Great Plains Energy Inc. (GXP) Rating Increased to Buy at Zacks Investment Research
Great Plains Energy Inc. (NYSE:GXP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $30.00 price target on the stock. Zacks Investment Research’s target price suggests a potential upside of 13.68% from the company’s current price.
According to Zacks, “Great Plains Energy Incorporated engages in the generation, transmission, distribution and sale of electricity to customers located in all or portions of numerous counties in western Missouri and eastern Kansas. Customers include residences, commercial firms, and industrials, municipalities and other electric utilities. “
GXP has been the topic of several other reports. Bank of America Corp. upgraded Great Plains Energy from a “neutral” rating to a “buy” rating and set a $32.00 price objective on the stock in a research note on Monday, October 3rd. SunTrust Banks Inc. lifted their target price on Great Plains Energy from $29.00 to $30.00 and gave the stock a “neutral” rating in a research note on Monday, September 26th. Wolfe Research upgraded Great Plains Energy from a “market perform” rating to an “outperform” rating in a research note on Monday, October 3rd. Argus reiterated a “buy” rating and set a $36.00 target price on shares of Great Plains Energy in a research note on Friday, September 30th. Finally, Ladenburg Thalmann upgraded Great Plains Energy from a “neutral” rating to a “buy” rating and set a $31.00 target price on the stock in a research note on Wednesday, October 26th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $31.43.
Shares of Great Plains Energy (NYSE:GXP) opened at 26.39 on Tuesday. The company’s 50-day moving average is $27.49 and its 200 day moving average is $28.57. Great Plains Energy has a 52-week low of $25.57 and a 52-week high of $32.74. The company has a market cap of $4.08 billion, a PE ratio of 19.16 and a beta of 0.39.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 20th. Investors of record on Tuesday, November 29th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, November 25th. This represents a $1.10 annualized dividend and a yield of 4.17%. This is a positive change from Great Plains Energy’s previous quarterly dividend of $0.26. Great Plains Energy’s dividend payout ratio (DPR) is 79.71%.
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A number of large investors have recently made changes to their positions in GXP. 1st Global Advisors Inc. raised its stake in shares of Great Plains Energy by 0.6% in the second quarter. 1st Global Advisors Inc. now owns 6,995 shares of the company’s stock valued at $213,000 after buying an additional 39 shares during the period. Acadian Asset Management LLC raised its stake in shares of Great Plains Energy by 6,173.1% in the second quarter. Acadian Asset Management LLC now owns 751,271 shares of the company’s stock valued at $22,839,000 after buying an additional 739,295 shares during the period. State of Alaska Department of Revenue raised its stake in shares of Great Plains Energy by 7.5% in the second quarter. State of Alaska Department of Revenue now owns 12,470 shares of the company’s stock valued at $379,000 after buying an additional 865 shares during the period. Simplex Trading LLC bought a new position in Great Plains Energy during the second quarter worth $321,000. Finally, Eastern Bank raised its position in Great Plains Energy by 1.4% in the second quarter. Eastern Bank now owns 64,217 shares of the company’s stock worth $1,952,000 after buying an additional 876 shares during the last quarter. 90.22% of the stock is owned by institutional investors.
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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