Tidal Investments LLC Buys 66,593 Shares of Evergy Inc. $EVRG

Key Points

• Tidal Investments nearly doubled its Evergy stake in the second quarter, adding 66,593 shares to own 136,137 shares valued at approximately $11.8 million. Institutional investors collectively own 87.24% of Evergy.
• Evergy reported quarterly results above expectations, with EPS of $0.88 versus the $0.81 consensus and revenue of $1.50 billion compared with estimates of $1.36 billion.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and a $90.60 price target. Evergy also declared a quarterly dividend of $0.695 per share, representing a 3.4% annualized yield.

Tidal Investments LLC increased its stake in Evergy Inc. (NASDAQ:EVRG - Free Report) by 95.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 136,137 shares of the company's stock after acquiring an additional 66,593 shares during the period. Tidal Investments LLC owned about 0.06% of Evergy worth $11,766,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MidFirst Bank bought a new stake in Evergy during the fourth quarter worth about $25,000. Knuff & Co LLC purchased a new position in shares of Evergy in the 2nd quarter worth about $30,000. Burk Holdings LLC bought a new position in shares of Evergy during the 2nd quarter valued at about $31,000. Prosperity Bancshares Inc bought a new position in shares of Evergy during the 4th quarter valued at about $32,000. Finally, Clearstead Trust LLC purchased a new position in shares of Evergy during the 2nd quarter valued at about $33,000. 87.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Evergy

In related news, EVP Charles Caisley sold 10,787 shares of the company's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $83.46, for a total transaction of $900,283.02. Following the completion of the sale, the executive vice president directly owned 37,789 shares in the company, valued at $3,153,869.94. This represents a 22.21% decrease in their position. The transaction was disclosed in a filing with the SEC, 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 insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Weiss Ratings restated a "buy (b)" rating on shares of Evergy in a research report on Friday, August 7th. BMO Capital Markets lifted their price target on shares of Evergy from $88.00 to $92.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 22nd. Citigroup lifted their price target on shares of Evergy from $95.00 to $97.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. BTIG Research set a $97.00 price objective on shares of Evergy in a report on Thursday, July 23rd. Finally, Barclays upped their price objective 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 analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $90.60.

Evergy Trading Up 0.3%

Shares of EVRG stock opened at $81.62 on Friday. The stock has a market capitalization of $18.82 billion, a PE ratio of 20.72, a P/E/G ratio of 2.11 and a beta of 0.53. Evergy Inc. has a 1-year low of $71.20 and a 1-year high of $88.62. The business has a 50-day moving average of $83.63 and a 200 day moving average of $83.05. 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 (NASDAQ:EVRG - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.88 EPS for the quarter, topping analysts' consensus estimates of $0.81 by $0.07. Evergy had a return on equity of 9.20% and a net margin of 15.19%.The business had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.36 billion. During the same period in the previous year, the firm earned $0.82 EPS. As a group, sell-side analysts anticipate that Evergy Inc. will post 4.25 earnings per share for the current year.

Evergy Dividend Announcement

The company also recently announced 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 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, August 18th. Evergy's payout ratio is presently 70.56%.

About Evergy

Evergy, Inc is an investor-owned electric utility that generates, transmits, distributes and sells electricity to residential, commercial, industrial and other customers. The company operates regulated utilities and provides electric service through its Kansas and Missouri subsidiaries.

Evergy serves customers across much of Kansas and in western Missouri, including the Kansas City metropolitan area. Its generation portfolio includes a mix of renewable and conventional resources, such as wind, solar, natural gas and coal, as well as an ownership interest in the Wolf Creek nuclear generating station in Kansas.

The company was formed in 2018 through the merger of Great Plains Energy Incorporated and Westar Energy, Inc Evergy is headquartered in Topeka, Kansas, with significant operations in the Kansas City region.

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.