State of Alaska Department of Revenue Buys 39,255 Shares of Evergy Inc. $EVRG

Key Points

• State of Alaska Department of Revenue increased its Evergy stake by 91.4% in the third quarter, purchasing 39,255 shares for a total holding of 82,215 shares valued at approximately $6.45 million.
• Evergy reported quarterly earnings of $0.88 per share, exceeding analysts’ $0.81 estimate, while revenue reached $1.50 billion versus the $1.36 billion consensus forecast.
• Evergy’s shares traded at $83.30, and the company maintains a quarterly dividend of $0.695 per share, equivalent to a 3.3% annualized yield; analysts give the stock a “Moderate Buy” rating with an average target price of $89.70.

State of Alaska Department of Revenue grew its stake in Evergy Inc. (NASDAQ:EVRG - Free Report) by 91.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,215 shares of the company's stock after buying an additional 39,255 shares during the period. State of Alaska Department of Revenue's holdings in Evergy were worth $6,448,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of EVRG. Magellan Asset Management Ltd purchased a new position in Evergy in the second quarter worth $187,857,000. Legal & General Group Plc purchased a new position in shares of Evergy during the 2nd quarter valued at about $138,233,000. Dimensional Fund Advisors LP lifted its position in Evergy by 1.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,373,291 shares of the company's stock worth $112,497,000 after buying an additional 25,881 shares during the last quarter. Energy Income Partners LLC purchased a new stake in shares of Evergy in the 2nd quarter valued at $110,394,000. Finally, Hsbc Holdings PLC boosted its position in Evergy by 24.2% during the fourth quarter. Hsbc Holdings PLC now owns 1,215,208 shares of the company's stock valued at $88,119,000 after buying an additional 237,046 shares during the period. Hedge funds and other institutional investors own 87.24% of the company's stock.

Insiders Place Their Bets

In related news, Director Jonathan Rolph acquired 1,640 shares of the stock in a transaction on Friday, September 11th. The stock was acquired at an average price of $81.47 per share, for a total transaction of $133,610.80. Following the completion of the purchase, the director owned 670 shares of the company's stock, valued at $54,584.90. This represents a -169.07% increase 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. 1.52% of the stock is currently owned by company insiders.

Evergy Stock Up 2.1%

NASDAQ:EVRG traded up $1.73 during mid-day trading on Friday, hitting $83.30. 1,907,854 shares of the company's stock were exchanged, compared to its average volume of 2,278,548. The company has a market cap of $19.21 billion, a PE ratio of 21.14, a P/E/G ratio of 2.12 and a beta of 0.50. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.36 and a quick ratio of 0.21. Evergy Inc. has a one year low of $71.40 and a one year high of $88.62. The business has a fifty day moving average price of $81.04 and a 200 day moving average price of $82.69.

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

Evergy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Tuesday, August 18th were given a dividend of $0.6950 per share. This represents a $2.78 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, August 18th. Evergy's dividend payout ratio (DPR) is 70.56%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on EVRG. Weiss Ratings reiterated a "buy (b)" rating on shares of Evergy in a report on Friday, August 7th. Citigroup raised their target price on Evergy from $95.00 to $97.00 and gave the company a "buy" rating in a research note on Friday, July 24th. DA Davidson set a $85.00 price target on Evergy in a research report on Tuesday. BTIG Research set a $97.00 price target on Evergy in a research note on Thursday, July 23rd. Finally, Barclays increased their price objective on Evergy from $89.00 to $94.00 and gave the stock an "overweight" rating in a report on Tuesday, June 30th. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Evergy presently has an average rating of "Moderate Buy" and an average target price of $89.70.

Evergy Company Profile

Evergy, Inc is an investor-owned electric utility holding company that provides electricity generation, transmission, distribution and related services. Through its operating utilities, the company serves residential, commercial, industrial and municipal customers in Kansas and Missouri.

Evergy's generation portfolio includes nuclear, natural gas, coal, wind and solar resources. The company also operates and maintains electric transmission and distribution infrastructure and has invested in renewable energy and grid modernization initiatives to support reliability and the transition to lower-emission energy sources.

Evergy was formed in 2018 through the merger of Great Plains Energy Incorporated and Westar Energy, Inc Its principal operating utilities include Evergy Kansas Central, Evergy Kansas South, Evergy Missouri Metro and Evergy Missouri West.

Want to see what other hedge funds are holding EVRG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Evergy Inc. (NASDAQ:EVRG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.