Zacks Investment Research Upgrades Vectren Corporation (NYSE:VVC) to “Buy”
Vectren Corporation (NYSE:VVC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm presently has a $65.00 price target on the utilities provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 11.32% from the stock’s current price.
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) “
Other equities research analysts have also issued reports about the stock. Citigroup Inc. boosted their price objective on shares of Vectren Corporation from $58.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, May 9th. BidaskClub upgraded shares of Vectren Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, June 21st. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Vectren Corporation has a consensus rating of “Buy” and an average target price of $65.50.
Shares of Vectren Corporation (NYSE VVC) traded down 0.33% during trading on Thursday, reaching $58.20. 6,161 shares of the company’s stock traded hands. The company’s 50-day moving average is $60.59 and its 200 day moving average is $57.17. Vectren Corporation has a 52-week low of $46.52 and a 52-week high of $62.79. The company has a market cap of $4.83 billion, a price-to-earnings ratio of 22.05 and a beta of 0.81.
Vectren Corporation (NYSE:VVC) last announced its quarterly earnings data on Monday, May 8th. The utilities provider reported $0.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.02. The firm had revenue of $624.50 million during the quarter, compared to analyst estimates of $595.84 million. Vectren Corporation had a net margin of 8.79% and a return on equity of 12.51%. The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.58 EPS. Equities analysts forecast that Vectren Corporation will post $2.62 EPS for the current year.
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Several large investors have recently made changes to their positions in the company. Manchester Capital Management LLC acquired a new stake in shares of Vectren Corporation during the first quarter worth $115,000. Sei Investments Co. raised its stake in Vectren Corporation by 20.0% in the first quarter. Sei Investments Co. now owns 1,973 shares of the utilities provider’s stock worth $115,000 after buying an additional 329 shares in the last quarter. First Manhattan Co. raised its stake in Vectren Corporation by 2.7% in the third quarter. First Manhattan Co. now owns 3,419 shares of the utilities provider’s stock worth $171,000 after buying an additional 90 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. raised its stake in Vectren Corporation by 11.3% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,868 shares of the utilities provider’s stock worth $195,000 after buying an additional 393 shares in the last quarter. Finally, M&T Bank Corp purchased a new stake in Vectren Corporation during the first quarter worth approximately $200,000. Hedge funds and other institutional investors own 64.46% of the company’s stock.
Vectren Corporation Company Profile
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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