CenterPoint Energy (CNP) Upgraded by Zacks Investment Research to Buy

CenterPoint Energy (NYSE:CNP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $30.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 13.55% from the company’s previous close.

According to Zacks, “CenterPoint Energy's share price has outperformed the broader industry in the last one year. The company has been strengthening its infrastructure through regular capital investment and acquisitions, which will help it to meet the requirements of an expanding customer base. Toward this end, the company continues with its capital expenditure plan of $7 billion from 2017 through 2021. It also received an approval for its transmission cost of service (TCOS) filing, which is projected to provide a $7.8 million annual increase in revenue. CenterPoint Energy is also investing substantially to expand its operations to cope with increasing utility demand. The company is currently focused on upgrading infrastructure and improving reliability. However, its results are subject to the impact of weather patterns, regulatory and judicial proceedings along with fluctuating commodity prices.”

A number of other equities analysts have also recently issued reports on CNP. SunTrust Banks set a $27.00 price objective on shares of CenterPoint Energy and gave the stock a “hold” rating in a research report on Monday. Bank of America began coverage on shares of CenterPoint Energy in a research report on Tuesday, October 24th. They set a “neutral” rating and a $30.00 price objective for the company. Guggenheim cut shares of CenterPoint Energy from a “buy” rating to a “neutral” rating in a research report on Monday, December 4th. They noted that the move was a valuation call. Finally, Citigroup upped their price objective on shares of CenterPoint Energy from $27.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, November 20th. Nine investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $29.11.

CenterPoint Energy (NYSE:CNP) traded down $0.07 during mid-day trading on Wednesday, reaching $26.42. 1,116,259 shares of the company were exchanged, compared to its average volume of 4,076,425. The firm has a market cap of $11,540.00, a PE ratio of 19.09, a price-to-earnings-growth ratio of 3.04 and a beta of 0.56. CenterPoint Energy has a twelve month low of $25.51 and a twelve month high of $30.45. The company has a debt-to-equity ratio of 2.08, a quick ratio of 0.77 and a current ratio of 0.91.

In other CenterPoint Energy news, CEO Scott M. Prochazka sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $28.11, for a total transaction of $28,110.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 3,000 shares of company stock valued at $85,410. 0.20% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. WINTON GROUP Ltd bought a new stake in CenterPoint Energy during the 2nd quarter worth approximately $678,000. Nomura Asset Management Co. Ltd. grew its holdings in CenterPoint Energy by 6.9% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 65,817 shares of the utilities provider’s stock worth $1,922,000 after acquiring an additional 4,236 shares during the last quarter. Shell Asset Management Co. grew its holdings in CenterPoint Energy by 196.2% during the 3rd quarter. Shell Asset Management Co. now owns 61,861 shares of the utilities provider’s stock worth $1,514,000 after acquiring an additional 40,976 shares during the last quarter. Stifel Financial Corp grew its holdings in CenterPoint Energy by 36.3% during the 3rd quarter. Stifel Financial Corp now owns 101,185 shares of the utilities provider’s stock worth $2,960,000 after acquiring an additional 26,964 shares during the last quarter. Finally, Toronto Dominion Bank grew its holdings in CenterPoint Energy by 25.6% during the 2nd quarter. Toronto Dominion Bank now owns 145,724 shares of the utilities provider’s stock worth $3,989,000 after acquiring an additional 29,740 shares during the last quarter. 77.85% of the stock is currently owned by hedge funds and other institutional investors.

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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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