and long-term investment to strengthen operation will help the company to improve earnings annually by 6-8% through 2021. The company generates a major chunk of sales come from residential and commercial customers, and unfavorable weather lowers sales volumes from these customer categories. Despite maintenance, the aging transmission and distribution assets could fail anytime, leading to unplanned outages, thereby adversely impacting business and profitability.”
A number of other analysts have also issued reports on the company. Wells Fargo & Co set a $62.00 price target on Evergy and gave the company a buy rating in a report on Friday, October 5th. UBS Group reduced their price objective on shares of Evergy from $60.00 to $58.00 and set a neutral rating for the company in a research note on Friday, September 21st. Finally, Guggenheim assumed coverage on shares of Evergy in a research note on Friday, June 15th. They issued a buy rating and a $58.00 price objective for the company. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $60.80.
Evergy (NASDAQ:EVRG) last announced its quarterly earnings results on Thursday, August 9th. The company reported $0.56 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.56. The firm had revenue of $893.40 million during the quarter, compared to analysts’ expectations of $623.51 million. The firm’s revenue for the quarter was up 46.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.50 EPS.
The firm also recently disclosed a dividend, which was paid on Thursday, September 20th. Investors of record on Wednesday, August 29th were paid a $0.46 dividend. The ex-dividend date of this dividend was Tuesday, August 28th.
In related news, SVP Jerl L. Banning sold 8,770 shares of the business’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $57.75, for a total value of $506,467.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mark A. Ruelle sold 43,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $57.51, for a total transaction of $2,501,685.00. The disclosure for this sale can be found here. Insiders sold 106,620 shares of company stock valued at $6,136,954 in the last three months.
A number of large investors have recently modified their holdings of EVRG. Bright Rock Capital Management LLC bought a new position in Evergy in the second quarter worth approximately $5,278,000. Rockland Trust Co. acquired a new position in shares of Evergy during the second quarter worth $9,484,000. IFM Investors Pty Ltd acquired a new position in shares of Evergy during the second quarter worth $660,000. CENTRAL TRUST Co acquired a new position in shares of Evergy during the second quarter worth $393,000. Finally, Marshwinds Advisory Co. acquired a new position in shares of Evergy during the second quarter worth $939,000.
Evergy Company Profile
Westar Energy, Inc engages in the generation, transmission and distribution of electricity in Kansas. It provides electricity to residential, commercial, and industrial customers in the cities of Topeka, Lawrence, Manhattan, Salina, and Hutchinson. The company was founded in 1924 and is headquartered in Topeka, KS.
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