PPL (NYSE:PPL) Price Target Raised to $35.00

PPL (NYSE:PPL) had its target price increased by Bank of America from $34.00 to $35.00 in a research note released on Monday morning, Benzinga reports. They currently have a buy rating on the utilities provider’s stock.

A number of other research analysts have also recently commented on the stock. Jefferies Financial Group started coverage on shares of PPL in a research note on Thursday, September 19th. They set a “buy” rating and a $38.00 price target for the company. JPMorgan Chase & Co. started coverage on PPL in a research report on Friday, October 25th. They set an “overweight” rating and a $37.00 target price for the company. Wells Fargo & Company upped their price target on PPL from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Barclays lifted their price objective on PPL from $30.00 to $34.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Finally, Morgan Stanley upped their target price on shares of PPL from $31.00 to $33.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, PPL has a consensus rating of “Moderate Buy” and an average price target of $35.50.

PPL Price Performance

Shares of NYSE:PPL opened at $32.56 on Monday. The business’s 50 day moving average is $32.36 and its 200-day moving average is $30.16. The company has a current ratio of 1.29, a quick ratio of 1.07 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $24.03 billion, a PE ratio of 29.07, a PEG ratio of 2.74 and a beta of 0.81. PPL has a 1-year low of $24.93 and a 1-year high of $33.38.

PPL (NYSE:PPL) last posted its quarterly earnings results on Friday, November 1st. The utilities provider reported $0.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.42. PPL had a net margin of 9.95% and a return on equity of 9.20%. The firm had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same quarter in the previous year, the company earned $0.43 earnings per share. The business’s revenue was up 1.1% compared to the same quarter last year. Sell-side analysts predict that PPL will post 1.72 earnings per share for the current year.

PPL Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 10th were given a $0.2575 dividend. This represents a $1.03 annualized dividend and a yield of 3.16%. The ex-dividend date was Tuesday, September 10th. PPL’s payout ratio is presently 91.96%.

Hedge Funds Weigh In On PPL

A number of large investors have recently modified their holdings of the stock. Fortitude Family Office LLC raised its position in PPL by 195.5% in the 3rd quarter. Fortitude Family Office LLC now owns 780 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 516 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of PPL in the 2nd quarter valued at $29,000. Redwood Wealth Management Group LLC bought a new stake in shares of PPL during the second quarter worth $29,000. Ashton Thomas Securities LLC acquired a new position in shares of PPL during the third quarter valued at $34,000. Finally, Lynx Investment Advisory bought a new position in PPL in the second quarter valued at about $38,000. 76.99% of the stock is currently owned by institutional investors and hedge funds.

PPL Company Profile

PPL Corporation, an energy company, focuses on providing electricity and natural gas to approximately 3.6 million customers in the United States. It operates through three segments: Kentucky Regulated, Pennsylvania Regulated, and Rhode Island Regulated. The company delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky.