Cleco Corp. Downgraded to Underperform at Zacks (CNL)
Cleco Corp. (NYSE:CNL) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research note issued on Friday. They currently have a $52.00 target price on the stock. Zacks‘s price target suggests a potential downside of 3.85% from the company’s current price.
Separately, 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 0.37% on Friday, hitting $54.20. 696,818 shares of the company’s stock traded hands. Cleco Corp. has a one year low of $43.69 and a one year high of $59.21. The stock’s 50-day moving average is $56.91 and its 200-day moving average is $51.87. The company has a market cap of $3.272 billion and a P/E ratio of 21.26.
Cleco Corp. (NYSE:CNL) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.57 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.65 by $0.08. The company had revenue of $309.07 million for the quarter, compared to the consensus estimate of $273.94 million. During the same quarter in the prior year, the company posted $0.62 earnings per share. The company’s quarterly revenue was up 17.1% on a year-over-year basis. On average, analysts predict that Cleco Corp. will post $2.70 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, August 15th. Stockholders 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 2.96%. 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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