Hsbc Holdings PLC Decreases Stake in Evergy Inc. $EVRG

Key Points

• HSBC reduced its Evergy stake by 3.5% in the second quarter, selling 22,504 shares and retaining 614,758 shares valued at approximately $53.2 million. Institutional investors collectively own 87.24% of Evergy.
• Analysts remain broadly positive, with eight Buy ratings and three Holds; Evergy has a “Moderate Buy” consensus rating and an average price target of $90.60.
• Evergy exceeded quarterly expectations, reporting $0.88 in EPS versus the $0.81 consensus and $1.50 billion in revenue. The company also declared a quarterly dividend of $0.695 per share, representing a 3.4% annualized yield.

Hsbc Holdings PLC lowered its position in shares of Evergy Inc. (NASDAQ:EVRG - Free Report) by 3.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 614,758 shares of the company's stock after selling 22,504 shares during the quarter. Hsbc Holdings PLC owned 0.27% of Evergy worth $53,210,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of EVRG. MidFirst Bank purchased a new stake in shares of Evergy during the fourth quarter valued at approximately $25,000. Knuff & Co LLC bought a new stake in Evergy during the second quarter worth $30,000. Burk Holdings LLC purchased a new position in Evergy in the second quarter worth $31,000. Prosperity Bancshares Inc purchased a new position in Evergy in the fourth quarter worth $32,000. Finally, Clearstead Trust LLC bought a new position in Evergy in the 2nd quarter valued at $33,000. Hedge funds and other institutional investors own 87.24% of the company's stock.

Analyst Ratings Changes

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

Evergy Stock Performance

NASDAQ:EVRG opened at $81.54 on Tuesday. 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 business has a fifty day simple moving average of $84.08 and a two-hundred day simple moving average of $83.03. Evergy Inc. has a 1 year low of $70.42 and a 1 year high of $88.62. The company has a market capitalization of $18.80 billion, a P/E ratio of 20.70, a P/E/G ratio of 2.12 and a beta of 0.53.

Evergy (NASDAQ:EVRG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.88 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 analysts' expectations of $1.36 billion. Evergy had a return on equity of 9.20% and a net margin of 15.19%.During the same quarter in the prior year, the firm earned $0.82 EPS. On average, analysts expect that Evergy Inc. will post 4.25 earnings per share for the current year.

Evergy Announces Dividend

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

Insider Buying and Selling

In other Evergy news, EVP Charles Caisley sold 10,787 shares of the company's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $83.46, for a total transaction of $900,283.02. Following the sale, the executive vice president directly owned 37,789 shares of the company's stock, valued at $3,153,869.94. This represents a 22.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.52% of the stock is currently owned by company insiders.

Evergy 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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