Spectra Energy Corp.’s Neutral Rating Reaffirmed at Zacks (SE)
Spectra Energy Corp. (NYSE:SE)‘s stock had its “neutral” rating reiterated by Zacks in a research report issued to clients and investors on Thursday, Stock Ratings Network.com reports. They currently have a $39.00 target price on the stock. Zacks‘ price objective points to a potential upside of 4.90% from the stock’s previous close.
Zacks‘ analyst wrote, “Spectra Energy is one of North America’s premier natural gas infrastructure plays. It has a strong presence in growth markets, which should lead to value-creating investment opportunities in the coming years. Also the recent acquisition of the Express-Platte Pipeline System enabled the company to diversify its portfolio to a growing market of crude oil pipeline businesses. The company’s core fee-based businesses have the potential to move the needle towards solid earnings and cash flow growth. Management remains optimistic on its performance going forward on the back of its expansion program, which remains on track. With its market leading position, diversified asset portfolio and strong investment opportunities, we expect Spectra Energy to sustain the growth momentum. However, all these positives have already been reflected in its valuation, leaving little space for above-market gains. Thus our Neutral recommendation remains unchanged at this stage.”
A number of other firms have also recently commented on SE. Analysts at Argus raised their price target on shares of Spectra Energy Corp. from $38.00 to $41.00 in a research note on Tuesday. They now have a “buy” rating on the stock. Separately, analysts at CIBC raised their price target on shares of Spectra Energy Corp. from $36.00 to $37.00 in a research note on Friday, February 7th. Finally, analysts at BMO Capital Markets upgraded shares of Spectra Energy Corp. from a “market perform” rating to an “outperform” rating in a research note on Thursday, January 30th. They now have a $40.00 price target on the stock. They noted that the move was a valuation call. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $38.33.
Spectra Energy Corp. (NYSE:SE) traded up 0.84% during mid-day trading on Thursday, hitting $37.19. 966,230 shares of the company’s stock traded hands. Spectra Energy Corp. has a 52 week low of $28.54 and a 52 week high of $37.92. The stock has a 50-day moving average of $35.47 and a 200-day moving average of $34.5. The company has a market cap of $24.917 billion and a P/E ratio of 23.79.
Spectra Energy Corp. (NYSE:SE) last released its earnings data on Tuesday, February 4th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.03. The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the previous year, the company posted $0.32 earnings per share. The company’s revenue for the quarter was up 16.2% on a year-over-year basis. Analysts expect that Spectra Energy Corp. will post $1.55 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, March 10th. Stockholders of record on Friday, February 14th will be given a dividend of $0.335 per share. This represents a $1.34 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date of this dividend is Wednesday, February 12th. This is a boost from Spectra Energy Corp.’s previous quarterly dividend of $0.31.
Spectra Energy Corp (NYSE:SE) through its subsidiaries and equity affiliates, owns and operates a portfolio of complementary natural gas-related energy assets and is a natural gas infrastructure company.
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