Vectren Corporation (VVC) Lifted to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Vectren Corporation (NYSE:VVC) from a sell rating to a hold rating in a research report report published on Thursday.
According to Zacks, “Vectren Corp., through its regulated subsidiaries Indiana Gas and SIGECO, offers gas and/or electricity to customers in adjoining service areas that cover nearly two-thirds of Indiana. Vectren’s non-regulated subsidiaries currently offer energy-related products and services, including energy marketing, fiber-optic based communication services, and utility related services including materials management, debt collections, locating, meter reading and trenching services to customers throughout the surrounding region. (PRESS RELEASE) “
Separately, BidaskClub raised shares of Vectren Corporation from a hold rating to a buy rating in a report on Wednesday, August 23rd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $65.50.
Shares of Vectren Corporation (NYSE VVC) opened at 66.63 on Thursday. The company has a market cap of $5.53 billion, a price-to-earnings ratio of 24.69 and a beta of 0.81. Vectren Corporation has a 12-month low of $46.52 and a 12-month high of $68.30. The company’s 50-day moving average is $66.23 and its 200-day moving average is $61.59.
Vectren Corporation (NYSE:VVC) last issued its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.02. Vectren Corporation had a net margin of 8.66% and a return on equity of 12.65%. The business had revenue of $630.70 million for the quarter, compared to the consensus estimate of $565.12 million. During the same quarter in the previous year, the firm earned $0.39 earnings per share. The company’s revenue for the quarter was up 18.2% on a year-over-year basis. Equities research analysts predict that Vectren Corporation will post $2.63 earnings per share for the current year.
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In other news, Director Derrick Burks purchased 1,000 shares of the stock in a transaction on Thursday, September 28th. The shares were acquired at an average price of $65.60 per share, with a total value of $65,600.00. Following the completion of the acquisition, the director now directly owns 1,000 shares of the company’s stock, valued at $65,600. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.14% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in VVC. UBS Asset Management Americas Inc. lifted its holdings in shares of Vectren Corporation by 30.7% in the first quarter. UBS Asset Management Americas Inc. now owns 65,187 shares of the utilities provider’s stock worth $3,821,000 after buying an additional 15,310 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Vectren Corporation by 20.0% in the first quarter. Sei Investments Co. now owns 1,973 shares of the utilities provider’s stock worth $115,000 after buying an additional 329 shares in the last quarter. M&T Bank Corp lifted its holdings in shares of Vectren Corporation by 10.5% in the first quarter. M&T Bank Corp now owns 5,669 shares of the utilities provider’s stock worth $333,000 after buying an additional 541 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Vectren Corporation by 16.2% in the first quarter. JPMorgan Chase & Co. now owns 328,998 shares of the utilities provider’s stock worth $19,283,000 after buying an additional 45,914 shares in the last quarter. Finally, Credit Agricole S A lifted its holdings in shares of Vectren Corporation by 35.5% in the first quarter. Credit Agricole S A now owns 15,485 shares of the utilities provider’s stock worth $907,000 after buying an additional 4,053 shares in the last quarter. 63.11% of the stock is currently owned by hedge funds and other institutional investors.
About Vectren Corporation
Vectren Corporation (Vectren) is an energy holding company. The Company segregates its operations into groups, including the Utility Group, the Nonutility Group, and Corporate and Other. The Company’s subsidiary, Vectren Utility Holdings, Inc (Utility Holdings or VUHI), serves as the intermediate holding company for three public utilities: Indiana Gas Company, Inc (Indiana Gas), Southern Indiana Gas and Electric Company (SIGECO) and Vectren Energy Delivery of Ohio, Inc (VEDO).
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