Scana Corporation (NYSE:SCG) Downgraded to “Hold” at Gabelli

Gabelli cut shares of Scana Corporation (NYSE:SCG) from a buy rating to a hold rating in a research note released on Friday, Marketbeat Ratings reports.

Other equities analysts have also issued research reports about the company. BidaskClub lowered Scana Corporation from a buy rating to a hold rating in a research report on Tuesday, June 27th. Goldman Sachs Group, Inc. (The) raised Scana Corporation from a sell rating to a neutral rating and lowered their price objective for the company from $66.00 to $64.00 in a research report on Thursday, July 20th. Mizuho reissued an underperform rating and set a $63.00 price objective on shares of Scana Corporation in a research report on Friday, July 7th. Barclays PLC reissued an equal weight rating and set a $67.00 price objective (down previously from $70.00) on shares of Scana Corporation in a research report on Sunday, April 23rd. Finally, Morgan Stanley lowered their price objective on Scana Corporation from $70.00 to $67.00 and set an underweight rating for the company in a research report on Tuesday, July 11th. Five research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. Scana Corporation presently has an average rating of Hold and a consensus target price of $71.13.

Shares of Scana Corporation (SCG) traded up 4.18% during mid-day trading on Friday, reaching $63.85. 1,914,635 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $66.78 and a 200 day moving average of $67.45. The firm has a market capitalization of $9.13 billion, a P/E ratio of 15.48 and a beta of 0.26. Scana Corporation has a one year low of $60.00 and a one year high of $75.92.

Scana Corporation (NYSE:SCG) last announced its quarterly earnings data on Thursday, April 27th. The utilities provider reported $1.19 EPS for the quarter, missing the consensus estimate of $1.37 by $0.18. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Scana Corporation had a net margin of 13.93% and a return on equity of 10.35%. The business’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.23 EPS. On average, analysts forecast that Scana Corporation will post $4.19 EPS for the current fiscal year.

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its position in Scana Corporation by 3,558.5% in the first quarter. BlackRock Inc. now owns 12,263,023 shares of the utilities provider’s stock valued at $801,389,000 after buying an additional 11,927,826 shares in the last quarter. Artisan Partners Limited Partnership bought a new position in Scana Corporation during the first quarter valued at about $91,844,000. Morgan Stanley raised its position in Scana Corporation by 127.7% in the first quarter. Morgan Stanley now owns 1,473,057 shares of the utilities provider’s stock valued at $96,264,000 after buying an additional 826,008 shares in the last quarter. Vanguard Group Inc. raised its position in Scana Corporation by 3.7% in the first quarter. Vanguard Group Inc. now owns 13,571,569 shares of the utilities provider’s stock valued at $886,902,000 after buying an additional 479,888 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in Scana Corporation by 65.7% in the first quarter. Renaissance Technologies LLC now owns 883,300 shares of the utilities provider’s stock valued at $57,724,000 after buying an additional 350,300 shares in the last quarter. 67.55% of the stock is owned by hedge funds and other institutional investors.

About Scana Corporation

SCANA Corporation is a holding company. The Company, through its subsidiaries, is engaged in the generation, transmission, distribution and sale of electricity in South Carolina. The Company operates through segments, including Electric Operations, Gas Distribution, Gas Marketing and All Other. The Company is engaged in the purchase, transmission and sale of natural gas in North Carolina and South Carolina.