Headlands Technologies LLC Lowers Position in Evergy Inc. $EVRG

Key Points

• Headlands Technologies cut its Evergy stake by 47% in the second quarter, selling 13,818 shares and retaining 15,598 shares valued at approximately $1.35 million. Institutional investors collectively own 87.24% of Evergy.
• Analysts remain generally positive on EVRG, with eight Buy ratings and three Holds producing a consensus “Moderate Buy” rating and a $90.60 price target. Recent targets range from $92 to $97.
• Evergy exceeded quarterly expectations, reporting $0.88 in EPS 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 per share, representing a 3.4% annualized yield.

Headlands Technologies LLC cut its position in shares of Evergy Inc. (NASDAQ:EVRG - Free Report) by 47.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,598 shares of the company's stock after selling 13,818 shares during the quarter. Headlands Technologies LLC's holdings in Evergy were worth $1,348,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Benjamin Edwards Inc. raised its holdings in Evergy by 15.2% in the second quarter. Benjamin Edwards Inc. now owns 8,086 shares of the company's stock worth $699,000 after purchasing an additional 1,069 shares in the last quarter. Greenwood Capital Associates LLC bought a new stake in shares of Evergy during the 2nd quarter valued at $1,558,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Evergy by 9.1% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,160,181 shares of the company's stock valued at $100,274,000 after buying an additional 96,765 shares in the last quarter. New Mexico Educational Retirement Board grew its position in shares of Evergy by 7.5% in the 2nd quarter. New Mexico Educational Retirement Board now owns 11,450 shares of the company's stock worth $990,000 after buying an additional 800 shares during the period. Finally, Mufg Securities Americas Inc. grew its position in shares of Evergy by 9.0% in the 2nd quarter. Mufg Securities Americas Inc. now owns 6,943 shares of the company's stock worth $600,000 after buying an additional 573 shares during the period. 87.24% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Evergy news, EVP Charles A. Caisley sold 10,787 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $83.46, for a total value of $900,283.02. Following the transaction, the executive vice president owned 37,789 shares of the company's stock, valued at approximately $3,153,869.94. This represents a 22.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 Ratings Changes

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

Evergy Price Performance

Shares of EVRG opened at $81.02 on Tuesday. Evergy Inc. has a twelve month low of $70.42 and a twelve month high of $88.62. The firm has a 50 day moving average of $84.56 and a 200 day moving average of $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. The company has a market capitalization of $18.68 billion, a P/E ratio of 20.56, a price-to-earnings-growth ratio of 2.09 and a beta of 0.54.

Evergy (NASDAQ:EVRG - Get Free Report) last announced its quarterly 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. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.36 billion. Evergy had a return on equity of 9.20% and a net margin of 15.19%.During the same period in the prior year, the company posted $0.82 earnings per share. As a group, equities research analysts anticipate that Evergy Inc. will post 4.25 earnings per share for the current fiscal year.

Evergy Dividend Announcement

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