Vectren Corporation (VVC) Upgraded 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 note published on Tuesday morning.
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 research note on Wednesday, August 23rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $65.50.
Vectren Corporation (NYSE:VVC) opened at 66.54 on Tuesday. Vectren Corporation has a one year low of $46.52 and a one year high of $68.30. The company has a market capitalization of $5.52 billion, a price-to-earnings ratio of 24.65 and a beta of 0.81. The firm has a 50-day moving average of $62.87 and a 200 day moving average of $60.01.
Vectren Corporation (NYSE:VVC) last issued its earnings results on Thursday, August 3rd. The utilities provider reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.02. The firm had revenue of $630.70 million during the quarter, compared to analyst estimates of $565.12 million. Vectren Corporation had a net margin of 8.66% and a return on equity of 12.65%. The business’s revenue was up 18.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.39 earnings per share. Equities research analysts predict that Vectren Corporation will post $2.62 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend was Friday, August 11th. Vectren Corporation’s dividend payout ratio is currently 62.22%.
Institutional investors and hedge funds have recently modified their holdings of the company. Arizona State Retirement System boosted its stake in shares of Vectren Corporation by 1.4% during the second quarter. Arizona State Retirement System now owns 35,000 shares of the utilities provider’s stock valued at $2,045,000 after purchasing an additional 500 shares during the period. Teacher Retirement System of Texas boosted its stake in shares of Vectren Corporation by 2.1% during the second quarter. Teacher Retirement System of Texas now owns 6,626 shares of the utilities provider’s stock valued at $387,000 after purchasing an additional 135 shares during the period. Dalton Greiner Hartman Maher & Co. boosted its stake in shares of Vectren Corporation by 1.7% during the second quarter. Dalton Greiner Hartman Maher & Co. now owns 295,176 shares of the utilities provider’s stock valued at $17,250,000 after purchasing an additional 4,972 shares during the period. Schroder Investment Management Group boosted its stake in shares of Vectren Corporation by 5.2% during the second quarter. Schroder Investment Management Group now owns 1,018,360 shares of the utilities provider’s stock valued at $59,757,000 after purchasing an additional 50,768 shares during the period. Finally, M&T Bank Corp boosted its stake in shares of Vectren Corporation by 10.5% during the first quarter. M&T Bank Corp now owns 5,669 shares of the utilities provider’s stock valued at $333,000 after purchasing an additional 541 shares during the period. 63.83% of the stock is owned by hedge funds and other institutional investors.
Vectren Corporation Company Profile
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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