Evergy (NASDAQ:EVRG) Coverage Initiated by Analysts at Truist Financial

Key Points

• Truist Financial initiated coverage of Evergy with a “buy” rating and a $97 price target, implying 14.64% upside from the prior close.
• Analyst sentiment is broadly positive: 10 analysts rate Evergy a Buy and three rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $90.
• Evergy exceeded quarterly expectations, reporting $0.88 in EPS versus the $0.81 consensus and $1.50 billion in revenue, while institutional investors own 87.24% of the company’s shares.

Equities research analysts at Truist Financial initiated coverage on shares of Evergy (NASDAQ:EVRG - Get Free Report) in a research note issued to investors on Tuesday, Briefing.com reports. The firm set a "buy" rating and a $97.00 price target on the stock. Truist Financial's price target would indicate a potential upside of 14.64% from the company's previous close.

Several other research firms have also recently weighed in on EVRG. BMO Capital Markets decreased their target price on Evergy from $89.00 to $85.00 and set an "outperform" rating for the company in a research note on Tuesday, October 13th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Evergy in a research report on Friday, August 7th. TD Cowen assumed coverage on Evergy in a research report on Thursday, October 22nd. They set a "buy" rating and a $95.00 price target on the stock. Royal Bank Of Canada restated an "outperform" rating on shares of Evergy in a research note on Friday, October 9th. Finally, Barclays cut their price objective on shares of Evergy from $92.00 to $86.00 and set an "overweight" rating on the stock in a research report on Monday, October 19th. Ten equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Evergy currently has an average rating of "Moderate Buy" and an average target price of $90.00.

Evergy Stock Performance

EVRG opened at $84.61 on Tuesday. The company has a current ratio of 0.36, a quick ratio of 0.21 and a debt-to-equity ratio of 1.20. The firm has a market capitalization of $19.51 billion, a PE ratio of 21.47, a P/E/G ratio of 2.19 and a beta of 0.50. The firm has a 50 day moving average of $81.14 and a two-hundred day moving average of $81.73. Evergy has a 12-month low of $71.40 and a 12-month high of $88.62.

Evergy (NASDAQ:EVRG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.81 by $0.07. The company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.36 billion. Evergy had a net margin of 15.19% and a return on equity of 9.20%. During the same quarter in the previous year, the firm earned $0.82 EPS. On average, analysts anticipate that Evergy will post 4.26 EPS for the current year.

Insider Buying and Selling at Evergy

In other news, Director Jonathan Rolph bought 1,640 shares of Evergy stock in a transaction that occurred on Friday, September 11th. The stock was purchased at an average cost of $81.47 per share, with a total value of $133,610.80. Following the completion of the transaction, the director directly owned 670 shares in the company, valued at $54,584.90. This trade represents a -169.07% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.52% of the company's stock.

Institutional Investors Weigh In On Evergy

Institutional investors have recently modified their holdings of the business. SYM FINANCIAL Corp increased its holdings in Evergy by 2.6% during the 3rd quarter. SYM FINANCIAL Corp now owns 4,906 shares of the company's stock worth $385,000 after purchasing an additional 125 shares in the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of Evergy by 7.2% during the third quarter. Oppenheimer & Co. Inc. now owns 87,130 shares of the company's stock worth $6,834,000 after purchasing an additional 5,818 shares during the period. AGH Wealth Advisors LLC grew its stake in Evergy by 2.0% during the third quarter. AGH Wealth Advisors LLC now owns 12,830 shares of the company's stock worth $1,006,000 after buying an additional 251 shares in the last quarter. Miller Howard Investments Inc. NY lifted its position in shares of Evergy by 0.8% during the 3rd quarter. Miller Howard Investments Inc. NY now owns 23,782 shares of the company's stock worth $1,865,000 after buying an additional 184 shares during the last quarter. Finally, Equity Wealth Partners LLC grew its stake in shares of Evergy by 24.5% during the third quarter. Equity Wealth Partners LLC now owns 6,347 shares of the company's stock worth $498,000 after buying an additional 1,249 shares during the last quarter. Institutional investors and hedge funds own 87.24% of the company's stock.

About Evergy

Evergy, Inc is an investor-owned electric utility that generates, transmits, distributes and sells electricity to residential, commercial, industrial and municipal customers. The company operates regulated utilities in Kansas and Missouri, providing electric service through its Kansas Central, Kansas South, Missouri Metro and Missouri West operations.

Evergy's generation portfolio includes wind, solar, coal, natural gas and nuclear power. The company also owns an interest in the Wolf Creek Generating Station, a nuclear power plant in Kansas, and continues to invest in renewable energy, grid modernization and other infrastructure intended to support reliable electricity service.

Evergy was formed in 2018 through the merger of Westar Energy and Great Plains Energy, the parent company of Kansas City Power & Light.

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