Laclede Group Now Covered by JPMorgan Chase & Co. (LG)
Equities research analysts at JPMorgan Chase & Co. assumed coverage on shares of Laclede Group (NYSE:LG) in a research note issued to investors on Tuesday, TheFlyOnTheWall.com reports. The firm set an “overweight” rating on the stock.
The analysts wrote, “We are initiating coverage of Laclede Group with an Overweight rating and a $50 December 2014 price target. We see the company as an execution story with underestimated earnings growth potential. Consensus estimates and the discount multiple to peers reflects caution around the integration, growth and legacy non-core business performance, in our view. We see merger synergy targets as reasonable and future capital deployment opportunities as attractive. Laclede is also fortunate to operate with a fair MO gas utility regulation backdrop as well as with the focus of a management team experienced in integrations. We believe caution around the story will abate as management begins to execute post-merger and that this will be reflected favorably in estimates and the trading multiple.”
Laclede Group (NYSE:LG) traded up 3.08% on Tuesday, hitting $44.84. The stock had a trading volume of 115,964 shares. Laclede Group has a one year low of $37.35 and a one year high of $48.50. The stock has a 50-day moving average of $46.01 and a 200-day moving average of $44.35. The company has a market cap of $1.466 billion and a P/E ratio of 16.57.
Laclede Group (NYSE:LG) last released its earnings data on Tuesday, July 30th. The company reported $0.36 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.22 by $0.14. The company had revenue of $165.30 million for the quarter, compared to the consensus estimate of $228.86 million. During the same quarter last year, the company posted $0.40 earnings per share. Laclede Group’s revenue was down 11.6% compared to the same quarter last year. On average, analysts predict that Laclede Group will post $2.85 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Hilliard Lyons downgraded shares of Laclede Group from a “neutral” rating to an “underperform” rating in a research note to investors on Monday, June 10th. Separately, analysts at Wells Fargo & Co. initiated coverage on shares of Laclede Group in a research note to investors on Monday, June 3rd. They set an “outperform” rating on the stock. Finally, analysts at Bank of America Corp. initiated coverage on shares of Laclede Group in a research note to investors on Monday, June 3rd. They set a “buy” rating and a $47.33 price target on the stock.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, October 2nd. Shareholders of record on Wednesday, September 11th will be paid a dividend of $0.43 per share. This represents a $1.70 annualized dividend and a dividend yield of 3.91%. The ex-dividend date is Monday, September 9th.
The Laclede Group, Inc (NYSE:LG) is a utility holding company.
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