Evergy (NYSE:EVRG) Hits New 12-Month High – Time to Buy?

Evergy, Inc. (NYSE:EVRG) hit a new 52-week high on Wednesday . The company traded as high as $65.23 and last traded at $65.11, with a volume of 117004 shares trading hands. The stock had previously closed at $64.84.

Wall Street Analysts Forecast Growth

EVRG has been the topic of several research reports. UBS Group raised Evergy to a “hold” rating in a research note on Wednesday, September 18th. Jefferies Financial Group began coverage on shares of Evergy in a research note on Thursday, September 19th. They issued a “buy” rating and a $70.00 price target for the company. Barclays decreased their price objective on Evergy from $67.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, October 21st. Wells Fargo & Company increased their target price on Evergy from $65.00 to $69.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Finally, Mizuho began coverage on shares of Evergy in a report on Tuesday, October 29th. They set an “outperform” rating and a $67.00 price objective on the stock. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $61.88.

Evergy Stock Up 0.6 %

The company has a current ratio of 0.55, a quick ratio of 0.32 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $15.00 billion, a price-to-earnings ratio of 17.64, a PEG ratio of 2.87 and a beta of 0.62. The business’s fifty day moving average price is $61.62 and its 200 day moving average price is $58.04.

Evergy (NYSE:EVRG) last issued its quarterly earnings results on Thursday, November 7th. The company reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.07. The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $2.35 billion. Evergy had a return on equity of 8.77% and a net margin of 14.77%. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period last year, the company earned $1.88 earnings per share. On average, equities analysts expect that Evergy, Inc. will post 3.84 EPS for the current year.

Evergy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.6675 per share. This is a boost from Evergy’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $2.67 annualized dividend and a yield of 4.09%. Evergy’s payout ratio is presently 72.16%.

Insider Activity at Evergy

In related news, SVP Charles A. Caisley sold 9,236 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $59.63, for a total value of $550,742.68. Following the sale, the senior vice president now owns 33,425 shares of the company’s stock, valued at approximately $1,993,132.75. This represents a 21.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kevin E. Bryant sold 48,141 shares of Evergy stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $62.93, for a total value of $3,029,513.13. Following the sale, the executive vice president now owns 1 shares of the company’s stock, valued at approximately $62.93. This represents a 100.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.47% of the company’s stock.

Institutional Investors Weigh In On Evergy

A number of hedge funds and other institutional investors have recently modified their holdings of EVRG. Millennium Management LLC lifted its stake in shares of Evergy by 38.6% during the 2nd quarter. Millennium Management LLC now owns 3,683,000 shares of the company’s stock worth $195,089,000 after purchasing an additional 1,026,374 shares during the period. Federated Hermes Inc. boosted its holdings in shares of Evergy by 18.8% in the 2nd quarter. Federated Hermes Inc. now owns 3,490,674 shares of the company’s stock valued at $184,901,000 after purchasing an additional 552,455 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Evergy by 25.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,848,735 shares of the company’s stock worth $176,650,000 after buying an additional 583,923 shares during the last quarter. Pathway Financial Advisers LLC raised its position in shares of Evergy by 6,854.6% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,539,001 shares of the company’s stock worth $157,443,000 after buying an additional 2,502,493 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Evergy by 42.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,135,011 shares of the company’s stock valued at $132,392,000 after acquiring an additional 634,735 shares during the period. 87.24% of the stock is currently owned by hedge funds and other institutional investors.

About Evergy

Evergy, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in the United States. The company generates electricity through coal, landfill gas, uranium, and natural gas and oil sources, as well as solar, wind, other renewable sources. It serves residences, commercial firms, industrials, municipalities, and other electric utilities.