Engineers Gate Manager LP Buys New Position in Evergy Inc. $EVRG

Key Points

• Engineers Gate Manager LP initiated a position in Evergy during the second quarter, purchasing 23,353 shares valued at approximately $2.02 million. Institutional investors collectively own 87.24% of Evergy’s outstanding stock.
• Evergy reported quarterly earnings of $0.88 per share, beating analyst expectations of $0.81, while revenue reached $1.50 billion versus the $1.36 billion consensus estimate.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $90.60. Evergy also declared a quarterly dividend of $0.695 per share, representing a 3.5% annualized yield.

Engineers Gate Manager LP bought a new stake in Evergy Inc. (NASDAQ:EVRG - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 23,353 shares of the company's stock, valued at approximately $2,018,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Magellan Asset Management Ltd acquired a new position in shares of Evergy in the second quarter valued at approximately $187,857,000. Legal & General Group Plc acquired a new stake in Evergy during the 2nd quarter worth approximately $138,233,000. Energy Income Partners LLC acquired a new stake in shares of Evergy in the second quarter valued at $110,394,000. The Manufacturers Life Insurance Company acquired a new stake in Evergy in the 2nd quarter valued at about $54,307,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Evergy during the second quarter worth about $53,210,000. 87.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Jonathan D. Rolph acquired 1,640 shares of Evergy stock in a transaction on Friday, September 11th. The stock was bought at an average price of $81.47 per share, for a total transaction of $133,610.80. Following the completion of the purchase, the director owned 670 shares in the company, valued at $54,584.90. This represents a -169.07% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.52% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on EVRG shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Evergy in a report on Friday, August 7th. Citigroup boosted their price target on shares of Evergy from $95.00 to $97.00 and gave the stock a "buy" rating in a report on Friday, July 24th. BMO Capital Markets raised their price target on Evergy from $88.00 to $92.00 and gave the company an "outperform" rating in a research note on Wednesday, July 22nd. Barclays boosted their target price on Evergy from $89.00 to $94.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 30th. Finally, BTIG Research set a $97.00 price target on Evergy in a report on Thursday, July 23rd. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $90.60.

Evergy Stock Performance

NASDAQ EVRG opened at $80.20 on Wednesday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.36 and a quick ratio of 0.21. Evergy Inc. has a 1 year low of $71.20 and a 1 year high of $88.62. The company has a market capitalization of $18.49 billion, a PE ratio of 20.36, a P/E/G ratio of 2.10 and a beta of 0.53. The company has a fifty day moving average of $83.38 and a two-hundred day moving average of $83.03.

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

Evergy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Tuesday, August 18th will be paid a dividend of $0.695 per share. This represents a $2.78 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Tuesday, August 18th. Evergy's dividend payout ratio (DPR) is currently 70.56%.

Evergy Profile

Evergy, Inc is an investor-owned electric utility that generates, transmits, distributes and sells electricity to residential, commercial, industrial and other customers. The company operates regulated utilities and provides electric service through its Kansas and Missouri subsidiaries.

Evergy serves customers across much of Kansas and in western Missouri, including the Kansas City metropolitan area. Its generation portfolio includes a mix of renewable and conventional resources, such as wind, solar, natural gas and coal, as well as an ownership interest in the Wolf Creek nuclear generating station in Kansas.

The company was formed in 2018 through the merger of Great Plains Energy Incorporated and Westar Energy, Inc Evergy is headquartered in Topeka, Kansas, with significant operations in the Kansas City region.

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