Summit Global Investments Makes New Investment in Sempra (NYSE:SRE)

Summit Global Investments purchased a new stake in Sempra (NYSE:SRE) during the 3rd quarter, Holdings Channel reports. The firm purchased 32,089 shares of the utilities provider’s stock, valued at approximately $2,684,000.

Other hedge funds also recently made changes to their positions in the company. Eastern Bank acquired a new stake in Sempra in the 3rd quarter valued at approximately $28,000. Family Firm Inc. acquired a new position in shares of Sempra during the second quarter valued at $30,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Sempra during the second quarter valued at about $33,000. Financial Connections Group Inc. bought a new stake in shares of Sempra during the second quarter valued at about $34,000. Finally, SouthState Corp lifted its holdings in Sempra by 900.0% in the second quarter. SouthState Corp now owns 470 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 423 shares during the period. Institutional investors own 89.65% of the company’s stock.

Sempra Trading Up 1.7 %

Shares of SRE opened at $89.76 on Friday. The business’s 50-day moving average price is $83.26 and its 200 day moving average price is $79.00. The company has a current ratio of 0.46, a quick ratio of 0.41 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $56.83 billion, a P/E ratio of 19.18, a P/E/G ratio of 2.58 and a beta of 0.75. Sempra has a 1-year low of $66.40 and a 1-year high of $90.16.

Sempra (NYSE:SRE) last released its quarterly earnings results on Wednesday, November 6th. The utilities provider reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.17). Sempra had a net margin of 22.31% and a return on equity of 8.58%. The firm had revenue of $2.78 billion for the quarter, compared to analyst estimates of $3.54 billion. During the same quarter in the prior year, the firm earned $1.08 EPS. The firm’s revenue was down 16.7% compared to the same quarter last year. Analysts expect that Sempra will post 4.77 earnings per share for the current year.

Sempra Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, December 5th will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.76%. Sempra’s dividend payout ratio is 52.99%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. BMO Capital Markets raised their target price on shares of Sempra from $93.00 to $96.00 and gave the company an “outperform” rating in a research note on Monday, October 21st. Wells Fargo & Company boosted their target price on Sempra from $87.00 to $96.00 and gave the stock an “overweight” rating in a report on Thursday. Jefferies Financial Group initiated coverage on Sempra in a research note on Thursday, October 24th. They set a “buy” rating and a $98.00 price target for the company. Evercore ISI boosted their price objective on Sempra from $84.00 to $88.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Morgan Stanley raised their target price on Sempra from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $89.00.

Sempra Profile

Sempra operates as an energy infrastructure company in the United States and internationally. It operates through three segments: Sempra California, Sempra Texas Utilities, and Sempra Infrastructure. The Sempra California segment provides electric services; and natural gas services to San Diego County.