Zacks Investment Management Reduces Position in CenterPoint Energy, Inc. (CNP)
Zacks Investment Management lowered its stake in shares of CenterPoint Energy, Inc. (NYSE:CNP) by 7.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,840 shares of the utilities provider’s stock after selling 3,123 shares during the quarter. Zacks Investment Management’s holdings in CenterPoint Energy were worth $1,009,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Van ECK Associates Corp raised its stake in CenterPoint Energy by 18.0% during the 1st quarter. Van ECK Associates Corp now owns 3,695 shares of the utilities provider’s stock valued at $102,000 after purchasing an additional 564 shares during the last quarter. Paradigm Asset Management Co. LLC boosted its holdings in CenterPoint Energy by 2.2% in the 2nd quarter. Paradigm Asset Management Co. LLC now owns 4,600 shares of the utilities provider’s stock valued at $126,000 after purchasing an additional 100 shares during the period. Johnson Financial Group Inc. boosted its holdings in CenterPoint Energy by 28.8% in the 1st quarter. Johnson Financial Group Inc. now owns 4,843 shares of the utilities provider’s stock valued at $134,000 after purchasing an additional 1,084 shares during the period. Pinebridge Investments L.P. bought a new stake in CenterPoint Energy in the 2nd quarter valued at $154,000. Finally, Huntington National Bank boosted its holdings in CenterPoint Energy by 58.1% in the 2nd quarter. Huntington National Bank now owns 6,121 shares of the utilities provider’s stock valued at $168,000 after purchasing an additional 2,250 shares during the period. 76.87% of the stock is currently owned by institutional investors and hedge funds.
In other CenterPoint Energy news, CEO Scott M. Prochazka sold 1,000 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $29.61, for a total value of $29,610.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.20% of the company’s stock.
Several research analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of CenterPoint Energy from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a report on Monday, June 5th. BidaskClub upgraded shares of CenterPoint Energy from a “hold” rating to a “buy” rating in a research note on Thursday, August 10th. SunTrust Banks, Inc. reiterated a “hold” rating and issued a $30.00 target price on shares of CenterPoint Energy in a research note on Monday. Credit Suisse Group raised CenterPoint Energy from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $28.82 to $29.00 in a research report on Monday, August 14th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $29.00 target price on shares of CenterPoint Energy in a research report on Monday, September 11th. Eight research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. CenterPoint Energy has an average rating of “Hold” and a consensus target price of $28.44.
Shares of CenterPoint Energy, Inc. (CNP) opened at 28.96 on Tuesday. CenterPoint Energy, Inc. has a 12 month low of $21.83 and a 12 month high of $30.45. The firm has a market capitalization of $12.48 billion, a price-to-earnings ratio of 20.69 and a beta of 0.62. The stock’s 50 day moving average is $29.57 and its 200 day moving average is $28.40.
CenterPoint Energy (NYSE:CNP) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.07. CenterPoint Energy had a net margin of 6.86% and a return on equity of 16.45%. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $1.98 billion. During the same period in the prior year, the company posted $0.17 earnings per share. CenterPoint Energy’s revenue was up 36.1% compared to the same quarter last year. Equities research analysts forecast that CenterPoint Energy, Inc. will post $1.34 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Wednesday, August 16th were paid a $0.2675 dividend. This represents a $1.07 annualized dividend and a yield of 3.69%. The ex-dividend date was Monday, August 14th. CenterPoint Energy’s dividend payout ratio (DPR) is 76.98%.
About CenterPoint Energy
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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