Bank of America Corp. Lowers Entergy Corp. (ETR) to Underperform
Entergy Corp. (NYSE:ETR) was downgraded by analysts at Bank of America Corp. from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Tuesday.
ETR has been the topic of a number of other reports. Citigroup Inc. decreased their price objective on Entergy Corp. from $83.00 to $76.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 4th. Guggenheim upgraded Entergy Corp. from a “neutral” rating to a “buy” rating and set a $86.00 target price for the company in a research report on Monday, August 22nd. Goldman Sachs Group Inc. restated a “conviction-buy” rating on shares of Entergy Corp. in a research report on Monday, October 17th. Zacks Investment Research cut Entergy Corp. from a “hold” rating to a “sell” rating in a research report on Thursday, October 27th. Finally, Morgan Stanley cut Entergy Corp. from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $78.00 to $68.00 in a research report on Thursday, October 27th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $79.20.
Entergy Corp. (NYSE:ETR) opened at 68.42 on Tuesday. The firm has a 50-day moving average price of $72.01 and a 200 day moving average price of $76.93. Entergy Corp. has a 52-week low of $64.18 and a 52-week high of $82.09. The company has a market capitalization of $12.26 billion, a P/E ratio of 9.55 and a beta of 0.40.
Entergy Corp. (NYSE:ETR) last released its quarterly earnings data on Tuesday, October 25th. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.96 by $0.35. Entergy Corp. had a return on equity of 15.70% and a net margin of 12.20%. During the same quarter last year, the business posted $1.90 EPS. On average, analysts predict that Entergy Corp. will post $6.91 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Thursday, November 10th will be issued a dividend of $0.87 per share. The ex-dividend date of this dividend is Tuesday, November 8th. This is a boost from Entergy Corp.’s previous quarterly dividend of $0.85. This represents a $3.48 annualized dividend and a yield of 5.09%. Entergy Corp.’s dividend payout ratio is currently 48.60%.
In related news, insider Charles L. Rice, Jr. sold 760 shares of the stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $79.36, for a total transaction of $60,313.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.22% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Entergy Corp. by 8.2% in the second quarter. Vanguard Group Inc. now owns 15,896,131 shares of the company’s stock worth $1,293,150,000 after buying an additional 1,198,356 shares during the last quarter. BlackRock Fund Advisors raised its position in Entergy Corp. by 3.2% in the third quarter. BlackRock Fund Advisors now owns 7,070,232 shares of the company’s stock worth $542,499,000 after buying an additional 218,828 shares during the last quarter. LSV Asset Management raised its position in Entergy Corp. by 1.6% in the third quarter. LSV Asset Management now owns 4,992,198 shares of the company’s stock worth $383,051,000 after buying an additional 77,950 shares during the last quarter. Ameriprise Financial Inc. raised its position in Entergy Corp. by 19.8% in the second quarter. Ameriprise Financial Inc. now owns 4,101,004 shares of the company’s stock worth $333,617,000 after buying an additional 676,851 shares during the last quarter. Finally, Epoch Investment Partners Inc. raised its position in Entergy Corp. by 2.7% in the third quarter. Epoch Investment Partners Inc. now owns 3,569,563 shares of the company’s stock worth $273,893,000 after buying an additional 93,031 shares during the last quarter. 85.38% of the stock is owned by institutional investors and hedge funds.
About Entergy Corp.
Entergy Corporation is a holding company. The Company is an integrated energy company engaged in electric power production and retail electric distribution operations. It operates through two business segments: Utility and Entergy Wholesale Commodities. The Utility segment includes the generation, transmission, distribution and sale of electric power to retail and wholesale customers in areas of Arkansas, Mississippi, Texas and Louisiana, including the City of New Orleans and operates a natural gas distribution business.
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