Ladenburg Thalmann Lowers Cleco Corp. Price Target to $47.00 (CNL)
Research analysts at Ladenburg Thalmann reduced their target price on shares of Cleco Corp. (NYSE:CNL) from $50.00 to $47.00 in a report released on Friday, Analyst Ratings Network.com reports. The firm currently has a “neutral” rating on the stock. Ladenburg Thalmann’s price objective points to a potential upside of 4.61% from the stock’s previous close.
Cleco Corp. (NYSE:CNL) traded down 1.23% on Friday, hitting $44.93. The stock had a trading volume of 171,935 shares. Cleco Corp. has a 1-year low of $38.46 and a 1-year high of $50.42. The stock’s 50-day moving average is $45.50 and its 200-day moving average is $46.58. The company has a market cap of $2.716 billion and a price-to-earnings ratio of 17.70.
Cleco Corp. (NYSE:CNL) last announced its earnings results on Wednesday, July 31st. The company reported $0.62 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.66 by $0.04. The company had revenue of $263.90 million for the quarter, compared to the consensus estimate of $249.46 million. During the same quarter last year, the company posted $0.64 earnings per share. Cleco Corp.’s revenue was up 9.9% compared to the same quarter last year. On average, analysts predict that Cleco Corp. will post $2.51 earnings per share for the current fiscal year.
Cleco Corporation (NYSE:CNL) is a public utility holding company which holds investments in several subsidiaries, including Cleco Power LLC and its subsidiaries (Cleco Power) and Cleco Midstream Resources LLC (Midstream), which are its operating business segments.
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