Pennon Group Plc provides clean water and wastewater services in the United Kingdom. It provides water and wastewater services for customers in Cornwall, Devon, and parts of Dorset and Somerset; water-only services in the areas of Dorset, Hampshire, and Wiltshire; and water and wastewater retail services to non-household customers in Great Britain. The company also offers regulated water to approximately 1.2 million customers in the Bristol region. It serves approximately 50 million household and non-household customers. The company was incorporated in 1989 and is based in Exeter, the United Kingdom.
Analyst Upgrades and Downgrades
PNN has been the subject of several research reports. Morgan Stanley reaffirmed an "overweight" rating on shares of Pennon Group in a research report on Wednesday, May 11th. Barclays reiterated an "overweight" rating and set a GBX 1,300 ($15.71) target price on shares of Pennon Group in a report on Tuesday, May 31st. JPMorgan Chase & Co. dropped their price target on shares of Pennon Group from GBX 1,200 ($14.50) to GBX 1,070 ($12.93) and set a "neutral" rating for the company in a research note on Tuesday, June 28th. Citigroup reiterated a "buy" rating and issued a GBX 1,160 ($14.02) price objective on shares of Pennon Group in a research note on Wednesday, June 29th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a GBX 1,120 ($13.53) target price on shares of Pennon Group in a report on Wednesday, June 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, Pennon Group currently has an average rating of "Hold" and an average price target of GBX 1,134.29 ($13.71).
Pennon Group Stock Performance
LON:PNN opened at GBX 1,022 ($12.35) on Friday. Pennon Group has a 12 month low of GBX 932.81 ($11.27) and a 12 month high of GBX 1,335 ($16.13). The company has a debt-to-equity ratio of 251.21, a current ratio of 1.94 and a quick ratio of 1.50. The firm has a market capitalization of £2.69 billion and a PE ratio of 20,440.00. The business's fifty day moving average price is GBX 1,005.39 and its 200 day moving average price is GBX 1,035.34.
Pennon Group Increases Dividend
The firm also recently announced a dividend, which will be paid on Monday, September 5th. Stockholders of record on Thursday, July 21st will be given a dividend of GBX 26.83 ($0.32) per share. This represents a dividend yield of 2.61%. The ex-dividend date is Thursday, July 21st. This is a positive change from Pennon Group's previous dividend of $11.70. Pennon Group's dividend payout ratio (DPR) is 683.20%.
Insider Buying and Selling
In other Pennon Group news, insider Paul Boote sold 2,906 shares of the stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of GBX 980 ($11.84), for a total value of £28,478.80 ($34,411.31).