Great Plains Energy Inc. (GXP) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Great Plains Energy Inc. (NYSE:GXP) from a hold rating to a buy rating in a report issued on Tuesday. The firm currently has $30.00 price target on the stock.
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. “
Other research analysts have also recently issued research reports about the stock. SunTrust Banks Inc. decreased their price objective on shares of Great Plains Energy from $30.00 to $29.00 and set a neutral rating for the company in a report on Monday, August 29th. Barclays PLC upgraded shares of Great Plains Energy from an underweight rating to an equal weight rating and decreased their price objective for the company from $31.00 to $29.00 in a report on Thursday, September 29th. Ladenburg Thalmann upgraded shares of Great Plains Energy from a neutral rating to a buy rating and set a $31.00 price objective for the company in a report on Wednesday, October 26th. Wolfe Research upgraded shares of Great Plains Energy from a market perform rating to an outperform rating in a report on Monday, October 3rd. Finally, Argus restated a buy rating and set a $36.00 price objective on shares of Great Plains Energy in a report on Friday, September 30th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Great Plains Energy presently has a consensus rating of Buy and a consensus target price of $31.43.
Great Plains Energy (NYSE:GXP) opened at 27.15 on Tuesday. The firm has a market cap of $4.20 billion, a price-to-earnings ratio of 19.72 and a beta of 0.39. Great Plains Energy has a 52 week low of $25.57 and a 52 week high of $32.74. The stock’s 50 day moving average is $27.49 and its 200 day moving average is $28.60.
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The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 20th. Stockholders of record on Tuesday, November 29th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date is Friday, November 25th. This is a positive change from Great Plains Energy’s previous quarterly dividend of $0.26. Great Plains Energy’s payout ratio is currently 79.71%.
Several hedge funds have recently made changes to their positions in GXP. Metropolitan Life Insurance Co. NY raised its stake in shares of Great Plains Energy by 2.9% in the first quarter. Metropolitan Life Insurance Co. NY now owns 139,701 shares of the company’s stock worth $4,505,000 after buying an additional 3,953 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Great Plains Energy by 0.3% in the first quarter. Arizona State Retirement System now owns 73,319 shares of the company’s stock worth $2,365,000 after buying an additional 200 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Great Plains Energy during the first quarter worth approximately $1,040,000. BlueMountain Capital Management LLC raised its stake in shares of Great Plains Energy by 143.3% in the first quarter. BlueMountain Capital Management LLC now owns 5,430 shares of the company’s stock worth $175,000 after buying an additional 3,198 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its stake in shares of Great Plains Energy by 676.0% in the second quarter. BNP Paribas Arbitrage SA now owns 74,680 shares of the company’s stock worth $2,270,000 after buying an additional 65,056 shares in the last quarter. 90.22% of the stock is currently owned by institutional investors and hedge funds.
About Great Plains Energy
Great Plains Energy Incorporated is a public utility holding company. The Company operates through electric utility segment. The Company does not own or operate any assets other than the stock of its subsidiaries. The Company’s subsidiaries with operations include Kansas City Power & Light Company (KCP&L) and KCP&L Greater Missouri Operations Company (GMO).
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