Greenland Capital Management LP Raises Position in Evergy Inc. $EVRG

Key Points

• Greenland Capital Management increased its Evergy stake by 469.5% in the second quarter, ending with 95,220 shares valued at approximately $8.23 million. Institutional investors collectively own 87.24% of Evergy.
• Analysts maintain a favorable outlook, with eight Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $90.60.
• Evergy exceeded quarterly expectations, reporting $0.88 in earnings per share versus the $0.81 consensus and $1.50 billion in revenue versus $1.36 billion expected. The company also declared a quarterly dividend of $0.695, representing a 3.4% annualized yield.

Greenland Capital Management LP increased its stake in Evergy Inc. (NASDAQ:EVRG - Free Report) by 469.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 95,220 shares of the company's stock after buying an additional 78,500 shares during the quarter. Evergy comprises 1.0% of Greenland Capital Management LP's portfolio, making the stock its 22nd largest position. Greenland Capital Management LP's holdings in Evergy were worth $8,230,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Brighton Jones LLC purchased a new stake in Evergy during the 4th quarter worth approximately $257,000. United Services Automobile Association purchased a new position in shares of Evergy during the 1st quarter valued at approximately $223,000. Empowered Funds LLC boosted its stake in shares of Evergy by 19.5% during the 1st quarter. Empowered Funds LLC now owns 4,648 shares of the company's stock valued at $320,000 after buying an additional 758 shares during the last quarter. Woodline Partners LP grew its position in shares of Evergy by 40.7% during the first quarter. Woodline Partners LP now owns 19,429 shares of the company's stock worth $1,340,000 after buying an additional 5,618 shares in the last quarter. Finally, Focus Partners Wealth grew its position in shares of Evergy by 7.3% during the first quarter. Focus Partners Wealth now owns 13,791 shares of the company's stock worth $951,000 after buying an additional 939 shares in the last quarter. 87.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

EVRG has been the subject of several research analyst reports. Barclays boosted their target price on shares of 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 increased their price target on shares of Evergy from $88.00 to $92.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 22nd. BTIG Research set a $97.00 price target on Evergy in a research note on Thursday, July 23rd. Citigroup boosted their price objective on Evergy from $95.00 to $97.00 and gave the company a "buy" rating in a report on Friday, July 24th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Evergy in a research note on Friday, August 7th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Evergy presently has an average rating of "Moderate Buy" and an average price target of $90.60.

Evergy Price Performance

EVRG opened at $81.54 on Monday. The firm has a market cap of $18.80 billion, a price-to-earnings ratio of 20.70, a price-to-earnings-growth ratio of 2.12 and a beta of 0.53. Evergy Inc. has a fifty-two week low of $70.42 and a fifty-two week high of $88.62. The company's 50-day moving average price is $84.19 and its 200 day moving average price is $83.03. The company has a quick ratio of 0.21, a current ratio of 0.36 and a debt-to-equity ratio of 1.20.

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

Evergy Announces Dividend

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

Insider Activity at Evergy

In other news, EVP Charles Caisley sold 10,787 shares of the firm's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $83.46, for a total transaction of $900,283.02. Following the transaction, the executive vice president directly owned 37,789 shares of the company's stock, 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 document filed 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. Company insiders own 1.52% of the company's stock.

About Evergy

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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