Otter Tail (NASDAQ:OTTR) Shares Pass Above 200 Day Moving Average – Here’s Why

Otter Tail Corporation (NASDAQ:OTTR) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $87.35 and traded as high as $91.39. Otter Tail shares last traded at $90.09, with a volume of 296,242 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on OTTR. KeyCorp reissued a “sector weight” rating on shares of Otter Tail in a report on Monday, June 1st. UBS Group reaffirmed a “reduce” rating on shares of Otter Tail in a research note on Friday, May 29th. Weiss Ratings upgraded shares of Otter Tail from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. Siebert Williams Shank cut shares of Otter Tail from a “buy” rating to a “hold” rating and set a $86.00 price objective for the company. in a research note on Wednesday, May 6th. Finally, Zacks Research cut shares of Otter Tail from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 27th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $86.00.

Otter Tail Stock Performance

The firm has a market capitalization of $3.78 billion, a PE ratio of 13.51 and a beta of 0.45. The business has a 50-day simple moving average of $88.39 and a 200-day simple moving average of $87.35. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.04 and a quick ratio of 1.64.

Otter Tail (NASDAQ:OTTR) last announced its earnings results on Tuesday, May 5th. The utilities provider reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.42 by $0.31. The firm had revenue of $347.03 million during the quarter, compared to analysts’ expectations of $339.10 million. Otter Tail had a return on equity of 15.21% and a net margin of 21.34%.The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.62 EPS. Equities research analysts expect that Otter Tail Corporation will post 5.48 earnings per share for the current fiscal year.

Otter Tail Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 15th were given a $0.5775 dividend. The ex-dividend date was Friday, May 15th. This represents a $2.31 dividend on an annualized basis and a yield of 2.6%. Otter Tail’s dividend payout ratio (DPR) is currently 34.63%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Sound Income Strategies LLC increased its position in Otter Tail by 248.8% during the first quarter. Sound Income Strategies LLC now owns 286 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 204 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Otter Tail by 129.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 376 shares of the utilities provider’s stock worth $30,000 after purchasing an additional 212 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in shares of Otter Tail during the 4th quarter worth about $31,000. Motiv8 Investments LLC purchased a new position in shares of Otter Tail during the 4th quarter worth about $34,000. Finally, SHP Wealth Management bought a new position in Otter Tail during the 4th quarter valued at about $40,000. 61.32% of the stock is owned by hedge funds and other institutional investors.

Otter Tail Company Profile

Otter Tail Corporation, through its primary subsidiary Otter Tail Power Company, is a regulated electric utility engaged in the generation, transmission and distribution of electricity. The company operates a diversified portfolio of owned and contracted power generation facilities, including coal, natural gas, wind and hydroelectric units, supplemented by long-term power purchase agreements. In addition to utility operations, Otter Tail provides related engineering, construction and maintenance services to support grid reliability and efficiency.

The company’s service territory covers a predominantly rural footprint in the Upper Midwest, including communities in west-central Minnesota, eastern North Dakota, northwest Wisconsin and small portions of South Dakota.