Corient Private Wealth LP Takes $6.03 Million Position in Evergy Inc. $EVRG

Key Points

• Corient Private Wealth acquired 69,726 Evergy shares during the second quarter, establishing a position worth approximately $6.03 million. Institutional investors collectively own 87.24% of the utility’s stock.
• Analysts maintain a positive outlook, with Evergy receiving a consensus “Moderate Buy” rating and an average price target of $90.60. Several firms recently raised their targets, including Citigroup, Barclays, BMO Capital Markets and UBS.
• Evergy exceeded quarterly expectations with earnings of $0.88 per share versus the $0.81 consensus and revenue of $1.50 billion. The company also declared a quarterly dividend of $0.695 per share, equivalent to a 3.4% annualized yield.

Corient Private Wealth LP purchased a new position in shares of Evergy Inc. (NASDAQ:EVRG - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 69,726 shares of the company's stock, valued at approximately $6,026,000.

Several other institutional investors have also recently made changes to their positions in EVRG. Geode Capital Management LLC increased its stake in Evergy by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 6,447,150 shares of the company's stock worth $465,684,000 after acquiring an additional 105,842 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Evergy by 0.6% in the 4th quarter. Franklin Resources Inc. now owns 6,091,518 shares of the company's stock valued at $441,574,000 after purchasing an additional 33,457 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of Evergy by 1.6% in the 4th quarter. Federated Hermes Inc. now owns 3,760,548 shares of the company's stock valued at $272,602,000 after purchasing an additional 57,814 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Evergy by 10.6% during the 3rd quarter. Northern Trust Corp now owns 2,760,494 shares of the company's stock worth $209,853,000 after purchasing an additional 263,619 shares during the period. Finally, Magellan Asset Management Ltd acquired a new stake in shares of Evergy during the 2nd quarter worth about $187,857,000. Hedge funds and other institutional investors own 87.24% of the company's stock.

Insider Buying and Selling at Evergy

In other news, EVP Charles A. Caisley sold 10,787 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $83.46, for a total value of $900,283.02. Following the sale, the executive vice president directly owned 37,789 shares in the company, valued at approximately $3,153,869.94. This trade represents a 22.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 1.52% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Citigroup upped their target price on shares of Evergy from $95.00 to $97.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Barclays boosted their price target on shares of Evergy from $89.00 to $94.00 and gave the company an "overweight" rating in a research note on Tuesday, June 30th. BMO Capital Markets upped their price objective on shares of Evergy from $88.00 to $92.00 and gave the stock an "outperform" rating in a report on Wednesday, July 22nd. UBS Group increased their price objective on shares of Evergy from $88.00 to $91.00 and gave the stock a "neutral" rating in a research report on Friday, May 8th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Evergy in a research report on Friday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Evergy has a consensus rating of "Moderate Buy" and a consensus target price of $90.60.

Evergy Stock Performance

NASDAQ EVRG opened at $81.02 on Tuesday. The company has a market cap of $18.68 billion, a P/E ratio of 20.56, a P/E/G ratio of 2.09 and a beta of 0.54. Evergy Inc. has a 1-year low of $70.42 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 50-day moving average of $84.56 and a two-hundred day moving average of $83.03.

Evergy (NASDAQ:EVRG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.81 by $0.07. Evergy had a net margin of 15.19% and a return on equity of 9.20%. The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same quarter last year, the firm posted $0.82 earnings per share. As a group, analysts anticipate that Evergy Inc. will post 4.25 EPS for the current year.

Evergy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Tuesday, August 18th will be paid a $0.695 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $2.78 annualized dividend and a dividend yield of 3.4%. Evergy's payout ratio is 70.56%.

Evergy Company Profile

Evergy, Inc is a regulated electric utility that generates, transmits and distributes electricity to residential, commercial and industrial customers primarily across Kansas and western Missouri. The company provides core utility services including retail electric delivery, grid operations, customer service and outage restoration, operating under state regulatory frameworks. Evergy serves a mix of urban and rural communities, including portions of the Kansas City metropolitan area and other population centers in its service territory.

The company's business activities span power generation, system planning, transmission and distribution infrastructure, and customer-facing programs such as energy efficiency and demand-side management.

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