Cleco Corp. (CNL) Releases Quarterly Earnings Results
Cleco Corp. (NYSE:CNL) released its earnings data on Wednesday. The company reported $0.57 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.65 by $0.08, American Banking News.com reports. The company had revenue of $309.07 million for the quarter, compared to the consensus estimate of $273.94 million. During the same quarter last year, the company posted $0.62 earnings per share. Cleco Corp.’s revenue was up 17.1% compared to the same quarter last year. Cleco Corp. updated its FY14 guidance to $2.65-2.75 EPS.
On the ratings front, analysts at KeyCorp downgraded shares of Cleco Corp. from a “buy” rating to a “hold” rating in a research note on Friday, June 20th. They now have a $51.50 price target on the stock.
Shares of Cleco Corp. (NYSE:CNL) traded up 3.10% during mid-day trading on Wednesday, hitting $58.25. 1,161,413 shares of the company’s stock traded hands. Cleco Corp. has a 1-year low of $43.69 and a 1-year high of $59.21. The stock’s 50-day moving average is $56.28 and its 200-day moving average is $51.5. The company has a market cap of $3.516 billion and a P/E ratio of 21.48.
The company also recently declared a quarterly dividend, which is scheduled for Friday, August 15th. Shareholders of record on Tuesday, August 5th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend is Friday, August 1st.
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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