Raymond James Financial Services Advisors Inc. Lowers Stock Position in CenterPoint Energy, Inc. (NYSE:CNP)

Posted by Defense World Staff on Jan 16th, 2023

Raymond James Financial Services Advisors Inc. reduced its stake in shares of CenterPoint Energy, Inc. (NYSE:CNP – Get Rating) by 9.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 101,145 shares of the utilities provider’s stock after selling 10,742 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in CenterPoint Energy were worth $2,850,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Royal London Asset Management Ltd. lifted its holdings in CenterPoint Energy by 6.3% in the 2nd quarter. Royal London Asset Management Ltd. now owns 222,388 shares of the utilities provider’s stock worth $6,579,000 after purchasing an additional 13,140 shares in the last quarter. M&T Bank Corp lifted its holdings in CenterPoint Energy by 35.2% in the 2nd quarter. M&T Bank Corp now owns 24,582 shares of the utilities provider’s stock worth $676,000 after purchasing an additional 6,396 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in CenterPoint Energy by 12.4% in the 3rd quarter. Mackenzie Financial Corp now owns 60,508 shares of the utilities provider’s stock worth $1,705,000 after purchasing an additional 6,671 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in CenterPoint Energy by 1,507.5% in the 2nd quarter. Lazard Asset Management LLC now owns 11,188 shares of the utilities provider’s stock worth $330,000 after purchasing an additional 10,492 shares in the last quarter. Finally, NuWave Investment Management LLC purchased a new position in CenterPoint Energy in the 3rd quarter worth approximately $85,000. 90.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at CenterPoint Energy

In other CenterPoint Energy news, Director Barry T. Smitherman acquired 8,005 shares of the business’s stock in a transaction on Monday, November 7th. The shares were bought at an average price of $28.38 per share, with a total value of $227,181.90. Following the transaction, the director now directly owns 20,534 shares of the company’s stock, valued at approximately $582,754.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.09% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. StockNews.com raised CenterPoint Energy from a “sell” rating to a “hold” rating in a report on Tuesday, January 10th. Wells Fargo & Company lifted their price objective on CenterPoint Energy to $35.00 in a research note on Wednesday, December 14th. Guggenheim reduced their price objective on CenterPoint Energy from $35.00 to $30.00 in a research note on Monday, October 24th. Morgan Stanley lifted their price objective on CenterPoint Energy from $29.00 to $31.00 and gave the stock an “overweight” rating in a research note on Thursday, December 15th. Finally, KeyCorp reduced their price objective on CenterPoint Energy from $34.00 to $31.00 and set an “overweight” rating on the stock in a research note on Thursday, October 20th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $32.00.

CenterPoint Energy Stock Performance

NYSE CNP opened at $31.31 on Monday. The company has a market cap of $19.71 billion, a P/E ratio of 12.99, a P/E/G ratio of 5.96 and a beta of 0.86. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.69 and a current ratio of 0.89. The business’s 50 day moving average price is $30.19 and its 200-day moving average price is $30.17. CenterPoint Energy, Inc. has a fifty-two week low of $25.03 and a fifty-two week high of $33.50.

CenterPoint Energy (NYSE:CNP – Get Rating) last released its earnings results on Tuesday, November 1st. The utilities provider reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.01. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.74 billion. CenterPoint Energy had a return on equity of 10.77% and a net margin of 17.67%. Sell-side analysts predict that CenterPoint Energy, Inc. will post 1.39 earnings per share for the current year.

CenterPoint Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 9th. Shareholders of record on Thursday, February 16th will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend is Wednesday, February 15th. This is an increase from CenterPoint Energy’s previous quarterly dividend of $0.18. CenterPoint Energy’s dividend payout ratio is 29.88%.

CenterPoint Energy Company Profile

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CenterPoint Energy, Inc operates as a public utility holding company in the United States. The company operates through Electric and Natural Gas segments. The Electric segment includes electric transmission and distribution services to electric customers and electric generation assets, as well as assets in the wholesale power market.