Evergy (NASDAQ:EVRG) Stock Rated Buy in New Coverage at TD Cowen

Key Points

• TD Cowen initiated coverage of Evergy with a Buy rating and a $95 price target, implying 14.25% upside from the stock’s $83.15 opening price.
• Analyst sentiment is broadly positive: nine analysts rate Evergy a Buy and three rate it Hold, producing a consensus “Moderate Buy” rating and an average price target of $89.42.
• Evergy exceeded quarterly expectations, reporting $0.88 in earnings per share versus an $0.81 estimate and $1.50 billion in revenue versus a $1.36 billion forecast; institutional investors own 87.24% of the stock.

Investment analysts at TD Cowen assumed coverage on shares of Evergy (NASDAQ:EVRG - Get Free Report) in a note issued to investors on Thursday, MarketBeat Ratings reports. The firm set a "buy" rating and a $95.00 price target on the stock. TD Cowen's price objective points to a potential upside of 14.25% from the stock's current price.

Several other analysts have also recently issued reports on the stock. BTIG Research set a $94.00 price target on shares of Evergy in a research report on Tuesday. Citigroup upped their price target on Evergy from $95.00 to $97.00 and gave the company a "buy" rating in a report on Friday, July 24th. HSBC started coverage on shares of Evergy in a research report on Thursday. They issued a "buy" rating and a $92.00 target price on the stock. Royal Bank Of Canada reissued an "outperform" rating on shares of Evergy in a research report on Friday, October 9th. Finally, Barclays lowered their price target on Evergy from $92.00 to $86.00 and set an "overweight" rating on the stock in a report on Monday. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Evergy presently has an average rating of "Moderate Buy" and a consensus target price of $89.42.

Evergy Trading Up 0.3%

Shares of Evergy stock opened at $83.15 on Thursday. Evergy has a 1 year low of $71.40 and a 1 year high of $88.62. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.36 and a quick ratio of 0.21. The stock has a market cap of $19.17 billion, a PE ratio of 21.10, a price-to-earnings-growth ratio of 2.14 and a beta of 0.50. The firm has a fifty day moving average price of $81.04 and a 200 day moving average price of $82.71.

Evergy (NASDAQ:EVRG - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.88 EPS for the quarter, beating analysts' consensus estimates of $0.81 by $0.07. Evergy had a return on equity of 9.20% and a net margin of 15.19%. The firm had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.36 billion. During the same period last year, the firm earned $0.82 EPS. Equities research analysts predict that Evergy will post 4.26 earnings per share for the current year.

Insider Buying and Selling at Evergy

In other news, Director Jonathan Rolph acquired 1,640 shares of the stock in a transaction on Friday, September 11th. The stock was bought at an average price 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 of the company's stock, valued at $54,584.90. The trade was a -169.07% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.52% of the stock is owned by insiders.

Institutional Investors Weigh In On Evergy

A number of institutional investors have recently made changes to their positions in EVRG. Magellan Asset Management Ltd acquired a new position in shares of Evergy during the second quarter valued at $187,857,000. Legal & General Group Plc acquired a new stake in Evergy in the second quarter worth approximately $138,233,000. Dimensional Fund Advisors LP raised its stake in shares of Evergy by 1.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,373,291 shares of the company's stock worth $112,497,000 after buying an additional 25,881 shares in the last quarter. Energy Income Partners LLC acquired a new stake in shares of Evergy in the second quarter valued at $110,394,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Evergy by 9.1% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,160,181 shares of the company's stock worth $100,274,000 after acquiring an additional 96,765 shares during the period. 87.24% of the stock is currently owned by institutional investors.

Evergy Company Profile

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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