Scana Corp. (SCG) Rating Increased to Buy at Zacks Investment Research
Scana Corp. (NYSE:SCG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $81.00 price target on the stock. Zacks Investment Research’s price target would suggest a potential upside of 11.52% from the company’s current price.
According to Zacks, “SCANA Corp. is a stable, relatively strong and regulated electric utility, supported by regional demographics and a favorable electric utility rate. SCANA is well positioned in a positive regulatory environment, having a low risk business with outstanding customer growth and operational efficiency. The company also has an attractive and consistent dividend payout. 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. Consequently, we think SCANA offers substantial upside potential from the current price levels and view it as an attractive investment.”
SCG has been the subject of a number of other reports. Williams Capital reaffirmed a “buy” rating on shares of Scana Corp. in a research note on Monday, September 12th. Morgan Stanley lowered Scana Corp. from an “equal weight” rating to an “underweight” rating and set a $67.00 price objective for the company. in a research note on Wednesday, June 15th. Finally, Mizuho raised their price objective on Scana Corp. from $74.00 to $84.00 and gave the stock a “buy” rating in a research note on Tuesday, June 14th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $71.58.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/21/scana-corp-scg-rating-increased-to-buy-at-zacks-investment-research.html
Scana Corp. (NYSE:SCG) traded down 0.28% during trading on Wednesday, reaching $72.43. The company had a trading volume of 226,887 shares. The company has a 50-day moving average price of $72.06 and a 200 day moving average price of $70.95. Scana Corp. has a 52-week low of $52.27 and a 52-week high of $76.41. The stock has a market cap of $10.35 billion, a PE ratio of 19.61 and a beta of 0.22.
Scana Corp. (NYSE:SCG) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.74 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.74. The firm earned $905 million during the quarter, compared to analyst estimates of $986.95 million. Scana Corp. had a return on equity of 9.82% and a net margin of 12.88%. The firm’s quarterly revenue was down 6.4% on a year-over-year basis. During the same period last year, the company posted $0.69 EPS. On average, analysts anticipate that Scana Corp. will post $3.97 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Stockholders of record on Monday, September 12th will be given a $0.575 dividend. The ex-dividend date is Thursday, September 8th. This represents a $2.30 annualized dividend and a dividend yield of 3.17%. Scana Corp.’s dividend payout ratio (DPR) is presently 62.16%.
Hedge funds have recently modified their holdings of the company. Cribstone Capital Management LLC acquired a new stake in shares of Scana Corp. during the second quarter valued at approximately $102,000. Global X Management Co. LLC boosted its stake in shares of Scana Corp. by 186.1% in the second quarter. Global X Management Co. LLC now owns 1,456 shares of the company’s stock valued at $110,000 after buying an additional 947 shares during the period. Mizuho Asset Management Co. Ltd. boosted its stake in shares of Scana Corp. by 60.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,832 shares of the company’s stock valued at $139,000 after buying an additional 687 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Scana Corp. by 10.2% in the second quarter. Pacer Advisors Inc. now owns 2,389 shares of the company’s stock valued at $181,000 after buying an additional 222 shares during the period. Finally, Tower Research Capital LLC TRC acquired a new stake in shares of Scana Corp. during the second quarter valued at approximately $200,000. 64.84% of the stock is owned by institutional investors and hedge funds.
About Scana Corp.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Scana Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Scana Corp. and related companies with MarketBeat.com's FREE daily email newsletter.