Bank of Nova Scotia Raises Stake in Sempra Energy (NYSE:SRE)

Key Points

• Bank of Nova Scotia has increased its investment in Sempra Energy by 149.3%, acquiring a total of 204,753 shares valued at approximately $14.6 million.
• Analyst ratings for Sempra Energy vary, with Citigroup lowering its target price to $70.00 and others like Morgan Stanley and BMO Capital Markets maintaining positive views with target prices of $88.00 and $81.00, respectively.
• Sempra Energy recently announced a quarterly dividend of $0.645, representing an annualized yield of 3.2%, with a dividend payout ratio of 56.70%.

Bank of Nova Scotia boosted its position in Sempra Energy (NYSE:SRE - Free Report) by 149.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 204,753 shares of the utilities provider's stock after buying an additional 122,635 shares during the quarter. Bank of Nova Scotia's holdings in Sempra Energy were worth $14,611,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently modified their holdings of SRE. Kovitz Investment Group Partners LLC increased its stake in shares of Sempra Energy by 1.5% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 8,194 shares of the utilities provider's stock valued at $719,000 after buying an additional 124 shares during the period. MJP Associates Inc. ADV boosted its holdings in shares of Sempra Energy by 2.1% in the 4th quarter. MJP Associates Inc. ADV now owns 6,195 shares of the utilities provider's stock worth $543,000 after purchasing an additional 125 shares in the last quarter. Legacy Financial Advisors Inc. boosted its holdings in Sempra Energy by 5.0% during the 4th quarter. Legacy Financial Advisors Inc. now owns 2,639 shares of the utilities provider's stock valued at $232,000 after acquiring an additional 126 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Sempra Energy by 1.7% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 8,169 shares of the utilities provider's stock valued at $583,000 after purchasing an additional 133 shares during the period. Finally, Baader Bank Aktiengesellschaft increased its position in Sempra Energy by 5.0% during the 1st quarter. Baader Bank Aktiengesellschaft now owns 2,988 shares of the utilities provider's stock valued at $211,000 after buying an additional 141 shares in the last quarter. 89.65% of the stock is currently owned by institutional investors.

Sempra Energy Stock Performance

SRE traded up $1.59 during midday trading on Thursday, reaching $82.74. The company had a trading volume of 5,952,070 shares, compared to its average volume of 4,613,135. The business has a 50-day moving average price of $76.92 and a two-hundred day moving average price of $75.83. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.51 and a current ratio of 0.57. The stock has a market cap of $53.94 billion, a PE ratio of 18.18, a P/E/G ratio of 2.21 and a beta of 0.62. Sempra Energy has a 12-month low of $61.90 and a 12-month high of $95.77.

Sempra Energy (NYSE:SRE - Get Free Report) last posted its earnings results on Thursday, August 7th. The utilities provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.82 by $0.07. The firm had revenue of $3 billion during the quarter, compared to analysts' expectations of $3.35 billion. Sempra Energy had a net margin of 22.15% and a return on equity of 8.55%. The company's quarterly revenue was down .4% compared to the same quarter last year. During the same period last year, the company posted $0.89 EPS. On average, sell-side analysts expect that Sempra Energy will post 4.76 earnings per share for the current fiscal year.

Sempra Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Thursday, June 26th were issued a $0.645 dividend. The ex-dividend date was Thursday, June 26th. This represents a $2.58 dividend on an annualized basis and a dividend yield of 3.1%. Sempra Energy's dividend payout ratio is presently 56.70%.

Insider Transactions at Sempra Energy

In other news, insider Diana L. Day sold 8,015 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $74.26, for a total transaction of $595,193.90. Following the sale, the insider owned 16,969 shares of the company's stock, valued at $1,260,117.94. This trade represents a 32.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Alexander Lisa Larroque sold 1,576 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $80.00, for a total transaction of $126,080.00. Following the completion of the sale, the senior vice president directly owned 15,600 shares of the company's stock, valued at approximately $1,248,000. This trade represents a 9.18% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Citigroup restated a "neutral" rating and issued a $80.00 price objective (up from $70.00) on shares of Sempra Energy in a research report on Monday. Morgan Stanley restated an "overweight" rating and issued a $88.00 target price (up previously from $87.00) on shares of Sempra Energy in a research note on Wednesday, June 18th. Jefferies Financial Group lowered their price objective on Sempra Energy from $77.00 to $75.00 and set a "hold" rating on the stock in a report on Tuesday, April 15th. BMO Capital Markets increased their target price on Sempra Energy from $78.00 to $81.00 and gave the company an "outperform" rating in a report on Monday, May 12th. Finally, Barclays decreased their target price on shares of Sempra Energy from $72.00 to $71.00 and set an "equal weight" rating for the company in a research note on Thursday, July 10th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.58.

Sempra Energy Company Profile

Sempra operates as an energy infrastructure company in the United States and internationally. It operates through three segments: Sempra California, Sempra Texas Utilities, and Sempra Infrastructure. The Sempra California segment provides electric services; and natural gas services to San Diego County.