Envestnet Portfolio Solutions Inc. Has $15.77 Million Holdings in Evergy Inc. $EVRG

Key Points

• Envestnet Portfolio Solutions reduced its Evergy position by 9.3% in the second quarter, selling 18,765 shares. It retained 182,423 shares valued at approximately $15.77 million, while institutional investors and hedge funds collectively own 87.24% of EVRG.
• Analysts maintain a generally positive outlook, with eight Buy ratings and three Holds. Evergy has an average rating of “Moderate Buy” and an average price target of $90.60.
• Evergy exceeded quarterly expectations, reporting $0.88 EPS versus the $0.81 consensus and $1.50 billion in revenue versus $1.36 billion expected. The company also pays a $2.78 annualized dividend, representing a 3.5% yield.

Envestnet Portfolio Solutions Inc. reduced its holdings in Evergy Inc. (NASDAQ:EVRG - Free Report) by 9.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 182,423 shares of the company's stock after selling 18,765 shares during the period. Envestnet Portfolio Solutions Inc. owned 0.08% of Evergy worth $15,767,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of EVRG. Geode Capital Management LLC grew its stake in Evergy by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 6,447,150 shares of the company's stock valued at $465,684,000 after purchasing an additional 105,842 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Evergy by 0.6% in the fourth quarter. Franklin Resources Inc. now owns 6,091,518 shares of the company's stock valued at $441,574,000 after buying an additional 33,457 shares in the last quarter. Magellan Asset Management Ltd acquired a new position in Evergy during the second quarter worth $187,857,000. Legal & General Group Plc bought a new stake in Evergy during the second quarter worth $138,233,000. Finally, Dimensional Fund Advisors LP lifted its stake in Evergy by 1.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,373,291 shares of the company's stock valued at $112,497,000 after acquiring an additional 25,881 shares during the last quarter. 87.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Evergy Stock Performance

NASDAQ:EVRG opened at $78.42 on Thursday. The stock has a market cap of $18.08 billion, a P/E ratio of 19.90, a PEG ratio of 2.06 and a beta of 0.53. The stock has a 50 day simple moving average of $82.64 and a 200 day simple moving average of $82.86. The company has a current ratio of 0.36, a quick ratio of 0.21 and a debt-to-equity ratio of 1.20. Evergy Inc. has a 1-year low of $71.40 and a 1-year high of $88.62.

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

Evergy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Tuesday, August 18th were issued a $0.695 dividend. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $2.78 annualized dividend and a yield of 3.5%. Evergy's payout ratio is currently 70.56%.

Insider Activity at Evergy

In related news, Director Jonathan Rolph purchased 1,640 shares of the company's stock in a transaction that occurred on Friday, September 11th. The stock was acquired at an average price of $81.47 per share, with a total value of $133,610.80. Following the completion of the purchase, the director directly owned 670 shares in the company, valued at $54,584.90. This trade represents a -169.07% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.52% of the company's stock.

Evergy Company 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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