Great Plains Energy Inc (GXP) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Great Plains Energy Inc (NYSE:GXP) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. The firm currently has $35.00 price objective on the utilities provider’s stock.
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. “
Other analysts have also issued reports about the stock. Wells Fargo & Company upgraded shares of Great Plains Energy from a market perform rating to an outperform rating in a research report on Monday, October 2nd. BidaskClub upgraded shares of Great Plains Energy from a sell rating to a hold rating in a research report on Wednesday, June 14th. J P Morgan Chase & Co upgraded shares of Great Plains Energy from a neutral rating to an overweight rating and raised their price target for the stock from $31.00 to $32.00 in a research report on Tuesday, July 11th. KeyCorp restated a hold rating on shares of Great Plains Energy in a research report on Friday, September 1st. Finally, SunTrust Banks, Inc. restated a hold rating and issued a $30.00 price target on shares of Great Plains Energy in a research report on Wednesday, October 4th. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Buy and an average target price of $31.43.
Shares of Great Plains Energy (NYSE GXP) traded down 0.47% during midday trading on Wednesday, hitting $31.79. 1,284,742 shares of the stock were exchanged. Great Plains Energy has a 12-month low of $25.85 and a 12-month high of $32.09. The firm has a market cap of $6.85 billion, a P/E ratio of 37.71 and a beta of 0.44. The stock’s 50 day moving average is $30.79 and its 200 day moving average is $29.92.
Great Plains Energy (NYSE:GXP) last posted its quarterly earnings results on Wednesday, August 9th. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.04). The company had revenue of $682.60 million during the quarter, compared to analyst estimates 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 quarter in the prior year, the business earned $0.55 earnings per share. On average, equities research analysts forecast that Great Plains Energy will post $1.60 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Tuesday, August 29th were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend was Friday, August 25th. Great Plains Energy’s payout ratio is 105.77%.
In other news, insider Terry D. Bassham sold 6,370 shares of the firm’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $30.54, for a total transaction of $194,539.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Lori A. Wright sold 7,668 shares of the firm’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $30.54, for a total transaction of $234,180.72. The disclosure for this sale can be found here. Insiders have sold a total of 27,391 shares of company stock valued at $838,626 over the last ninety days. 0.41% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in GXP. UBS Asset Management Americas Inc. lifted its holdings in shares of Great Plains Energy by 26.4% during the 1st quarter. UBS Asset Management Americas Inc. now owns 153,669 shares of the utilities provider’s stock worth $4,490,000 after acquiring an additional 32,093 shares during the period. Asset Management One Co. Ltd. bought a new position in shares of Great Plains Energy during the 1st quarter worth about $1,860,000. AXA lifted its holdings in shares of Great Plains Energy by 81.7% during the 1st quarter. AXA now owns 64,500 shares of the utilities provider’s stock worth $1,885,000 after acquiring an additional 29,000 shares during the period. FMR LLC lifted its holdings in shares of Great Plains Energy by 6.4% during the 1st quarter. FMR LLC now owns 4,595,468 shares of the utilities provider’s stock worth $134,280,000 after acquiring an additional 275,161 shares during the period. Finally, California Public Employees Retirement System lifted its holdings in shares of Great Plains Energy by 3.7% during the 1st quarter. California Public Employees Retirement System now owns 415,352 shares of the utilities provider’s stock worth $12,137,000 after acquiring an additional 14,900 shares during the period. 87.90% of the stock is owned by institutional investors.
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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