Evergy (NASDAQ:EVRG) Cut to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Evergy (NASDAQ:EVRG) from a hold rating to a sell rating in a research note released on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $65.00 price objective on the stock.

According to Zacks, “Evergy’s shares have outperformed its industry in the past 12 months. Evergy is on track to generate a substantial volume of electricity from wind assets. The company aims to produce more than 50% of its electricity from clean sources by 2020 and its current renewable power volume is ahead of the standards set in Missouri and Kansas. Cost-saving initiatives and long-term investments to strengthen operation will help the company improve earnings annually by 5-7% through 2023. However, Evergy generates a major chunk of sales come from residential and commercial customers, and unfavorable weather lowers sales volumes from these customer categories. Despite maintenance, the aging transmission and distribution assets could fail anytime, leading to unplanned outages, thereby adversely impacting business and profitability.”

Separately, UBS Group reaffirmed a buy rating on shares of Fortis in a report on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $61.20.

EVRG opened at $60.79 on Thursday. The company’s fifty day moving average price is $60.53. Evergy has a twelve month low of $54.19 and a twelve month high of $62.12.

Evergy (NASDAQ:EVRG) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.44 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.02. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period in the previous year, the business posted $0.34 earnings per share.

In other Evergy news, SVP Heather A. Humphrey sold 1,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $58.24, for a total transaction of $58,240.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director S Carl Soderstrom, Jr. sold 4,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $58.30, for a total transaction of $233,200.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,000 shares of company stock valued at $645,410.

Several institutional investors have recently bought and sold shares of EVRG. Truvestments Capital LLC bought a new position in shares of Evergy in the 1st quarter worth about $25,000. Washington Trust Bank bought a new position in shares of Evergy in the 1st quarter worth about $26,000. Larson Financial Group LLC lifted its position in shares of Evergy by 4,500.0% in the 1st quarter. Larson Financial Group LLC now owns 460 shares of the company’s stock worth $27,000 after buying an additional 450 shares during the last quarter. Pin Oak Investment Advisors Inc. bought a new position in shares of Evergy in the 4th quarter worth about $28,000. Finally, Blue Sky Asset Management LLC bought a new position in shares of Evergy in the 1st quarter worth about $32,000.

Evergy Company Profile

Westar Energy, Inc engages in the generation, transmission and distribution of electricity in Kansas. It provides electricity to residential, commercial, and industrial customers in the cities of Topeka, Lawrence, Manhattan, Salina, and Hutchinson. The company was founded in 1924 and is headquartered in Topeka, KS.

Further Reading: Book Value Of Equity Per Share – BVPS Explained

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