Prudential Financial Inc. Acquires 50,286 Shares of Scana Corporation (SCG)
Prudential Financial Inc. lifted its holdings in Scana Corporation (NYSE:SCG) by 15.8% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 368,051 shares of the utilities provider’s stock after purchasing an additional 50,286 shares during the period. Prudential Financial Inc. owned about 0.26% of Scana Corporation worth $24,663,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. BlueCrest Capital Management Ltd lifted its stake in shares of Scana Corporation by 331.7% in the 1st quarter. BlueCrest Capital Management Ltd now owns 18,260 shares of the utilities provider’s stock worth $1,193,000 after purchasing an additional 14,030 shares during the period. Federated Investors Inc. PA lifted its stake in shares of Scana Corporation by 264,341.0% in the 2nd quarter. Federated Investors Inc. PA now owns 161,309 shares of the utilities provider’s stock worth $10,809,000 after purchasing an additional 161,248 shares during the period. CHURCHILL MANAGEMENT Corp bought a new position in shares of Scana Corporation in the 2nd quarter worth approximately $2,767,000. OppenheimerFunds Inc. lifted its stake in shares of Scana Corporation by 20.8% in the 1st quarter. OppenheimerFunds Inc. now owns 7,837 shares of the utilities provider’s stock worth $512,000 after purchasing an additional 1,349 shares during the period. Finally, Koch Industries Inc. bought a new position in shares of Scana Corporation in the 1st quarter worth approximately $263,000. Hedge funds and other institutional investors own 66.70% of the company’s stock.
Several equities analysts have recently weighed in on SCG shares. Morgan Stanley lowered their price objective on shares of Scana Corporation from $70.00 to $67.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 11th. BidaskClub cut shares of Scana Corporation from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Goldman Sachs Group, Inc. (The) upgraded shares of Scana Corporation from a “sell” rating to a “neutral” rating and lowered their price objective for the stock from $66.00 to $64.00 in a research note on Thursday, July 20th. Mizuho reiterated an “underperform” rating and issued a $63.00 price objective on shares of Scana Corporation in a research note on Friday, July 7th. Finally, Gabelli cut shares of Scana Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. Scana Corporation currently has a consensus rating of “Hold” and a consensus target price of $70.31.
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Shares of Scana Corporation (SCG) opened at 60.14 on Monday. Scana Corporation has a 12-month low of $59.34 and a 12-month high of $75.92. The stock has a market capitalization of $8.59 billion, a price-to-earnings ratio of 14.19 and a beta of 0.27. The company has a 50-day moving average of $62.71 and a 200 day moving average of $66.02.
Scana Corporation (NYSE:SCG) last announced its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.11. Scana Corporation had a return on equity of 10.50% and a net margin of 13.99%. The company had revenue of $1 billion during the quarter, compared to the consensus estimate of $931.67 million. During the same period in the previous year, the company posted $0.74 earnings per share. Scana Corporation’s revenue for the quarter was up 10.6% on a year-over-year basis. Analysts predict that Scana Corporation will post $4.17 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Monday, September 11th will be issued a $0.6125 dividend. This represents a $2.45 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date of this dividend is Friday, September 8th. Scana Corporation’s payout ratio is presently 57.68%.
Scana Corporation Company Profile
SCANA Corporation is a holding company. The Company, through its subsidiaries, is engaged in the generation, transmission, distribution and sale of electricity in South Carolina. The Company operates through segments, including Electric Operations, Gas Distribution, Gas Marketing and All Other. The Company is engaged in the purchase, transmission and sale of natural gas in North Carolina and South Carolina.
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