Wells Fargo & Company Upgrades Great Plains Energy Inc (GXP) to “Outperform”
Great Plains Energy Inc (NYSE:GXP) was upgraded by Wells Fargo & Company from a “market perform” rating to an “outperform” rating in a note issued to investors on Monday.
Other equities research analysts have also recently issued reports about the stock. J P Morgan Chase & Co upgraded shares of Great Plains Energy from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $31.00 to $32.00 in a report on Tuesday, July 11th. BidaskClub raised Great Plains Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, June 21st. Zacks Investment Research downgraded Great Plains Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Finally, KeyCorp reissued a “hold” rating on shares of Great Plains Energy in a report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Great Plains Energy has a consensus rating of “Buy” and a consensus price target of $31.00.
Great Plains Energy (NYSE GXP) opened at 30.55 on Monday. The firm has a market capitalization of $6.58 billion, a PE ratio of 36.24 and a beta of 0.44. Great Plains Energy has a 12 month low of $25.85 and a 12 month high of $31.69. The firm’s 50-day moving average is $30.80 and its 200-day moving average is $29.80.
Great Plains Energy (NYSE:GXP) last announced its quarterly earnings data on Wednesday, August 9th. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.04). The firm had revenue of $682.60 million for the quarter, compared to analysts’ expectations 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 posted $0.55 earnings per share. On average, equities research analysts expect that Great Plains Energy will post $1.60 EPS for the current year.
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In other news, SVP Heather A. Humphrey sold 3,500 shares of the business’s stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $30.86, for a total transaction of $108,010.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Lori A. Wright sold 7,668 shares of the company’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 $234,180.72. The disclosure for this sale can be found here. Insiders have sold 27,391 shares of company stock worth $838,626 in the last ninety days. 0.41% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in the business. Suntrust Banks Inc. acquired a new stake in shares of Great Plains Energy during the 1st quarter worth approximately $229,000. UBS Asset Management Americas Inc. increased its position in shares of Great Plains Energy by 26.4% during the first quarter. UBS Asset Management Americas Inc. now owns 153,669 shares of the utilities provider’s stock valued at $4,490,000 after purchasing an additional 32,093 shares during the period. Trexquant Investment LP bought a new stake in shares of Great Plains Energy during the first quarter valued at approximately $269,000. Nordea Investment Management AB increased its position in shares of Great Plains Energy by 18.3% during the first quarter. Nordea Investment Management AB now owns 48,367 shares of the utilities provider’s stock valued at $1,413,000 after purchasing an additional 7,499 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of Great Plains Energy by 93.4% during the first quarter. Victory Capital Management Inc. now owns 920,668 shares of the utilities provider’s stock valued at $26,901,000 after purchasing an additional 444,546 shares during the period. Institutional investors own 87.90% of the company’s stock.
About Great Plains Energy
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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