Spectra Energy Corp. Given Neutral Rating at Zacks (SE)
Spectra Energy Corp. (NYSE:SE)‘s stock had its “neutral” rating restated by Zacks in a note issued to investors on Monday. They currently have a $42.00 target price on the stock. Zacks‘s target price would indicate a potential upside of 5.50% 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.”
Shares of Spectra Energy Corp. (NYSE:SE) traded up 0.83% during mid-day trading on Monday, hitting $40.14. The stock had a trading volume of 1,663,114 shares. Spectra Energy Corp. has a 52-week low of $32.57 and a 52-week high of $43.12. The stock has a 50-day moving average of $42.0 and a 200-day moving average of $39.23. The company has a market cap of $26.930 billion and a P/E ratio of 25.07.
Spectra Energy Corp. (NYSE:SE) last announced its earnings results on Wednesday, August 6th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by $0.08. The company had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the previous year, the company posted $0.30 earnings per share. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, analysts predict that Spectra Energy Corp. will post $1.53 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, September 9th. Investors of record on Tuesday, August 12th will be paid a dividend of $0.335 per share. This represents a $1.34 annualized dividend and a dividend yield of 3.37%. The ex-dividend date is Friday, August 8th.
Other equities research analysts have also recently issued reports about the stock. Analysts at Scotia Bank reiterated a “sector perform” rating on shares of Spectra Energy Corp. in a research note on Friday. They now have a $42.00 price target on the stock, up previously from $41.00. Separately, analysts at Argus raised their price target on shares of Spectra Energy Corp. from $41.00 to $45.00 in a research note on Monday, June 16th. They now have a “buy” rating on the stock. Finally, analysts at Jefferies Group raised their price target on shares of Spectra Energy Corp. from $36.00 to $38.00 in a research note on Thursday, June 5th. They now have a “hold” rating on the stock. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $42.11.
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.
To view Zacks’ full report, visit Zacks’ official website.
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