Zacks Investment Research Lowers Great Plains Energy Inc. (GXP) to Sell
Great Plains Energy Inc. (NYSE:GXP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
According to Zacks, “Great Plains Energy Incorporated engages in the generation, transmission, distribution and sale of electricity to customers located in all or portions of numerous counties in western Missouri and eastern Kansas. Customers include residences, commercial firms, and industrials, municipalities and other electric utilities. “
A number of other brokerages also recently issued reports on GXP. Argus reaffirmed a “buy” rating and set a $36.00 price target on shares of Great Plains Energy in a research report on Friday, September 30th. Barclays PLC raised Great Plains Energy from an “underweight” rating to an “equal weight” rating and reduced their price target for the stock from $31.00 to $29.00 in a research report on Thursday, September 29th. Bank of America Corp. raised Great Plains Energy from a “neutral” rating to a “buy” rating and set a $32.00 target price on the stock in a research report on Monday, October 3rd. SunTrust Banks Inc. upped their target price on Great Plains Energy from $29.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, September 26th. Finally, JPMorgan Chase & Co. reissued a “hold” rating on shares of Great Plains Energy in a research report on Tuesday, July 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. Great Plains Energy presently has an average rating of “Hold” and an average target price of $31.29.
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Shares of Great Plains Energy (NYSE:GXP) traded down 1.36% on Tuesday, hitting $26.74. The stock had a trading volume of 5,791,198 shares. The company has a 50-day moving average of $27.25 and a 200-day moving average of $29.59. Great Plains Energy has a 52-week low of $25.44 and a 52-week high of $32.74. The company has a market cap of $4.13 billion, a P/E ratio of 20.00 and a beta of 0.45.
Great Plains Energy (NYSE:GXP) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.16. Great Plains Energy had a return on equity of 7.16% and a net margin of 8.03%. During the same quarter in the prior year, the firm earned $0.28 EPS. On average, equities analysts anticipate that Great Plains Energy will post $1.73 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 20th. Shareholders of record on Monday, August 29th were issued a $0.2625 dividend. This represents a $1.05 annualized dividend and a yield of 3.93%. The ex-dividend date was Thursday, August 25th. Great Plains Energy’s payout ratio is 78.36%.
Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Great Plains Energy by 14.8% in the second quarter. Vanguard Group Inc. now owns 13,136,467 shares of the company’s stock valued at $399,348,000 after buying an additional 1,697,073 shares during the last quarter. BlackRock Fund Advisors raised its stake in Great Plains Energy by 6.1% in the second quarter. BlackRock Fund Advisors now owns 8,382,630 shares of the company’s stock valued at $254,832,000 after buying an additional 478,420 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Great Plains Energy by 2.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,632,640 shares of the company’s stock valued at $140,832,000 after buying an additional 96,813 shares during the last quarter. Boston Partners raised its stake in Great Plains Energy by 12.0% in the second quarter. Boston Partners now owns 4,326,511 shares of the company’s stock valued at $131,526,000 after buying an additional 462,867 shares during the last quarter. Finally, State Street Corp raised its stake in Great Plains Energy by 1.9% in the second quarter. State Street Corp now owns 4,267,290 shares of the company’s stock valued at $129,723,000 after buying an additional 80,565 shares during the last quarter. 60.06% of the stock is currently owned by institutional investors.
About Great Plains Energy
Great Plains Energy Incorporated is a public utility holding company. The Company operates through electric utility segment. The Company does not own or operate any assets other than the stock of its subsidiaries. The Company’s subsidiaries with operations include Kansas City Power & Light Company (KCP&L) and KCP&L Greater Missouri Operations Company (GMO).
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