Hsbc Holdings PLC Decreases Position in Evergy Inc. $EVRG

Key Points

• Hsbc Holdings PLC reduced its stake in Evergy Inc. by 22.7% in the first quarter, now holding approximately 0.26% of the company, valued at $41.63 million.
• Evergy reported a Q2 earnings per share (EPS) of $0.82, exceeding analysts' expectations, despite a 0.7% decrease in revenue compared to last year.
• The company declared a quarterly dividend of $0.6675 per share, indicating a 3.7% yield, with the ex-dividend date on August 22nd.

Hsbc Holdings PLC lowered its stake in shares of Evergy Inc. (NASDAQ:EVRG - Free Report) by 22.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 605,119 shares of the company's stock after selling 177,757 shares during the period. Hsbc Holdings PLC owned 0.26% of Evergy worth $41,627,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. HITE Hedge Asset Management LLC increased its position in shares of Evergy by 27.4% during the first quarter. HITE Hedge Asset Management LLC now owns 326,872 shares of the company's stock worth $22,538,000 after purchasing an additional 70,278 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Evergy during the first quarter worth $1,203,000. Korea Investment CORP increased its position in shares of Evergy by 15.8% during the first quarter. Korea Investment CORP now owns 279,790 shares of the company's stock worth $19,292,000 after purchasing an additional 38,133 shares in the last quarter. Northern Trust Corp increased its position in shares of Evergy by 16.7% during the first quarter. Northern Trust Corp now owns 2,737,480 shares of the company's stock worth $188,749,000 after purchasing an additional 392,361 shares in the last quarter. Finally, Brooklyn Investment Group increased its position in shares of Evergy by 221.3% during the first quarter. Brooklyn Investment Group now owns 710 shares of the company's stock worth $49,000 after purchasing an additional 489 shares in the last quarter. Hedge funds and other institutional investors own 87.24% of the company's stock.

Evergy Stock Performance

EVRG traded up $0.34 during midday trading on Wednesday, hitting $72.10. 740,832 shares of the company were exchanged, compared to its average volume of 2,325,356. The company's 50 day simple moving average is $70.16 and its 200 day simple moving average is $68.16. The firm has a market capitalization of $16.59 billion, a price-to-earnings ratio of 19.80, a price-to-earnings-growth ratio of 3.13 and a beta of 0.48. The company has a current ratio of 0.50, a quick ratio of 0.27 and a debt-to-equity ratio of 1.24. Evergy Inc. has a 1-year low of $58.25 and a 1-year high of $73.97.

Evergy (NASDAQ:EVRG - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.04. Evergy had a net margin of 14.29% and a return on equity of 8.62%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.45 billion. During the same period in the prior year, the company posted $0.90 EPS. The company's revenue for the quarter was down .7% on a year-over-year basis. Evergy has set its FY 2025 guidance at 3.920-4.120 EPS. As a group, sell-side analysts predict that Evergy Inc. will post 3.83 earnings per share for the current year.

Evergy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, August 22nd will be paid a dividend of $0.6675 per share. This represents a $2.67 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Friday, August 22nd. Evergy's dividend payout ratio is presently 73.35%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on EVRG shares. BMO Capital Markets started coverage on Evergy in a research report on Tuesday, May 13th. They set an "outperform" rating and a $75.00 price target on the stock. Citigroup upped their target price on Evergy from $77.00 to $79.00 and gave the company a "buy" rating in a research report on Friday, May 16th. Mizuho upped their target price on Evergy from $74.00 to $77.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Wall Street Zen downgraded Evergy from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, LADENBURG THALM/SH SH raised Evergy to a "strong-buy" rating in a research report on Thursday, May 8th. One investment analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $74.44.

Evergy Company Profile

Evergy, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in the United States. The company generates electricity through coal, landfill gas, uranium, and natural gas and oil sources, as well as solar, wind, other renewable sources. It serves residences, commercial firms, industrials, municipalities, and other electric utilities.