Pennon Group (LON:PNN) Shares Pass Above 200 Day Moving Average - Here's What Happened

Key Points

• Pennon Group's stock price recently exceeded its 200-day moving average of GBX 476.14, reaching a trading high of GBX 491 ($6.63).
• Barclays raised its price target for Pennon Group from GBX 650 to GBX 670 and rated the stock as "overweight."
• Pennon Group reported a negative earnings per share of GBX (10.30) in its latest quarterly earnings, indicating financial challenges.

Pennon Group Plc (LON:PNN - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 476.14 ($6.43) and traded as high as GBX 491 ($6.63). Pennon Group shares last traded at GBX 482 ($6.51), with a volume of 765,066 shares.

Analysts Set New Price Targets

Separately, Barclays boosted their price target on Pennon Group from GBX 650 to GBX 670 and gave the stock an "overweight" rating in a report on Wednesday, August 20th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of GBX 583.50.

Pennon Group Stock Performance

The company has a market capitalization of £2.23 billion, a P/E ratio of -135.18, a PEG ratio of 8.20 and a beta of 0.29. The company has a debt-to-equity ratio of 341.72, a current ratio of 0.97 and a quick ratio of 1.54. The company has a fifty day moving average price of GBX 494.58 and a two-hundred day moving average price of GBX 476.14.

Pennon Group (LON:PNN - Get Free Report) last released its quarterly earnings results on Tuesday, June 3rd. The company reported GBX (10.30) earnings per share for the quarter. Pennon Group had a negative return on equity of 0.88% and a negative net margin of 1.05%. Equities analysts forecast that Pennon Group Plc will post 1.0402417 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Andrea Blance bought 2,000 shares of the firm's stock in a transaction on Friday, July 25th. The stock was acquired at an average price of GBX 493 per share, with a total value of £9,860. Over the last three months, insiders have purchased 2,153 shares of company stock worth $1,060,683. Corporate insiders own 0.51% of the company's stock.

Pennon Group Company Profile

At the top end of the FTSE 250, Pennon is an infrastructure group, focused on the UK water market is one of only three listed water companies in the UK. Operating in a stable regulatory environment with a positive outlook, we are focused on long-term sustainable growth, through disciplined capital allocation, organic and acquisitive.

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