Great Plains Energy Inc. (GXP) Upgraded to Buy by Bank of America Corp.
Bank of America Corp. upgraded shares of Great Plains Energy Inc. (NYSE:GXP) from a neutral rating to a buy rating in a research report sent to investors on Monday. They currently have $32.00 target price on the stock.
Other research analysts have also issued research reports about the stock. SunTrust Banks Inc. raised their price objective on shares of Great Plains Energy from $29.00 to $30.00 and gave the company a neutral rating in a research note on Monday, September 26th. Zacks Investment Research lowered shares of Great Plains Energy from a buy rating to a hold rating in a research note on Tuesday, August 9th. Argus reiterated a buy rating and set a $36.00 price objective on shares of Great Plains Energy in a research note on Friday. Barclays PLC upgraded shares of Great Plains Energy from an underweight rating to an equal weight rating and lowered their price objective for the company from $31.00 to $29.00 in a research note on Thursday, September 29th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Great Plains Energy from $31.00 to $32.00 and gave the stock a neutral rating in a research report on Friday, July 15th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $31.29.
Great Plains Energy (NYSE:GXP) traded down 1.43% on Monday, reaching $26.86. The company had a trading volume of 2,239,263 shares. The firm has a 50-day moving average of $27.50 and a 200-day moving average of $29.78. Great Plains Energy has a 12 month low of $25.44 and a 12 month high of $32.74. The stock has a market capitalization of $4.15 billion, a P/E ratio of 20.09 and a beta of 0.45.
Great Plains Energy (NYSE:GXP) last issued its earnings results on Thursday, August 4th. The company reported $0.55 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.16. Great Plains Energy had a net margin of 8.03% and a return on equity of 7.16%. During the same period in the previous year, the company earned $0.28 EPS. On average, equities research analysts expect that Great Plains Energy will post $1.72 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 20th. Shareholders of record on Monday, August 29th were given a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a yield of 3.85%. The ex-dividend date was Thursday, August 25th. Great Plains Energy’s payout ratio is 78.36%.
A number of institutional investors have recently bought and sold shares of GXP. Vanguard Group Inc. boosted its position in Great Plains Energy by 14.8% in the second quarter. Vanguard Group Inc. now owns 13,136,467 shares of the company’s stock valued at $399,348,000 after buying an additional 1,697,073 shares during the last quarter. BlackRock Fund Advisors raised its stake in shares of Great Plains Energy by 6.1% in the second quarter. BlackRock Fund Advisors now owns 8,382,630 shares of the company’s stock worth $254,832,000 after buying an additional 478,420 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in shares of Great Plains Energy by 2.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,632,640 shares of the company’s stock worth $140,832,000 after buying an additional 96,813 shares during the period. Boston Partners raised its stake in shares of Great Plains Energy by 12.0% in the second quarter. Boston Partners now owns 4,326,511 shares of the company’s stock worth $131,526,000 after buying an additional 462,867 shares during the period. Finally, State Street Corp raised its stake in shares of Great Plains Energy by 1.9% in the second quarter. State Street Corp now owns 4,267,290 shares of the company’s stock worth $129,723,000 after buying an additional 80,565 shares during the period. Hedge funds and other institutional investors own 80.49% of the company’s stock.
Great Plains Energy Company Profile
Great Plains Energy Incorporated is a public utility holding company. The Company operates through electric utility segment. The Company does not own or operate any assets other than the stock of its subsidiaries. The Company’s subsidiaries with operations include Kansas City Power & Light Company (KCP&L) and KCP&L Greater Missouri Operations Company (GMO).
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