Great Plains Energy Inc (GXP) Downgraded to “Sell” at Zacks Investment Research
Zacks Investment Research lowered shares of Great Plains Energy Inc (NYSE:GXP) from a hold rating to a sell rating in a report published on Tuesday morning.
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. “
A number of other research analysts have also issued reports on GXP. BidaskClub raised Great Plains Energy from a sell rating to a hold rating in a report on Wednesday, June 14th. J P Morgan Chase & Co raised Great Plains Energy from a neutral rating to an overweight rating and lifted their target price for the stock from $31.00 to $32.00 in a report on Tuesday, July 11th. Finally, KeyCorp reaffirmed a hold rating on shares of Great Plains Energy in a report on Friday, September 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $31.56.
Great Plains Energy (NYSE GXP) opened at 30.73 on Tuesday. The stock’s 50 day moving average is $31.00 and its 200-day moving average is $29.60. The firm has a market capitalization of $6.62 billion, a PE ratio of 36.45 and a beta of 0.45. Great Plains Energy has a 1-year low of $25.85 and a 1-year high of $31.69.
Great Plains Energy (NYSE:GXP) last released its earnings results on Wednesday, August 9th. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.04). The firm had revenue of $682.60 million for the quarter, compared to analyst estimates of $677.00 million. Great Plains Energy had a return on equity of 5.62% and a net margin of 8.00%. During the same period in the previous year, the firm earned $0.55 earnings per share. Equities research analysts forecast that Great Plains Energy will post $1.59 EPS for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Tuesday, August 29th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Friday, August 25th. This represents a $1.10 dividend on an annualized basis and a yield of 3.58%. Great Plains Energy’s dividend payout ratio is currently 105.77%.
A number of institutional investors and hedge funds have recently modified their holdings of GXP. DekaBank Deutsche Girozentrale increased its stake in Great Plains Energy by 42.1% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 45,202 shares of the utilities provider’s stock worth $1,312,000 after purchasing an additional 13,402 shares in the last quarter. US Bancorp DE increased its stake in Great Plains Energy by 1.7% in the 1st quarter. US Bancorp DE now owns 28,555 shares of the utilities provider’s stock worth $834,000 after purchasing an additional 482 shares in the last quarter. Suntrust Banks Inc. purchased a new position in Great Plains Energy in the 1st quarter worth about $229,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Great Plains Energy by 22.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,756 shares of the utilities provider’s stock worth $227,000 after purchasing an additional 1,446 shares in the last quarter. Finally, Swiss National Bank increased its stake in Great Plains Energy by 4.5% in the 1st quarter. Swiss National Bank now owns 356,100 shares of the utilities provider’s stock worth $10,405,000 after purchasing an additional 15,200 shares in the last quarter. 88.63% of the stock is currently owned by hedge funds and other institutional investors.
Great Plains Energy Company Profile
Great Plains Energy Incorporated (Great Plains Energy) is a utility holding company. The Company operates through electric utility segment. The Company’s subsidiaries with operations include Kansas City Power & Light Company (KCP&L) and KCP&L Greater Missouri Operations Company (GMO). KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas.
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