Vectren Corporation (NYSE:VVC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
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) “
A number of other analysts have also commented on the company. BidaskClub raised Vectren Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Citigroup Inc. boosted their price objective on Vectren Corporation from $58.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, May 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $65.50.
Vectren Corporation (VVC) opened at 60.59 on Wednesday. Vectren Corporation has a 1-year low of $46.52 and a 1-year high of $62.79. The company has a market capitalization of $5.03 billion, a P/E ratio of 22.45 and a beta of 0.81. The firm has a 50-day moving average price of $59.56 and a 200-day moving average price of $58.70.
Vectren Corporation (NYSE:VVC) last issued its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.45 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 12.65% and a net margin of 8.66%. The company’s revenue for the quarter was up 18.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 EPS. On average, analysts forecast that Vectren Corporation will post $2.62 EPS for the current fiscal year.
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A number of hedge funds have recently modified their holdings of VVC. Banco BTG Pactual S.A. bought a new stake in shares of Vectren Corporation during the second quarter worth approximately $964,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Vectren Corporation during the second quarter worth approximately $826,000. Piedmont Investment Advisors LLC raised its stake in shares of Vectren Corporation by 43.4% in the second quarter. Piedmont Investment Advisors LLC now owns 33,355 shares of the utilities provider’s stock worth $1,949,000 after buying an additional 10,097 shares in the last quarter. Ameritas Investment Partners Inc. raised its stake in shares of Vectren Corporation by 1.2% in the second quarter. Ameritas Investment Partners Inc. now owns 32,524 shares of the utilities provider’s stock worth $1,900,000 after buying an additional 380 shares in the last quarter. Finally, Nomura Holdings Inc. bought a new stake in shares of Vectren Corporation during the second quarter worth approximately $326,000. 64.45% of the stock is 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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