Evergy (NASDAQ:EVRG) Hits New 1-Year High on Better-Than-Expected Earnings

Key Points

• Evergy shares reached a new 52-week high, trading as high as $88.93 after closing the previous session at $86.21.
• The utility reported quarterly EPS of $2.58, beating the $2.33 consensus estimate, while revenue of $2.10 billion topped forecasts of $1.93 billion.
• Analyst sentiment was broadly positive: 10 analysts rated the stock Buy and three Hold, for a consensus “Moderate Buy” rating and an average price target of $90.

Evergy Inc. (NASDAQ:EVRG - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $88.93 and last traded at $89.2020, with a volume of 661,567 shares changing hands. The stock had previously closed at $86.21.

The company reported $2.58 EPS for the quarter, beating the consensus estimate of $2.33 by $0.25. Evergy had a net margin of 15.19% and a return on equity of 9.20%. The business had revenue of $2.10 billion during the quarter, compared to analyst estimates of $1.93 billion. During the same period in the previous year, the business posted $2.03 EPS.

Analyst Ratings Changes

EVRG has been the subject of a number of research reports. Weiss Ratings restated a "buy (b)" rating on shares of Evergy in a research note on Friday, August 7th. Truist Financial assumed coverage on Evergy in a research report on Tuesday, October 27th. They set a "buy" rating and a $97.00 price target on the stock. Barclays cut their price target on Evergy from $92.00 to $86.00 and set an "overweight" rating on the stock in a report on Monday, October 19th. Citigroup boosted their price objective on Evergy from $95.00 to $97.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Finally, DA Davidson set a $85.00 price objective on Evergy in a research note on Tuesday, October 13th. Ten equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Evergy presently has an average rating of "Moderate Buy" and an average price target of $90.00.

Insiders Place Their Bets

In other news, Director Jonathan Rolph bought 1,640 shares of Evergy stock in a transaction on Friday, September 11th. The stock was purchased at an average cost of $81.47 per share, with a total value of $133,610.80. Following the purchase, the director directly owned 670 shares of the company's stock, valued at approximately $54,584.90. This trade represents a -169.07% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.52% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Lido Advisors LLC boosted its position in Evergy by 8.0% during the 3rd quarter. Lido Advisors LLC now owns 22,478 shares of the company's stock worth $1,763,000 after acquiring an additional 1,659 shares during the period. Keybank National Association OH grew its stake in Evergy by 27.0% during the 3rd quarter. Keybank National Association OH now owns 20,151 shares of the company's stock valued at $1,581,000 after acquiring an additional 4,290 shares in the last quarter. University of Texas Texas AM Investment Management Co. increased its holdings in shares of Evergy by 84.1% in the 3rd quarter. University of Texas Texas AM Investment Management Co. now owns 499 shares of the company's stock valued at $39,000 after purchasing an additional 228 shares during the period. Parallel Advisors LLC increased its holdings in shares of Evergy by 5.0% in the 3rd quarter. Parallel Advisors LLC now owns 14,413 shares of the company's stock valued at $1,131,000 after purchasing an additional 690 shares during the period. Finally, Alps Advisors Inc. lifted its position in shares of Evergy by 7.7% in the third quarter. Alps Advisors Inc. now owns 379,417 shares of the company's stock worth $29,761,000 after purchasing an additional 27,141 shares in the last quarter. Institutional investors own 87.24% of the company's stock.

Evergy Stock Up 3.8%

The business's 50-day moving average price is $81.57 and its 200-day moving average price is $82.15. The company has a quick ratio of 0.21, a current ratio of 0.36 and a debt-to-equity ratio of 1.20. The firm has a market capitalization of $20.63 billion, a PE ratio of 22.63, a price-to-earnings-growth ratio of 2.21 and a beta of 0.49.

About Evergy

Evergy, Inc is an investor-owned electric utility that generates, transmits, distributes and sells electricity to residential, commercial, industrial and municipal customers. The company operates regulated utilities in Kansas and Missouri, providing electric service through its Kansas Central, Kansas South, Missouri Metro and Missouri West operations.

Evergy's generation portfolio includes wind, solar, coal, natural gas and nuclear power. The company also owns an interest in the Wolf Creek Generating Station, a nuclear power plant in Kansas, and continues to invest in renewable energy, grid modernization and other infrastructure intended to support reliable electricity service.

Evergy was formed in 2018 through the merger of Westar Energy and Great Plains Energy, the parent company of Kansas City Power & Light.

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