HSBC Begins Coverage on Evergy (NASDAQ:EVRG)

HSBC started coverage on shares of Evergy (NASDAQ:EVRG) in a note issued to investors on Thursday, Briefing.com reports. The brokerage set a “buy” rating and a $92.00 price target on the stock. HSBC’s target price suggests a potential upside of 10.64% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Barclays dropped their target price on Evergy from $92.00 to $86.00 and set an “overweight” rating on the stock in a report on Monday. Citigroup lifted their target price on Evergy from $95.00 to $97.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. BTIG Research set a $94.00 price objective on Evergy in a report on Tuesday. DA Davidson set a $85.00 price objective on shares of Evergy in a research note on Tuesday, October 13th. Finally, BMO Capital Markets cut their price objective on Evergy from $89.00 to $85.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 13th. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.42.

Evergy Stock Up 0.3%

Shares of NASDAQ EVRG opened at $83.15 on Thursday. Evergy has a 52-week low of $71.40 and a 52-week high of $88.62. The stock has a market capitalization of $19.17 billion, a PE ratio of 21.10, a P/E/G ratio of 2.14 and a beta of 0.50. The company has a quick ratio of 0.21, a current ratio of 0.36 and a debt-to-equity ratio of 1.20. The firm has a fifty day moving average of $81.04 and a 200-day moving average of $82.71.

Evergy (NASDAQ:EVRG) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.07. The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.36 billion. Evergy had a return on equity of 9.20% and a net margin of 15.19%. During the same period in the previous year, the company posted $0.82 EPS. On average, analysts anticipate that Evergy will post 4.26 EPS for the current year.

Insider Buying and Selling at Evergy

In other news, Director Jonathan Rolph bought 1,640 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The shares were purchased at an average price of $81.47 per share, with a total value of $133,610.80. Following the completion of the acquisition, the director directly owned 670 shares in the company, valued at approximately $54,584.90. This trade represents a -169.07% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.52% of the company’s stock.

Institutional Investors Weigh In On Evergy

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Prime Capital Investment Advisors LLC grew its position in Evergy by 8.0% in the third quarter. Prime Capital Investment Advisors LLC now owns 6,935 shares of the company’s stock worth $544,000 after buying an additional 516 shares during the last quarter. CWA Asset Management Group LLC grew its position in Evergy by 7.9% during the 3rd quarter. CWA Asset Management Group LLC now owns 4,046 shares of the company’s stock worth $317,000 after purchasing an additional 297 shares in the last quarter. Retirement Planning Group LLC grew its position in Evergy by 13.8% during the 3rd quarter. Retirement Planning Group LLC now owns 26,991 shares of the company’s stock worth $2,117,000 after purchasing an additional 3,278 shares in the last quarter. Prairie Advisory LLC lifted its holdings in shares of Evergy by 100.2% in the third quarter. Prairie Advisory LLC now owns 11,534 shares of the company’s stock valued at $905,000 after purchasing an additional 5,773 shares in the last quarter. Finally, AlphaStar Capital Management LLC raised its position in Evergy by 28.7% during the third quarter. AlphaStar Capital Management LLC now owns 7,213 shares of the company’s stock valued at $566,000 after buying an additional 1,610 shares during the period. 87.24% of the stock is owned by institutional investors and hedge funds.

About Evergy

Evergy, Inc is an investor-owned electric utility that generates, transmits, distributes and sells electricity to residential, commercial, industrial and municipal customers. The company operates regulated utilities in Kansas and Missouri, providing electric service through its Kansas Central, Kansas South, Missouri Metro and Missouri West operations.

Evergy’s generation portfolio includes wind, solar, coal, natural gas and nuclear power. The company also owns an interest in the Wolf Creek Generating Station, a nuclear power plant in Kansas, and continues to invest in renewable energy, grid modernization and other infrastructure intended to support reliable electricity service.

Evergy was formed in 2018 through the merger of Westar Energy and Great Plains Energy, the parent company of Kansas City Power & Light.