Wells Fargo & Company Cuts Sempra Energy (SRE) Price Target to $128.00
Sempra Energy (NYSE:SRE) had its target price trimmed by Wells Fargo & Company from $130.00 to $128.00 in a report published on Tuesday morning. The brokerage currently has an outperform rating on the utilities provider’s stock.
Other equities analysts have also recently issued reports about the company. BidaskClub upgraded Sempra Energy from a sell rating to a hold rating in a research note on Wednesday, June 21st. Royal Bank Of Canada restated a buy rating and set a $117.00 price objective on shares of Sempra Energy in a research note on Monday, July 24th. Morgan Stanley raised their price objective on Sempra Energy from $131.00 to $134.00 and gave the company an overweight rating in a research note on Thursday, August 10th. Finally, Zacks Investment Research cut Sempra Energy from a buy rating to a hold rating in a research note on Tuesday, August 8th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Sempra Energy currently has an average rating of Buy and an average target price of $124.22.
Sempra Energy (NYSE:SRE) last issued its quarterly earnings data on Friday, August 4th. The utilities provider reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.30. Sempra Energy had a return on equity of 9.11% and a net margin of 15.51%. The business had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.46 billion. During the same period last year, the business earned $0.79 EPS. The business’s revenue was up 17.5% on a year-over-year basis.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 15th. Shareholders of record on Friday, September 22nd will be given a $0.8225 dividend. The ex-dividend date of this dividend is Thursday, September 21st. This represents a $3.29 annualized dividend and a yield of 2.84%. Sempra Energy’s payout ratio is currently 48.74%.
Hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its position in Sempra Energy by 2.0% in the second quarter. JPMorgan Chase & Co. now owns 4,031,859 shares of the utilities provider’s stock valued at $454,591,000 after purchasing an additional 80,131 shares during the last quarter. Watermark Asset Management Inc. bought a new stake in Sempra Energy in the first quarter valued at approximately $411,000. Girard Partners LTD. lifted its position in Sempra Energy by 11.9% in the second quarter. Girard Partners LTD. now owns 3,234 shares of the utilities provider’s stock valued at $365,000 after purchasing an additional 343 shares during the last quarter. Timber Hill LLC bought a new stake in Sempra Energy in the second quarter valued at approximately $1,104,000. Finally, Opus Capital Group LLC bought a new stake in Sempra Energy in the second quarter valued at approximately $563,000. Hedge funds and other institutional investors own 80.80% of the company’s stock.
Sempra Energy Company Profile
Sempra Energy is a holding company. The Company’s principal operating units are Sempra Utilities, which includes its San Diego Gas & Electric Company (SDG&E), Southern California Gas Company (SoCalGas) and Sempra South American Utilities segments, and Sempra Infrastructure, which includes its Sempra Mexico, Sempra Renewables and Sempra LNG & Midstream segments.
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