Vectren Corp. (VVC) Raised to Hold at Zacks Investment Research
Vectren Corp. (NYSE:VVC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Vectren Corp., through its regulated subsidiaries Indiana Gas and SIGECO, offers gas and/or electricity to customers in adjoining service areas that cover nearly two-thirds of Indiana. Vectren’s non-regulated subsidiaries currently offer energy-related products and services, including energy marketing, fiber-optic based communication services, and utility related services including materials management, debt collections, locating, meter reading and trenching services to customers throughout the surrounding region. (PRESS RELEASE) “
Separately, Citigroup Inc. upped their price target on Vectren Corp. from $44.00 to $53.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th.
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Shares of Vectren Corp. (NYSE:VVC) traded up 0.70% during midday trading on Tuesday, hitting $50.41. 64,101 shares of the company’s stock traded hands. Vectren Corp. has a 52 week low of $39.43 and a 52 week high of $53.33. The company has a 50 day moving average of $49.92 and a 200 day moving average of $50.16. The stock has a market cap of $4.18 billion, a P/E ratio of 22.54 and a beta of 0.57.
Vectren Corp. (NYSE:VVC) last released its earnings results on Wednesday, August 3rd. The company reported $0.39 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by $0.04. The business had revenue of $533.70 million for the quarter, compared to analysts’ expectations of $585.40 million. Vectren Corp. had a net margin of 8.06% and a return on equity of 10.99%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.43 earnings per share. On average, equities analysts forecast that Vectren Corp. will post $2.47 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, August 15th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.20%. The ex-dividend date was Thursday, August 11th. Vectren Corp.’s dividend payout ratio is currently 71.43%.
Large investors have recently bought and sold shares of the stock. Norges Bank purchased a new stake in Vectren Corp. during the fourth quarter valued at about $33,584,000. State Street Corp raised its stake in shares of Vectren Corp. by 5.7% in the first quarter. State Street Corp now owns 5,377,295 shares of the company’s stock valued at $271,878,000 after buying an additional 290,807 shares in the last quarter. BlackRock Fund Advisors raised its stake in shares of Vectren Corp. by 7.2% in the second quarter. BlackRock Fund Advisors now owns 3,061,476 shares of the company’s stock valued at $161,248,000 after buying an additional 204,302 shares in the last quarter. Highbridge Capital Management LLC bought a new stake in shares of Vectren Corp. during the second quarter valued at $8,479,000. Finally, First Quadrant L P CA raised its stake in shares of Vectren Corp. by 86.5% in the second quarter. First Quadrant L P CA now owns 264,297 shares of the company’s stock valued at $13,921,000 after buying an additional 122,597 shares in the last quarter. 63.26% of the stock is currently owned by institutional investors and hedge funds.
About Vectren Corp.
Vectren Corporation (Vectren) is an energy holding Company. The Company segregates its operations into groups, including the Utility Group, the Nonutility Group, and Corporate and Other. The Company’s subsidiary, Vectren Utility Holdings, Inc (Utility Holdings or VUHI), serves as the intermediate holding company for three public utilities: Indiana Gas Company, Inc (Indiana Gas), Southern Indiana Gas and Electric Company (SIGECO) and Vectren Energy Delivery of Ohio, Inc (VEDO).
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