Evergy Inc. (NASDAQ:EVRG) Shares Sold by Magellan Asset Management Ltd

Key Points

• Magellan Asset Management Ltd reduced its stake in Evergy Inc. by 4.1%, owning approximately $10.74 million worth of shares after selling 6,692 shares.
• Evergy reported a quarterly EPS of $0.82, surpassing analysts' expectations of $0.78, despite a year-over-year revenue decline of 0.7% to $1.43 billion.
• The company announced a quarterly dividend of $0.6675 per share, indicating a 3.7% yield and a payout ratio of 70.26%.

Magellan Asset Management Ltd reduced its position in Evergy Inc. (NASDAQ:EVRG - Free Report) by 4.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 155,694 shares of the company's stock after selling 6,692 shares during the quarter. Magellan Asset Management Ltd owned approximately 0.07% of Evergy worth $10,735,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Northern Trust Corp grew its position in shares of Evergy by 5.7% during the 4th quarter. Northern Trust Corp now owns 2,345,119 shares of the company's stock valued at $144,342,000 after buying an additional 125,898 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Evergy by 0.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,174,047 shares of the company's stock valued at $149,901,000 after purchasing an additional 13,555 shares during the last quarter. Jennison Associates LLC raised its position in shares of Evergy by 11.2% during the 1st quarter. Jennison Associates LLC now owns 1,730,849 shares of the company's stock worth $119,342,000 after purchasing an additional 174,269 shares during the period. Two Sigma Advisers LP lifted its holdings in shares of Evergy by 12.8% in the 4th quarter. Two Sigma Advisers LP now owns 1,417,100 shares of the company's stock worth $87,223,000 after purchasing an additional 161,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Evergy by 1.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,364,401 shares of the company's stock valued at $83,980,000 after purchasing an additional 15,667 shares during the period. Institutional investors and hedge funds own 87.24% of the company's stock.

Evergy Price Performance

Shares of Evergy stock traded up $0.64 on Wednesday, hitting $73.27. The company had a trading volume of 1,438,342 shares, compared to its average volume of 2,359,648. Evergy Inc. has a 52 week low of $57.82 and a 52 week high of $73.97. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.50 and a quick ratio of 0.27. The company has a market cap of $16.86 billion, a PE ratio of 20.13, a PEG ratio of 3.17 and a beta of 0.48. The business has a 50-day simple moving average of $69.06 and a 200-day simple moving average of $67.61.

Evergy (NASDAQ:EVRG - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.04. Evergy had a return on equity of 8.62% and a net margin of 14.29%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.45 billion. During the same period last year, the company posted $0.90 EPS. The firm's quarterly revenue was down .7% on a year-over-year basis. Research analysts expect that Evergy Inc. will post 3.83 EPS for the current fiscal year.

Evergy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, August 22nd will be given a $0.6675 dividend. The ex-dividend date is Friday, August 22nd. This represents a $2.67 annualized dividend and a yield of 3.6%. Evergy's payout ratio is 73.35%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on EVRG shares. Citigroup increased their target price on Evergy from $77.00 to $79.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Jefferies Financial Group set a $78.00 price objective on shares of Evergy and gave the stock a "buy" rating in a report on Tuesday, June 10th. BMO Capital Markets assumed coverage on shares of Evergy in a research note on Tuesday, May 13th. They set an "outperform" rating and a $75.00 target price for the company. LADENBURG THALM/SH SH upgraded shares of Evergy to a "strong-buy" rating in a research note on Thursday, May 8th. Finally, UBS Group upgraded Evergy from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $68.00 to $78.00 in a research report on Monday, April 28th. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $74.44.

Evergy 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.