BidaskClub Downgrades Westar Energy, Inc. (WR) to Sell
Westar Energy, Inc. (NYSE:WR) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
Other equities analysts also recently issued reports about the company. Zacks Investment Research upgraded Westar Energy from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a report on Wednesday, June 28th. Evercore ISI upgraded Westar Energy from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $49.00 to $53.00 in a report on Tuesday, July 11th. Finally, JPMorgan Chase & Co. upgraded Westar Energy from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $32.00 to $53.00 in a report on Tuesday, July 11th.
Shares of Westar Energy (NYSE WR) traded down 0.12% during mid-day trading on Wednesday, reaching $49.41. 831,373 shares of the company traded hands. The company’s 50 day moving average is $52.60 and its 200 day moving average is $53.49. Westar Energy has a 52-week low of $49.21 and a 52-week high of $57.50. The stock has a market capitalization of $7.02 billion, a price-to-earnings ratio of 20.67 and a beta of 0.40.
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Large investors have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in shares of Westar Energy by 4,412.0% in the first quarter. BlackRock Inc. now owns 13,907,609 shares of the utilities provider’s stock valued at $754,767,000 after buying an additional 13,599,373 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its stake in shares of Westar Energy by 346.0% in the second quarter. Adage Capital Partners GP L.L.C. now owns 2,230,000 shares of the utilities provider’s stock worth $125,081,000 after buying an additional 1,730,000 shares during the period. CNH Partners LLC acquired a new stake in shares of Westar Energy during the second quarter worth $91,466,000. Renaissance Technologies LLC raised its stake in shares of Westar Energy by 98.4% in the first quarter. Renaissance Technologies LLC now owns 2,295,300 shares of the utilities provider’s stock worth $124,566,000 after buying an additional 1,138,400 shares during the period. Finally, Norges Bank acquired a new stake in shares of Westar Energy during the fourth quarter worth $47,139,000. Institutional investors and hedge funds own 71.81% of the company’s stock.
About Westar Energy
Westar Energy, Inc is an electric utility. The Company provides electric generation, transmission and distribution services. The Company provides these services in central and northeastern Kansas, including the cities of Topeka, Lawrence, Manhattan, Salina and Hutchinson. Its subsidiary, Kansas Gas and Electric Company (KGE), provides these services in south-central and southeastern Kansas, including the city of Wichita.
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