Scana Corp. (SCG) Downgraded by Zacks Investment Research to “Hold”
Scana Corp. (NYSE:SCG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “SCANA Corp. is a stable, relatively strong and regulated electric utility, supported by regional demographics and a favorable electric utility rate. Going forward, we expect modest growth to continue thanks to the utility’s improving electric margins and rate increases. We are also bullish about the steady progress of new electric generation plants and nuclear expansion projects. However, construction costs and delays could impact the timing of rate base growth, earnings, cash flow and the quality of the balance sheet. Further, SCANA’s sensitivity to changes in coal, gas, oil and other commodity prices pose as risks.”
Several other research firms also recently issued reports on SCG. Morgan Stanley downgraded Scana Corp. from an “equal weight” rating to an “underweight” rating and set a $67.00 target price on the stock. in a research report on Wednesday, June 15th. Mizuho increased their target price on Scana Corp. from $74.00 to $84.00 and gave the stock a “buy” rating in a research report on Tuesday, June 14th. Finally, Williams Capital restated a “buy” rating on shares of Scana Corp. in a research report on Monday, September 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $71.58.
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Scana Corp. (NYSE:SCG) traded up 0.16% during trading on Tuesday, reaching $72.97. The company’s stock had a trading volume of 295,584 shares. The company has a market cap of $10.43 billion, a price-to-earnings ratio of 19.75 and a beta of 0.22. Scana Corp. has a 12 month low of $52.27 and a 12 month high of $76.41. The stock’s 50 day moving average is $72.14 and its 200 day moving average is $70.90.
Scana Corp. (NYSE:SCG) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.74 EPS for the quarter, meeting the consensus estimate of $0.74. Scana Corp. had a return on equity of 9.82% and a net margin of 12.88%. The business had revenue of $905 million for the quarter, compared to the consensus estimate of $986.95 million. During the same quarter in the prior year, the business earned $0.69 earnings per share. Scana Corp.’s revenue for the quarter was down 6.4% on a year-over-year basis. On average, equities analysts expect that Scana Corp. will post $3.97 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Investors of record on Monday, September 12th will be paid a $0.575 dividend. The ex-dividend date of this dividend is Thursday, September 8th. This represents a $2.30 dividend on an annualized basis and a yield of 3.16%. Scana Corp.’s dividend payout ratio is presently 62.16%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Scana Corp. during the second quarter worth approximately $437,000. Kentucky Retirement Systems purchased a new position in Scana Corp. during the second quarter worth approximately $919,000. Mason Street Advisors LLC purchased a new position in Scana Corp. during the second quarter worth approximately $1,456,000. Tobam purchased a new position in Scana Corp. during the second quarter worth approximately $1,194,000. Finally, Sanctuary Wealth Advisors LLC boosted its position in Scana Corp. by 2.7% in the second quarter. Sanctuary Wealth Advisors LLC now owns 48,266 shares of the company’s stock worth $3,652,000 after buying an additional 1,270 shares in the last quarter. 64.97% of the stock is currently owned by institutional investors and hedge funds.
Scana Corp. Company Profile
SCANA Corporation is a holding company. The Company, through its subsidiaries, is engaged in generation, transmission, distribution and sale of electricity, and the purchase, sale and transportation of natural gas in North Carolina and South Carolina. It operates through segments, including Electric Operations, Gas Distribution, Retail Gas Marketing, Energy Marketing and All Other.
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