Zacks Investment Research downgraded shares of Great Plains Energy (NYSE:GXP) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.
According to Zacks, “Great Plains Energy Incorporated, through its subsidiaries, generates, transmits, distributes, and sells electricity. It also provides regulated steam services in St. Joseph, Missouri. The company generates electricity using coal, nuclear, natural gas, oil, wind, solar, and hydroelectric resources. It has approximately 6,500 megawatts of generating capacity. The company sells electricity to approximately 855,700 customers in western Missouri and eastern Kansas, including approximately 753,500 residences and 99,700 commercial firms, as well as 2,500 industrials, municipalities, and other electric utilities. “
Several other research firms have also recently commented on GXP. SunTrust Banks restated a hold rating and issued a $31.00 target price on shares of Great Plains Energy in a research note on Tuesday, December 26th. JPMorgan Chase & Co. set a $35.00 price target on shares of Great Plains Energy and gave the company a buy rating in a report on Thursday, October 12th. ValuEngine upgraded shares of Great Plains Energy from a hold rating to a buy rating in a report on Sunday, December 31st. Wells Fargo & Co upgraded shares of Great Plains Energy from a market perform rating to an outperform rating in a report on Monday, October 2nd. Finally, Bank of America started coverage on shares of Great Plains Energy in a report on Tuesday, October 24th. They issued a buy rating and a $35.00 price target for the company. One analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Great Plains Energy presently has an average rating of Buy and a consensus price target of $32.67.
Great Plains Energy (NYSE:GXP) last released its earnings results on Wednesday, November 1st. The utilities provider reported $1.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.09. Great Plains Energy had a net margin of 3.42% and a return on equity of 5.41%. The company had revenue of $857.20 million during the quarter, compared to analysts’ expectations of $805.72 million. During the same quarter last year, the business earned $1.00 EPS. equities research analysts expect that Great Plains Energy will post 1.77 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, December 20th. Stockholders of record on Wednesday, November 29th were issued a $0.275 dividend. The ex-dividend date was Monday, November 27th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.54%. Great Plains Energy’s dividend payout ratio is presently 550.03%.
Institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC increased its holdings in Great Plains Energy by 90.3% during the 2nd quarter. FMR LLC now owns 8,745,550 shares of the utilities provider’s stock valued at $256,070,000 after acquiring an additional 4,150,082 shares in the last quarter. Commonwealth Bank of Australia increased its holdings in Great Plains Energy by 237.8% during the 3rd quarter. Commonwealth Bank of Australia now owns 6,159,458 shares of the utilities provider’s stock valued at $185,952,000 after acquiring an additional 4,336,097 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Great Plains Energy by 5.6% during the 3rd quarter. Janus Henderson Group PLC now owns 4,214,440 shares of the utilities provider’s stock valued at $127,698,000 after acquiring an additional 222,763 shares in the last quarter. Jennison Associates LLC increased its holdings in Great Plains Energy by 11.4% during the 3rd quarter. Jennison Associates LLC now owns 3,974,140 shares of the utilities provider’s stock valued at $120,416,000 after acquiring an additional 407,182 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Great Plains Energy by 3.4% during the 3rd quarter. Principal Financial Group Inc. now owns 3,596,059 shares of the utilities provider’s stock valued at $108,959,000 after acquiring an additional 119,519 shares in the last quarter. Institutional investors and hedge funds own 87.07% of the company’s stock.
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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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