CenterPoint Energy (NYSE:CNP) Hits New 12-Month High – Here’s Why

CenterPoint Energy, Inc. (NYSE:CNP) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $40.67 and last traded at $40.60, with a volume of 258184 shares changing hands. The stock had previously closed at $40.19.

Wall Street Analyst Weigh In

Several analysts have weighed in on CNP shares. Barclays dropped their price objective on CenterPoint Energy from $41.00 to $38.00 and set an “equal weight” rating for the company in a report on Thursday, January 15th. Wells Fargo & Company boosted their price target on shares of CenterPoint Energy from $44.00 to $47.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 20th. KeyCorp upgraded shares of CenterPoint Energy from a “sector weight” rating to an “overweight” rating and set a $41.00 price objective on the stock in a report on Friday, December 12th. BMO Capital Markets raised shares of CenterPoint Energy from a “market perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research note on Tuesday, January 13th. Finally, Morgan Stanley reiterated an “underperform” rating and set a $37.00 target price on shares of CenterPoint Energy in a research report on Wednesday, January 21st. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $41.82.

CenterPoint Energy Stock Performance

The company has a quick ratio of 0.38, a current ratio of 0.51 and a debt-to-equity ratio of 1.76. The stock has a market cap of $26.45 billion, a price-to-earnings ratio of 25.59, a PEG ratio of 2.33 and a beta of 0.59. The stock’s fifty day moving average is $38.67 and its 200-day moving average is $38.68.

CenterPoint Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Thursday, February 19th will be given a $0.23 dividend. The ex-dividend date is Thursday, February 19th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.3%. This is an increase from CenterPoint Energy’s previous quarterly dividend of $0.22. CenterPoint Energy’s dividend payout ratio is currently 55.70%.

Insider Buying and Selling

In other CenterPoint Energy news, Director Phillip R. Smith sold 6,200 shares of CenterPoint Energy stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $38.83, for a total transaction of $240,746.00. Following the transaction, the director directly owned 65,577 shares in the company, valued at approximately $2,546,354.91. The trade was a 8.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On CenterPoint Energy

A number of hedge funds have recently modified their holdings of the business. Swiss Life Asset Management Ltd lifted its holdings in shares of CenterPoint Energy by 7.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 113,024 shares of the utilities provider’s stock valued at $4,333,000 after purchasing an additional 7,543 shares in the last quarter. JSF Financial LLC acquired a new stake in CenterPoint Energy during the 4th quarter worth approximately $883,000. NewEdge Wealth LLC boosted its holdings in shares of CenterPoint Energy by 48.0% in the fourth quarter. NewEdge Wealth LLC now owns 9,693 shares of the utilities provider’s stock valued at $372,000 after buying an additional 3,144 shares during the period. Crossmark Global Holdings Inc. boosted its holdings in shares of CenterPoint Energy by 4.8% in the fourth quarter. Crossmark Global Holdings Inc. now owns 23,991 shares of the utilities provider’s stock valued at $920,000 after buying an additional 1,088 shares during the period. Finally, International Assets Investment Management LLC increased its position in shares of CenterPoint Energy by 115.4% during the fourth quarter. International Assets Investment Management LLC now owns 35,445 shares of the utilities provider’s stock worth $1,359,000 after acquiring an additional 18,990 shares in the last quarter. Institutional investors and hedge funds own 91.77% of the company’s stock.

About CenterPoint Energy

CenterPoint Energy, Inc (NYSE: CNP) is a Houston-based regulated utility company that provides electric and natural gas delivery services and related infrastructure operations. The company’s principal activities center on the transmission and distribution of electricity in the greater Houston metropolitan area and the distribution of natural gas to customers across several states in the Midwest and South. As a vertically integrated utility, CenterPoint focuses on the reliable delivery of energy through owned and operated networks of lines, pipelines and associated facilities.

CenterPoint’s core businesses include regulated electric transmission and distribution services, regulated natural gas distribution, and the operation and maintenance of energy infrastructure.