Pennon Group (LON:PNN) Stock Price Passes Above 200-Day Moving Average - Here's Why

Key Points

• Pennon Group's stock has surpassed its 200-day moving average, indicating positive momentum, with recent trading highs reaching GBX 516.50 ($6.94).
• Barclays has set a price target of GBX 670 after reiterating an "overweight" rating, while the stock carries a consensus rating of "Moderate Buy."
• Insider activity shows buying interest, with a notable acquisition of shares by insider Andrea Blance at an average cost of GBX 493.

Shares of Pennon Group Plc (LON:PNN - Get Free Report) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 485.20 ($6.52) and traded as high as GBX 516.50 ($6.94). Pennon Group shares last traded at GBX 512 ($6.88), with a volume of 581,408 shares traded.

Wall Street Analysts Forecast Growth

Separately, Barclays reiterated an "overweight" rating and set a GBX 670 price target on shares of Pennon Group in a report on Thursday. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, Pennon Group presently has a consensus rating of "Moderate Buy" and a consensus price target of GBX 583.50.

Pennon Group Stock Performance

The firm has a market capitalization of £2.42 billion, a PE ratio of -3,180.12, a price-to-earnings-growth ratio of 8.20 and a beta of 0.29. The firm has a 50-day moving average price of GBX 474.53 and a 200 day moving average price of GBX 485.20. The company has a quick ratio of 1.54, a current ratio of 0.97 and a debt-to-equity ratio of 341.72.

Insider Buying and Selling at Pennon Group

In other news, insider Andrea Blance purchased 2,000 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was acquired at an average cost of GBX 493 per share, with a total value of £9,860. Insiders have acquired 2,157 shares of company stock valued at $1,061,101 in the last ninety days. 0.37% of the stock is currently owned by corporate insiders.

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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