Great Plains Energy Inc (NYSE:GXP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Great Plains Energy Incorporated engages in the generation, transmission, distribution and sale of electricity to customers located in all or portions of numerous counties in western Missouri and eastern Kansas. Customers include residences, commercial firms, and industrials, municipalities and other electric utilities. “
Several other equities research analysts have also recently commented on the stock. ValuEngine raised shares of Great Plains Energy from a “hold” rating to a “buy” rating in a research report on Thursday, November 9th. Bank of America Corporation began coverage on shares of Great Plains Energy in a research report on Tuesday, October 24th. They issued a “buy” rating and a $35.00 target price for the company. J P Morgan Chase & Co set a $35.00 target price on shares of Great Plains Energy and gave the stock a “buy” rating in a research report on Thursday, October 12th. SunTrust Banks, Inc. reaffirmed a “hold” rating and issued a $30.00 target price on shares of Great Plains Energy in a research report on Wednesday, October 4th. Finally, Wells Fargo & Company raised shares of Great Plains Energy from a “market perform” rating to an “outperform” rating in a research report on Monday, October 2nd. Five equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $32.00.
Great Plains Energy (GXP) traded down $0.29 during trading hours on Wednesday, hitting $33.70. 1,976,900 shares of the stock traded hands, compared to its average volume of 2,246,390. Great Plains Energy has a 12-month low of $25.85 and a 12-month high of $34.09. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.24 and a current ratio of 1.44. The stock has a market cap of $7,257.01, a PE ratio of 19.34, a price-to-earnings-growth ratio of 3.46 and a beta of 0.47.
Great Plains Energy (NYSE:GXP) last posted its earnings results on Wednesday, November 1st. The utilities provider reported $1.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.09. Great Plains Energy had a net margin of 3.42% and a return on equity of 5.41%. The firm had revenue of $857.20 million during the quarter, compared to analysts’ expectations of $805.72 million. During the same period last year, the company posted $1.00 EPS. equities research analysts expect that Great Plains Energy will post 1.77 earnings per share for the current fiscal year.
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In related news, CFO Kevin E. Bryant sold 9,853 shares of Great Plains Energy stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $30.64, for a total transaction of $301,895.92. Following the completion of the transaction, the chief financial officer now directly owns 38,003 shares of the company’s stock, valued at approximately $1,164,411.92. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Heather A. Humphrey sold 3,500 shares of Great Plains Energy stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $30.86, for a total transaction of $108,010.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,391 shares of company stock valued at $838,626. 0.41% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. State Board of Administration of Florida Retirement System lifted its position in Great Plains Energy by 9.3% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 260,571 shares of the utilities provider’s stock valued at $7,630,000 after acquiring an additional 22,120 shares during the period. Magellan Asset Management Ltd increased its stake in Great Plains Energy by 6.9% during the 2nd quarter. Magellan Asset Management Ltd now owns 144,315 shares of the utilities provider’s stock valued at $4,226,000 after purchasing an additional 9,293 shares in the last quarter. Ontario Teachers Pension Plan Board bought a new stake in Great Plains Energy during the 2nd quarter valued at about $772,000. Virginia Retirement Systems ET AL increased its stake in Great Plains Energy by 24.7% during the 2nd quarter. Virginia Retirement Systems ET AL now owns 73,600 shares of the utilities provider’s stock valued at $2,155,000 after purchasing an additional 14,600 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in Great Plains Energy by 3.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 56,200 shares of the utilities provider’s stock valued at $1,646,000 after purchasing an additional 1,800 shares in the last quarter. 87.80% of the stock is owned by institutional investors.
Great Plains Energy Company Profile
Great Plains Energy Incorporated (Great Plains Energy) is a utility holding company. The Company operates through electric utility segment. The Company’s subsidiaries with operations include Kansas City Power & Light Company (KCP&L) and KCP&L Greater Missouri Operations Company (GMO). KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas.
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