CenterPoint Energy (NYSE:CNP) Price Target Cut to $46.00 by Analysts at KeyCorp

CenterPoint Energy (NYSE:CNP) had its target price reduced by KeyCorp from $47.00 to $46.00 in a research note released on Thursday, MarketBeat.com reports. They currently have an overweight rating on the utilities provider’s stock.

Several other research firms have also commented on CNP. Barclays raised their price objective on CenterPoint Energy from $38.00 to $44.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 15th. BMO Capital Markets decreased their target price on CenterPoint Energy from $48.00 to $47.00 and set an “outperform” rating for the company in a research report on Wednesday. Truist Financial lowered their target price on CenterPoint Energy from $48.00 to $47.00 and set a “buy” rating for the company in a research note on Monday, May 18th. Wells Fargo & Company reiterated an “overweight” rating and set a $48.00 target price on shares of CenterPoint Energy in a report on Tuesday, April 21st. Finally, Evercore set a $45.00 price target on CenterPoint Energy in a research report on Monday, May 4th. Eight equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, CenterPoint Energy has an average rating of “Hold” and an average price target of $45.38.

CenterPoint Energy Price Performance

CenterPoint Energy stock opened at $44.22 on Thursday. CenterPoint Energy has a 52-week low of $36.59 and a 52-week high of $45.22. The firm has a fifty day moving average of $43.10 and a 200-day moving average of $42.28. The firm has a market capitalization of $28.93 billion, a P/E ratio of 27.13, a PEG ratio of 2.59 and a beta of 0.46. The company has a quick ratio of 1.04, a current ratio of 1.16 and a debt-to-equity ratio of 1.96.

CenterPoint Energy (NYSE:CNP) last issued its earnings results on Thursday, April 23rd. The utilities provider reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.02). CenterPoint Energy had a net margin of 11.38% and a return on equity of 10.56%. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $1.98 billion. During the same period in the prior year, the business posted $0.53 EPS. As a group, analysts predict that CenterPoint Energy will post 1.91 EPS for the current year.

CenterPoint Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Thursday, August 20th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Thursday, August 20th. This is an increase from CenterPoint Energy’s previous quarterly dividend of $0.23. CenterPoint Energy’s dividend payout ratio is currently 56.44%.

Institutional Trading of CenterPoint Energy

A number of hedge funds and other institutional investors have recently modified their holdings of CNP. Norges Bank purchased a new stake in CenterPoint Energy during the 4th quarter worth approximately $343,925,000. T. Rowe Price Investment Management Inc. raised its position in shares of CenterPoint Energy by 13.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 58,286,690 shares of the utilities provider’s stock valued at $2,234,712,000 after purchasing an additional 6,794,535 shares in the last quarter. UBS Group AG boosted its stake in shares of CenterPoint Energy by 31.3% during the 4th quarter. UBS Group AG now owns 7,261,079 shares of the utilities provider’s stock valued at $278,390,000 after buying an additional 1,728,865 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of CenterPoint Energy by 19.4% during the 4th quarter. Jennison Associates LLC now owns 7,722,893 shares of the utilities provider’s stock valued at $296,096,000 after buying an additional 1,256,993 shares during the last quarter. Finally, Merewether Investment Management LP grew its position in shares of CenterPoint Energy by 85.5% during the third quarter. Merewether Investment Management LP now owns 2,493,500 shares of the utilities provider’s stock worth $96,748,000 after buying an additional 1,149,637 shares in the last quarter. 91.77% of the stock is owned by hedge funds and other institutional investors.

CenterPoint Energy Company Profile

CenterPoint Energy, Inc (NYSE: CNP) is a Houston-based regulated utility company that provides electric and natural gas delivery services and related infrastructure operations. The company’s principal activities center on the transmission and distribution of electricity in the greater Houston metropolitan area and the distribution of natural gas to customers across several states in the Midwest and South. As a vertically integrated utility, CenterPoint focuses on the reliable delivery of energy through owned and operated networks of lines, pipelines and associated facilities.

CenterPoint’s core businesses include regulated electric transmission and distribution services, regulated natural gas distribution, and the operation and maintenance of energy infrastructure.