Great Plains Energy Inc (GXP) Upgraded to “Hold” by Zacks Investment Research
Zacks Investment Research upgraded shares of Great Plains Energy Inc (NYSE:GXP) from a sell rating to a hold rating in a research report released 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. “
A number of other research analysts have also recently commented on GXP. Wells Fargo & Company raised shares of Great Plains Energy from a market perform rating to an outperform rating in a report on Monday. SunTrust Banks, Inc. reissued a hold rating and issued a $30.00 target price on shares of Great Plains Energy in a report on Wednesday. BidaskClub raised shares of Great Plains Energy from a hold rating to a buy rating in a report on Tuesday, August 8th. J P Morgan Chase & Co raised shares of Great Plains Energy from a neutral rating to an overweight rating and increased their target price for the stock from $31.00 to $32.00 in a report on Tuesday, July 11th. Finally, KeyCorp reissued a hold rating on shares of Great Plains Energy in a report on Friday, September 1st. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $30.86.
Great Plains Energy (NYSE GXP) traded up 0.19% during midday trading on Wednesday, reaching $30.84. 580,604 shares of the company’s stock traded hands. The stock has a 50-day moving average of $30.78 and a 200 day moving average of $29.80. Great Plains Energy has a 52-week low of $25.85 and a 52-week high of $31.69. The company has a market cap of $6.64 billion, a P/E ratio of 36.58 and a beta of 0.44.
Great Plains Energy (NYSE:GXP) last posted 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 company had revenue of $682.60 million during the quarter, compared to the consensus estimate 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 period last year, the company posted $0.55 EPS. On average, analysts anticipate that Great Plains Energy will post $1.60 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Tuesday, August 29th were issued a $0.275 dividend. The ex-dividend date of this dividend was Friday, August 25th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.57%. Great Plains Energy’s dividend payout ratio (DPR) is currently 105.77%.
In related news, SVP Heather A. Humphrey sold 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $30.86, for a total value of $108,010.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kevin E. Bryant sold 9,853 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $30.64, for a total transaction of $301,895.92. Following the completion of the transaction, the chief financial officer now owns 38,003 shares of the company’s stock, valued at approximately $1,164,411.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,391 shares of company stock valued at $838,626. 0.41% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of GXP. Suntrust Banks Inc. bought a new position in Great Plains Energy in the 1st quarter valued at approximately $229,000. UBS Asset Management Americas Inc. raised its holdings in Great Plains Energy by 26.4% in the 1st quarter. UBS Asset Management Americas Inc. now owns 153,669 shares of the utilities provider’s stock valued at $4,490,000 after buying an additional 32,093 shares during the last quarter. Trexquant Investment LP bought a new position in Great Plains Energy in the 1st quarter valued at approximately $269,000. Nordea Investment Management AB raised its holdings in Great Plains Energy by 18.3% in the 1st quarter. Nordea Investment Management AB now owns 48,367 shares of the utilities provider’s stock valued at $1,413,000 after buying an additional 7,499 shares during the last quarter. Finally, Asset Management One Co. Ltd. bought a new position in Great Plains Energy in the 1st quarter valued at approximately $1,860,000. Institutional investors and hedge funds own 87.90% 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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