Morgan Stanley Increases Scana Corporation (SCG) Price Target to $59.00
Scana Corporation (NYSE:SCG) had its price objective raised by equities research analysts at Morgan Stanley from $58.00 to $59.00 in a research report issued on Thursday. The firm currently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s price objective would indicate a potential downside of 4.85% from the company’s current price.
Several other research firms also recently weighed in on SCG. BidaskClub upgraded Scana Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 20th. Zacks Investment Research downgraded Scana Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, April 19th. Mizuho reiterated an “underperform” rating and set a $63.00 price target on shares of Scana Corporation in a research note on Friday, July 7th. Barclays PLC reiterated an “equal weight” rating and set a $67.00 price target (down previously from $70.00) on shares of Scana Corporation in a research note on Sunday, April 23rd. Finally, Guggenheim downgraded Scana Corporation from a “buy” rating to a “sell” rating in a research note on Friday, July 28th. Five equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. Scana Corporation has an average rating of “Hold” and an average target price of $70.44.
Shares of Scana Corporation (SCG) traded down 1.10% during midday trading on Thursday, hitting $62.01. 1,095,701 shares of the stock were exchanged. The stock’s 50-day moving average price is $65.60 and its 200-day moving average price is $67.05. Scana Corporation has a 1-year low of $60.00 and a 1-year high of $75.92. The firm has a market capitalization of $8.86 billion, a price-to-earnings ratio of 14.64 and a beta of 0.25.
Scana Corporation (NYSE:SCG) last announced its earnings results on Thursday, August 3rd. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.11. The firm had revenue of $1 billion during the quarter, compared to analyst estimates of $931.67 million. Scana Corporation had a return on equity of 10.50% and a net margin of 13.99%. The business’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $0.74 EPS. On average, analysts forecast that Scana Corporation will post $4.14 EPS for the current year.
Several hedge funds have recently modified their holdings of SCG. BlueCrest Capital Management Ltd increased its stake in shares of Scana Corporation by 331.7% in the first quarter. BlueCrest Capital Management Ltd now owns 18,260 shares of the utilities provider’s stock worth $1,193,000 after buying an additional 14,030 shares during the period. CHURCHILL MANAGEMENT Corp acquired a new stake in shares of Scana Corporation during the second quarter worth about $2,767,000. OppenheimerFunds Inc. increased its stake in shares of Scana Corporation by 20.8% in the first quarter. OppenheimerFunds Inc. now owns 7,837 shares of the utilities provider’s stock worth $512,000 after buying an additional 1,349 shares during the period. Koch Industries Inc. acquired a new stake in shares of Scana Corporation during the first quarter worth about $263,000. Finally, Fulton Bank N.A. acquired a new stake in shares of Scana Corporation during the second quarter worth about $344,000. Hedge funds and other institutional investors own 67.56% of the company’s stock.
About Scana Corporation
SCANA Corporation is a holding company. The Company, through its subsidiaries, is engaged in the generation, transmission, distribution and sale of electricity in South Carolina. The Company operates through segments, including Electric Operations, Gas Distribution, Gas Marketing and All Other. The Company is engaged in the purchase, transmission and sale of natural gas in North Carolina and South Carolina.
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