CenterPoint Energy (NYSE:CNP) Releases Earnings Results, Beats Expectations By $0.04 EPS

CenterPoint Energy (NYSE:CNP) issued its quarterly earnings results on Wednesday. The utilities provider reported $0.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.04, RTT News reports. CenterPoint Energy had a return on equity of 13.31% and a net margin of 3.39%. The firm had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same period last year, the company earned $0.30 EPS. CenterPoint Energy’s quarterly revenue was up 28.0% compared to the same quarter last year. CenterPoint Energy updated its FY 2019 guidance to $1.60-1.70 EPS and its FY19 guidance to $1.60-1.70 EPS.

Shares of NYSE:CNP traded down $0.80 on Wednesday, reaching $28.06. The company had a trading volume of 8,669,925 shares, compared to its average volume of 4,651,659. CenterPoint Energy has a 52-week low of $26.74 and a 52-week high of $31.42. The business has a 50 day moving average of $29.04. The firm has a market capitalization of $14.49 billion, a price-to-earnings ratio of 17.54, a PEG ratio of 3.41 and a beta of 0.46. The company has a quick ratio of 0.97, a current ratio of 1.09 and a debt-to-equity ratio of 2.12.

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Thursday, August 15th will be issued a $0.2875 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $1.15 dividend on an annualized basis and a dividend yield of 4.10%. CenterPoint Energy’s dividend payout ratio is presently 71.88%.

A number of equities research analysts recently issued reports on CNP shares. Bank of America raised CenterPoint Energy from a “neutral” rating to a “buy” rating and set a $29.32 price target for the company in a research note on Thursday, June 13th. They noted that the move was a valuation call. KeyCorp initiated coverage on CenterPoint Energy in a research note on Tuesday, June 4th. They set a “sector weight” rating for the company. Credit Suisse Group set a $33.00 price objective on CenterPoint Energy and gave the stock a “buy” rating in a report on Monday, April 22nd. JPMorgan Chase & Co. reduced their price objective on CenterPoint Energy from $33.00 to $32.00 and set an “overweight” rating on the stock in a report on Wednesday, May 15th. Finally, Morgan Stanley raised their price objective on CenterPoint Energy from $30.00 to $31.00 and gave the stock an “equal weight” rating in a report on Friday, June 14th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. CenterPoint Energy currently has an average rating of “Buy” and a consensus target price of $31.85.

In other news, Chairman Milton Carroll sold 12,000 shares of CenterPoint Energy stock in a transaction on Friday, May 17th. The stock was sold at an average price of $29.76, for a total value of $357,120.00. Following the transaction, the chairman now directly owns 98,301 shares in the company, valued at approximately $2,925,437.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Scott M. Prochazka sold 7,000 shares of CenterPoint Energy stock in a transaction on Monday, July 1st. The shares were sold at an average price of $28.40, for a total value of $198,800.00. The disclosure for this sale can be found here. Insiders sold a total of 52,780 shares of company stock worth $1,545,396 over the last quarter. Company insiders own 0.24% of the company’s stock.

Several large investors have recently made changes to their positions in the company. First Republic Investment Management Inc. increased its holdings in shares of CenterPoint Energy by 2.9% in the 1st quarter. First Republic Investment Management Inc. now owns 12,339 shares of the utilities provider’s stock valued at $379,000 after acquiring an additional 353 shares during the period. Bank of The West grew its stake in CenterPoint Energy by 5.4% during the 2nd quarter. Bank of The West now owns 7,482 shares of the utilities provider’s stock worth $214,000 after buying an additional 386 shares during the last quarter. 6 Meridian grew its stake in CenterPoint Energy by 2.5% during the 2nd quarter. 6 Meridian now owns 16,492 shares of the utilities provider’s stock worth $472,000 after buying an additional 396 shares during the last quarter. Shulman DeMeo Asset Management LLC grew its stake in CenterPoint Energy by 4.9% during the 1st quarter. Shulman DeMeo Asset Management LLC now owns 8,788 shares of the utilities provider’s stock worth $270,000 after buying an additional 407 shares during the last quarter. Finally, World Asset Management Inc grew its stake in CenterPoint Energy by 1.4% during the 2nd quarter. World Asset Management Inc now owns 34,232 shares of the utilities provider’s stock worth $980,000 after buying an additional 456 shares during the last quarter. Institutional investors and hedge funds own 78.07% of the company’s stock.

CenterPoint Energy Company Profile

CenterPoint Energy, Inc operates as a public utility holding company in the United States. The company's Electric Transmission & Distribution segment offers electric transmission and distribution services to retail electric providers, municipalities, electric cooperatives, and other distribution companies.

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Earnings History for CenterPoint Energy (NYSE:CNP)

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