Cadence Capital Management LLC Lowers Stake in CenterPoint Energy, Inc. (CNP)
Cadence Capital Management LLC lowered its stake in CenterPoint Energy, Inc. (NYSE:CNP) by 8.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,660 shares of the utilities provider’s stock after selling 1,367 shares during the period. Cadence Capital Management LLC’s holdings in CenterPoint Energy were worth $429,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. State Board of Administration of Florida Retirement System increased its stake in shares of CenterPoint Energy by 0.5% in the second quarter. State Board of Administration of Florida Retirement System now owns 694,583 shares of the utilities provider’s stock valued at $19,018,000 after buying an additional 3,180 shares in the last quarter. BB&T Securities LLC bought a new stake in shares of CenterPoint Energy during the second quarter valued at about $207,000. KBC Group NV increased its stake in shares of CenterPoint Energy by 25.9% in the second quarter. KBC Group NV now owns 1,773,673 shares of the utilities provider’s stock valued at $48,563,000 after buying an additional 365,265 shares in the last quarter. Ballentine Partners LLC increased its stake in shares of CenterPoint Energy by 5.9% in the second quarter. Ballentine Partners LLC now owns 9,242 shares of the utilities provider’s stock valued at $256,000 after buying an additional 516 shares in the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake in shares of CenterPoint Energy by 2.0% in the second quarter. BNP Paribas Arbitrage SA now owns 777,301 shares of the utilities provider’s stock valued at $21,283,000 after buying an additional 15,284 shares in the last quarter. 76.85% of the stock is owned by institutional investors.
CenterPoint Energy, Inc. (NYSE CNP) opened at 29.66 on Thursday. The company has a market cap of $12.78 billion, a P/E ratio of 21.19 and a beta of 0.64. CenterPoint Energy, Inc. has a 12 month low of $21.83 and a 12 month high of $29.89. The stock has a 50 day moving average of $28.41 and a 200-day moving average of $27.91.
CenterPoint Energy (NYSE:CNP) last issued its earnings results on Thursday, August 3rd. The utilities provider reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.07. CenterPoint Energy had a return on equity of 16.45% and a net margin of 6.86%. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $1.98 billion. During the same quarter in the previous year, the firm earned $0.17 EPS. CenterPoint Energy’s revenue was up 36.1% on a year-over-year basis. Equities research analysts expect that CenterPoint Energy, Inc. will post $1.34 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Wednesday, August 16th will be given a $0.2675 dividend. This represents a $1.07 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date is Monday, August 14th. CenterPoint Energy’s dividend payout ratio (DPR) is 76.98%.
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Several brokerages have recently issued reports on CNP. BidaskClub raised shares of CenterPoint Energy from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 23rd. Credit Suisse Group raised shares of CenterPoint Energy from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $28.82 to $29.00 in a research report on Monday, August 14th. Zacks Investment Research downgraded shares of CenterPoint Energy from a “buy” rating to a “hold” rating in a research report on Monday, July 17th. Finally, J P Morgan Chase & Co initiated coverage on shares of CenterPoint Energy in a research report on Thursday, June 29th. They set a “neutral” rating and a $29.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $27.78.
In other CenterPoint Energy news, CEO Scott M. Prochazka sold 1,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $27.66, for a total value of $27,660.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is currently owned by insiders.
CenterPoint Energy Company Profile
CenterPoint Energy, Inc is a public utility holding company. The Company, through its subsidiaries, owns and operates electric transmission and distribution facilities, and natural gas distribution facilities. The Electric Transmission & Distribution segment provides electric transmission and distribution services to retail electric providers.
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