CenterPoint Energy, Inc. (CNP) Increases Dividend to $0.28 Per Share
CenterPoint Energy, Inc. (NYSE:CNP) announced a quarterly dividend on Wednesday, December 13th, RTT News reports. Stockholders of record on Thursday, February 15th will be given a dividend of 0.2775 per share by the utilities provider on Thursday, February 8th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 3.91%. This is an increase from CenterPoint Energy’s previous quarterly dividend of $0.27.
CenterPoint Energy has increased its dividend by an average of 7.5% per year over the last three years and has increased its dividend annually for the last 11 consecutive years. CenterPoint Energy has a payout ratio of 81.7% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect CenterPoint Energy to earn $1.41 per share next year, which means the company should continue to be able to cover its $1.07 annual dividend with an expected future payout ratio of 75.9%.
Shares of CenterPoint Energy (CNP) traded up $0.02 on Wednesday, reaching $28.40. The company had a trading volume of 3,999,026 shares, compared to its average volume of 2,836,038. CenterPoint Energy has a 52 week low of $23.95 and a 52 week high of $30.45. The stock has a market cap of $12,435.32, a price-to-earnings ratio of 22.02, a P/E/G ratio of 3.85 and a beta of 0.62. The company has a current ratio of 0.91, a quick ratio of 0.77 and a debt-to-equity ratio of 2.08.
In other CenterPoint Energy news, CEO Scott M. Prochazka sold 1,000 shares of CenterPoint Energy stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $29.61, for a total transaction of $29,610.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 3,000 shares of company stock valued at $88,080 in the last ninety days. Insiders own 0.20% of the company’s stock.
Several brokerages recently weighed in on CNP. Zacks Investment Research raised CenterPoint Energy from a “sell” rating to a “hold” rating in a report on Tuesday. Guggenheim lowered CenterPoint Energy from a “buy” rating to a “neutral” rating in a report on Monday, December 4th. They noted that the move was a valuation call. Royal Bank of Canada reissued a “hold” rating and issued a $29.00 price objective on shares of CenterPoint Energy in a report on Monday, September 11th. Bank of America began coverage on CenterPoint Energy in a report on Tuesday, October 24th. They issued a “neutral” rating and a $30.00 price objective for the company. Finally, SunTrust Banks reissued a “hold” rating and issued a $30.00 price objective on shares of CenterPoint Energy in a report on Monday, October 2nd. Eleven analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $28.89.
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About CenterPoint Energy
CenterPoint Energy, Inc is a public utility holding company. The Company, through its subsidiaries, owns and operates electric transmission and distribution facilities, and natural gas distribution facilities. The Electric Transmission & Distribution segment provides electric transmission and distribution services to retail electric providers.
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