Southern (NYSE:SO) Given New $74.00 Price Target at KeyCorp

Key Points

• KeyCorp lowered Southern’s price target to $74 from $79 and maintained an “underweight” rating, implying roughly 15% downside from the stock’s $87.02 price.
• Analyst sentiment is mixed, with seven Buy, eleven Hold and two Sell ratings; the consensus rating is “Hold” with an average price target of $99.81.
• Southern exceeded quarterly EPS expectations, reporting $1.13 versus the $1.01 consensus, while revenue came in at $6.98 billion, below the $7.23 billion estimate.

Southern (NYSE:SO - Get Free Report) had its price objective lowered by analysts at KeyCorp from $79.00 to $74.00 in a report issued on Tuesday, Benzinga reports. The firm presently has an "underweight" rating on the utilities provider's stock. KeyCorp's price objective points to a potential downside of 14.96% from the stock's current price.

Other equities research analysts also recently issued reports about the stock. Wall Street Zen upgraded shares of Southern from a "sell" rating to a "hold" rating in a research report on Saturday, September 19th. Citigroup lowered their price target on Southern from $114.00 to $104.00 and set a "buy" rating on the stock in a report on Friday, September 25th. Truist Financial lowered their price target on Southern from $100.00 to $97.00 and set a "hold" rating on the stock in a report on Thursday, August 13th. BMO Capital Markets raised their price objective on Southern from $102.00 to $104.00 and gave the company an "outperform" rating in a research note on Monday, July 27th. Finally, Mizuho set a $106.00 price objective on Southern in a report on Friday, July 31st. Seven equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $99.81.

Southern Stock Performance

Shares of SO opened at $87.02 on Tuesday. The company has a quick ratio of 0.59, a current ratio of 0.79 and a debt-to-equity ratio of 1.62. Southern has a 52-week low of $81.69 and a 52-week high of $100.83. The company has a 50-day simple moving average of $87.99 and a 200-day simple moving average of $92.31. The company has a market capitalization of $100.10 billion, a PE ratio of 20.87, a P/E/G ratio of 2.29 and a beta of 0.31.

Southern (NYSE:SO - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $1.13 EPS for the quarter, topping analysts' consensus estimates of $1.01 by $0.12. Southern had a net margin of 15.43% and a return on equity of 12.93%. The firm had revenue of $6.98 billion for the quarter, compared to the consensus estimate of $7.23 billion. During the same quarter in the previous year, the firm earned $0.79 earnings per share. The firm's revenue was up .1% on a year-over-year basis. Equities research analysts predict that Southern will post 4.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Southern

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Perpetual Ltd grew its holdings in Southern by 13.3% during the 3rd quarter. Perpetual Ltd now owns 2,818 shares of the utilities provider's stock valued at $234,000 after buying an additional 330 shares during the last quarter. Woodstock Corp increased its position in Southern by 2.5% during the third quarter. Woodstock Corp now owns 67,326 shares of the utilities provider's stock worth $5,581,000 after buying an additional 1,621 shares in the last quarter. Grove Bank & Trust increased its position in Southern by 79.7% during the third quarter. Grove Bank & Trust now owns 16,339 shares of the utilities provider's stock worth $1,354,000 after buying an additional 7,246 shares in the last quarter. Wealth Enhancement Trust Services Inc. raised its holdings in shares of Southern by 80.9% in the third quarter. Wealth Enhancement Trust Services Inc. now owns 1,317 shares of the utilities provider's stock worth $109,000 after acquiring an additional 589 shares during the last quarter. Finally, QRG Capital Management Inc. raised its holdings in shares of Southern by 5.4% in the second quarter. QRG Capital Management Inc. now owns 139,081 shares of the utilities provider's stock worth $13,311,000 after acquiring an additional 7,146 shares during the last quarter. Hedge funds and other institutional investors own 64.10% of the company's stock.

About Southern

Southern Company NYSE: SO is a diversified energy holding company headquartered in Atlanta, Georgia. Through its operating subsidiaries, the company generates, transmits, distributes and sells electricity, while also providing natural gas distribution and related energy services.

Southern's regulated electric utilities include Alabama Power, Georgia Power and Mississippi Power, which serve residential, commercial and industrial customers across the southeastern United States. The company's portfolio includes coal, natural gas, nuclear, hydroelectric and renewable generation assets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.