Cleco Corp. (CNL) Announces Quarterly Earnings, Misses Estimates By $0.01 EPS
Cleco Corp. (NYSE:CNL) posted its quarterly earnings results on Tuesday. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by $0.01, American Banking and Market News reports. The company had revenue of $284.40 million for the quarter, compared to the consensus estimate of $242.23 million. During the same quarter in the previous year, the company posted $0.44 earnings per share. The company’s revenue for the quarter was up 18.1% on a year-over-year basis.
A number of research firms have recently commented on CNL. Analysts at KeyCorp reiterated a “buy” rating on shares of Cleco Corp. in a research note on Tuesday, April 22nd. They now have a $51.50 price target on the stock. Analysts at Ladenburg Thalmann raised their price target on shares of Cleco Corp. from $47.00 to $49.00 in a research note on Monday, March 3rd.
Shares of Cleco Corp. (NYSE:CNL) opened at 52.23 on Tuesday. Cleco Corp. has a one year low of $43.69 and a one year high of $52.34. The stock’s 50-day moving average is $50.0 and its 200-day moving average is $47.77. The company has a market cap of $3.159 billion and a P/E ratio of 19.54.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, May 15th. Investors of record on Tuesday, May 6th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Friday, May 2nd. This is an increase from Cleco Corp.’s previous quarterly dividend of $0.36.
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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