Great Plains Energy Incorporated (GXP) Rating Increased to Buy at Zacks Investment Research
Great Plains Energy Incorporated (NYSE:GXP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage presently has a $32.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 11.03% from the stock’s previous close.
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 weighed in on GXP. Evercore ISI reissued an “outperform” rating and set a $31.00 price target on shares of Great Plains Energy in a research report on Thursday, March 30th. Barclays PLC reissued an “equal weight” rating and set a $30.00 price target (up previously from $27.00) on shares of Great Plains Energy in a research report on Saturday, March 11th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Great Plains Energy presently has an average rating of “Buy” and an average price target of $31.75.
Shares of Great Plains Energy (NYSE:GXP) traded up 0.14% during mid-day trading on Tuesday, reaching $28.82. The company had a trading volume of 5,516,644 shares. Great Plains Energy has a 12 month low of $25.85 and a 12 month high of $31.24. The firm’s 50-day moving average is $28.95 and its 200 day moving average is $28.08. The company has a market capitalization of $6.21 billion, a price-to-earnings ratio of 23.88 and a beta of 0.40.
Great Plains Energy (NYSE:GXP) last announced its quarterly earnings results on Thursday, May 4th. The utilities provider reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. The firm had revenue of $570.70 million for the quarter, compared to the consensus estimate of $584.92 million. Great Plains Energy had a return on equity of 7.87% and a net margin of 8.06%. During the same quarter in the previous year, the business earned $0.17 earnings per share. On average, equities research analysts predict that Great Plains Energy will post $1.74 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 20th. Stockholders of record on Tuesday, May 30th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date is Thursday, May 25th. Great Plains Energy’s dividend payout ratio is presently 79.71%.
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Large investors have recently modified their holdings of the company. Acrospire Investment Management LLC boosted its stake in shares of Great Plains Energy by 233.3% in the second quarter. Acrospire Investment Management LLC now owns 4,000 shares of the utilities provider’s stock worth $122,000 after buying an additional 2,800 shares in the last quarter. Assetmark Inc. purchased a new stake in shares of Great Plains Energy during the second quarter worth about $131,000. Public Employees Retirement Association of Colorado boosted its stake in shares of Great Plains Energy by 0.4% in the third quarter. Public Employees Retirement Association of Colorado now owns 4,987 shares of the utilities provider’s stock worth $136,000 after buying an additional 21 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of Great Plains Energy during the first quarter worth about $139,000. Finally, Mckinley Capital Management LLC Delaware purchased a new stake in shares of Great Plains Energy during the first quarter worth about $141,000. Institutional investors own 90.15% of the company’s stock.
About Great Plains Energy
Great Plains Energy Incorporated (Great Plains Energy) is a utility holding company. The Company operates through electric utility segment. The Company’s subsidiaries with operations include Kansas City Power & Light Company (KCP&L) and KCP&L Greater Missouri Operations Company (GMO). KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas.
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