Wells Fargo & Co Cuts CenterPoint Energy (NYSE:CNP) Price Target to $32.00

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CenterPoint Energy (NYSE:CNP) had its target price reduced by Wells Fargo & Co from $33.00 to $32.00 in a research note published on Wednesday, September 18th, BenzingaRatingsTable reports. They currently have an outperform rating on the utilities provider’s stock.

CNP has been the topic of a number of other reports. Mizuho assumed coverage on CenterPoint Energy in a report on Monday, June 3rd. They issued a buy rating and a $31.00 price target on the stock. Goldman Sachs Group boosted their price target on CenterPoint Energy from $31.00 to $32.00 and gave the stock a buy rating in a report on Tuesday, July 2nd. Bank of America raised CenterPoint Energy from a neutral rating to a buy rating and set a $29.32 price target on the stock in a report on Thursday, June 13th. They noted that the move was a valuation call. Barclays raised CenterPoint Energy from an equal weight rating to an overweight rating and lowered their price target for the stock from $33.00 to $31.00 in a report on Tuesday, August 13th. Finally, KeyCorp started coverage on CenterPoint Energy in a research note on Tuesday, June 4th. They issued a sector weight rating on the stock. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $32.02.

Shares of CNP stock traded up $0.11 during trading hours on Wednesday, reaching $28.27. 3,331,661 shares of the company traded hands, compared to its average volume of 4,619,010. The firm has a 50-day moving average price of $28.99 and a 200 day moving average price of $29.33. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.11 and a quick ratio of 0.95. CenterPoint Energy has a 12-month low of $26.74 and a 12-month high of $31.42. The company has a market cap of $14.13 billion, a P/E ratio of 17.67, a P/E/G ratio of 3.11 and a beta of 0.48.

CenterPoint Energy (NYSE:CNP) last posted its quarterly earnings results on Wednesday, August 7th. The utilities provider reported $0.35 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.04. CenterPoint Energy had a return on equity of 13.59% and a net margin of 5.55%. The company had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same period in the previous year, the firm earned $0.30 EPS. The firm’s revenue was up 28.0% compared to the same quarter last year. Sell-side analysts predict that CenterPoint Energy will post 1.66 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Thursday, August 15th were given a dividend of $0.2875 per share. This represents a $1.15 annualized dividend and a dividend yield of 4.07%. The ex-dividend date of this dividend was Wednesday, August 14th. CenterPoint Energy’s dividend payout ratio is currently 71.88%.

In other CenterPoint Energy news, CEO Scott M. Prochazka sold 7,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $27.84, for a total value of $194,880.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold a total of 21,000 shares of company stock worth $608,510 in the last ninety days. 0.24% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the business. Edmond DE Rothschild Holding S.A. bought a new position in CenterPoint Energy in the 1st quarter valued at $25,000. Advantage Investment Management LLC grew its position in CenterPoint Energy by 432.7% in the 2nd quarter. Advantage Investment Management LLC now owns 1,598 shares of the utilities provider’s stock valued at $46,000 after acquiring an additional 1,298 shares during the last quarter. TD Capital Management LLC purchased a new stake in shares of CenterPoint Energy in the 2nd quarter worth $47,000. Bremer Bank National Association purchased a new stake in shares of CenterPoint Energy in the 1st quarter worth $49,000. Finally, Resources Investment Advisors Inc. lifted its holdings in shares of CenterPoint Energy by 1,415.1% in the 1st quarter. Resources Investment Advisors Inc. now owns 1,606 shares of the utilities provider’s stock worth $49,000 after buying an additional 1,500 shares during the period. 80.21% of the stock is currently owned by institutional investors.

CenterPoint Energy Company Profile

CenterPoint Energy, Inc operates as a public utility holding company in the United States. The company's Electric Transmission & Distribution segment offers electric transmission and distribution services to retail electric providers, municipalities, electric cooperatives, and other distribution companies.

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Analyst Recommendations for CenterPoint Energy (NYSE:CNP)

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