CenterPoint Energy (CNP) Given “Buy” Rating at Wells Fargo & Co
A number of other brokerages also recently issued reports on CNP. ValuEngine upgraded CenterPoint Energy from a sell rating to a hold rating in a research report on Thursday, September 6th. Zacks Investment Research downgraded CenterPoint Energy from a buy rating to a hold rating in a research report on Tuesday, August 7th. Barclays initiated coverage on CenterPoint Energy in a research report on Monday, October 22nd. They issued a hold rating and a $30.00 target price for the company. JPMorgan Chase & Co. boosted their target price on CenterPoint Energy from $32.00 to $33.00 and gave the stock an overweight rating in a research report on Tuesday, October 9th. Finally, SunTrust Banks restated a hold rating and issued a $30.00 target price on shares of CenterPoint Energy in a research report on Monday, August 6th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company. CenterPoint Energy presently has a consensus rating of Hold and an average target price of $29.33.
Shares of CNP traded up $0.07 during trading hours on Friday, reaching $28.13. 4,999,741 shares of the company’s stock traded hands, compared to its average volume of 4,939,385. The company has a market cap of $14.19 billion, a PE ratio of 20.53, a price-to-earnings-growth ratio of 3.04 and a beta of 0.43. The company has a current ratio of 0.95, a quick ratio of 0.83 and a debt-to-equity ratio of 1.66. CenterPoint Energy has a 12 month low of $24.81 and a 12 month high of $30.17.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 13th. Investors of record on Thursday, November 15th will be given a $0.2775 dividend. The ex-dividend date is Wednesday, November 14th. This represents a $1.11 dividend on an annualized basis and a yield of 3.95%. CenterPoint Energy’s payout ratio is 81.02%.
In related news, CEO Scott M. Prochazka sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $27.09, for a total value of $108,360.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.22% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CNP. BlackRock Inc. increased its stake in CenterPoint Energy by 8.5% in the 3rd quarter. BlackRock Inc. now owns 49,109,810 shares of the utilities provider’s stock worth $1,357,885,000 after purchasing an additional 3,849,365 shares during the period. Massachusetts Financial Services Co. MA increased its stake in CenterPoint Energy by 139.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,684,513 shares of the utilities provider’s stock worth $184,827,000 after purchasing an additional 3,889,363 shares during the period. Wells Fargo & Company MN increased its stake in CenterPoint Energy by 2.3% in the 2nd quarter. Wells Fargo & Company MN now owns 5,940,888 shares of the utilities provider’s stock worth $164,622,000 after purchasing an additional 131,358 shares during the period. Acadian Asset Management LLC increased its stake in CenterPoint Energy by 27.9% in the 2nd quarter. Acadian Asset Management LLC now owns 4,640,194 shares of the utilities provider’s stock worth $128,578,000 after purchasing an additional 1,012,520 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in CenterPoint Energy by 1.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,558,975 shares of the utilities provider’s stock worth $126,055,000 after purchasing an additional 74,585 shares during the period. Institutional investors own 67.52% of the company’s stock.
CenterPoint Energy Company Profile
CenterPoint Energy, Inc operates as a public utility holding company in the United States. The company's Electric Transmission & Distribution segment offers electric transmission and distribution services to retail electric providers, municipalities, electric cooperatives, and other distribution companies.
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