Evergy, Inc. (NASDAQ:EVRG) Receives $66.79 Average Target Price from Brokerages

Evergy, Inc. (NASDAQ:EVRG) has drawn attention from analysts recently, receiving a consensus rating of "Moderate Buy" from a group of eight brokerages that offer coverage on the stock, according to Marketbeat. Among these, one analyst has designated the stock with a hold rating, while seven others have assigned a buy rating for the company. The average target price over the next 12 months, as estimated by these analysts, is placed at around $68.42.

In recent reports, several investment firms have adjusted their price targets for Evergy. On March 7th, Barclays increased their price target for Evergy from $62.00 to $72.00, offering an "overweight" rating in their findings. Furthermore, LADENBURG THALM/SH SH upgraded their stance on Evergy from "neutral" to "buy," while also raising their price target from $59.00 to $68.50 in a note released on January 2nd. In addition, Guggenheim also raised their rating from "neutral" to "buy" in a report published on January 23rd.

Institutional Investors Show Interest in Evergy

Various institutional investors have been actively adjusting their positions in Evergy lately. For instance, HighTower Advisors LLC significantly increased their holdings by 391.1% during the third quarter, now owning 97,186 shares valued at approximately $6,030,000 after adding 77,398 shares. Similarly, Allworth Financial LP also enlarged their investment by 84.6% in the fourth quarter, now holding 7,975 shares valued at around $501,000 after acquiring an extra 3,654 shares. SBI Securities Co. Ltd. made a new purchase of Evergy shares during the fourth quarter worth about $49,000. Additionally, BNP Paribas Financial Markets increased their stake by 34.0% in the third quarter, now having 945,148 shares valued at around $58,609,000 following the acquisition of 239,599 shares. Lastly, Bank of Montreal Can raised their investment by 29.1% during the third quarter, now owning 997,832 shares valued at about $61,806,000. In total, 87.24% of Evergy’s stock is currently held by institutional investors.

Evergy's Market Performance

As of Tuesday, Evergy’s stock (NASDAQ: EVRG) opened at $67.45. The company's fifty-day simple moving average stands at $65.02, while the two-hundred-day simple moving average is $62.78. Over the past year, shares have ranged between a low of $49.55 and a high of $69.93. Evergy boasts a current ratio of 0.55, a quick ratio of 0.32, and a debt-to-equity ratio of 1.15, contributing to a market capitalization of $15.51 billion. The company has a price-to-earnings (P/E) ratio of 18.23, a price-to-earnings growth (PEG) ratio of 2.82, and a beta of 0.62, showing stability in its stock performance.

Evergy’s latest quarterly results were released on February 27th, indicating earnings of $0.35 per share, missing expectations by $0.11, where analysts had predicted $0.46. The company reported a net margin of 14.77% and a return on equity of 8.77%, with quarterly revenues totaling $1.26 billion, slightly surpassing projected estimates of $1.24 billion. Analysts expect Evergy to deliver earnings per share of $3.83 for the upcoming fiscal year.

Evergy’s Dividend Announcement

Recently, Evergy announced a quarterly dividend, which is set to be paid out on March 21st. Shareholders recorded by March 10th will receive a dividend of $0.6675 per share. This translates into an annualized dividend of $2.67, resulting in a yield of about 3.96%. The ex-dividend date was designated as March 10th, with Evergy maintaining a payout ratio of 70.45%.

About Evergy

Evergy, Inc. is a prominent energy provider in the United States, specializing in the generation, transmission, distribution, and sale of electricity. The company harnesses energy from various sources, including coal, landfill gas, uranium, natural gas, oil, and renewable sources like solar and wind. Evergy provides services to diverse customers, including residential, commercial, industrial, and municipal entities, as well as other electric utilities.

Evergy, Stock, Analysts