CenterPoint Energy, Inc. (NYSE:CNP) Shares Purchased by Gabelli Funds LLC

Posted by Defense World Staff on Jun 11th, 2023

Gabelli Funds LLC boosted its holdings in CenterPoint Energy, Inc. (NYSE:CNP – Get Rating) by 11.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 109,000 shares of the utilities provider’s stock after purchasing an additional 11,000 shares during the quarter. Gabelli Funds LLC’s holdings in CenterPoint Energy were worth $3,269,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in CNP. Invesco Ltd. increased its stake in CenterPoint Energy by 68.2% during the first quarter. Invesco Ltd. now owns 7,638,179 shares of the utilities provider’s stock worth $234,036,000 after acquiring an additional 3,096,455 shares during the last quarter. State Street Corp increased its stake in CenterPoint Energy by 10.0% during the first quarter. State Street Corp now owns 33,279,592 shares of the utilities provider’s stock worth $1,019,687,000 after acquiring an additional 3,035,409 shares during the last quarter. Vanguard Group Inc. increased its stake in CenterPoint Energy by 2.1% during the first quarter. Vanguard Group Inc. now owns 73,506,201 shares of the utilities provider’s stock worth $2,252,230,000 after acquiring an additional 1,502,900 shares during the last quarter. Pictet Asset Management SA increased its stake in CenterPoint Energy by 19.2% during the third quarter. Pictet Asset Management SA now owns 9,068,600 shares of the utilities provider’s stock worth $255,553,000 after acquiring an additional 1,461,593 shares during the last quarter. Finally, Scout Investments Inc. increased its stake in CenterPoint Energy by 1,726.7% during the fourth quarter. Scout Investments Inc. now owns 1,289,676 shares of the utilities provider’s stock worth $38,677,000 after acquiring an additional 1,219,073 shares during the last quarter. 90.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Royal Bank of Canada restated an “outperform” rating and set a $33.00 price target on shares of CenterPoint Energy in a research note on Monday, March 6th. Bank of America upped their target price on CenterPoint Energy from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday, April 14th. Morgan Stanley upped their target price on CenterPoint Energy from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, April 20th. StockNews.com downgraded CenterPoint Energy from a “hold” rating to a “sell” rating in a research report on Sunday. Finally, UBS Group downgraded CenterPoint Energy from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $33.00 to $30.00 in a research report on Tuesday, June 6th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.44.

Insider Transactions at CenterPoint Energy

In other news, Director Ted Pound sold 2,770 shares of CenterPoint Energy stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $30.50, for a total value of $84,485.00. Following the completion of the transaction, the director now owns 46,541 shares in the company, valued at approximately $1,419,500.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Ted Pound sold 2,770 shares of the firm’s stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $30.50, for a total value of $84,485.00. Following the sale, the director now owns 46,541 shares of the company’s stock, valued at approximately $1,419,500.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Barry T. Smitherman sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $30.51, for a total value of $152,550.00. Following the completion of the sale, the director now directly owns 21,075 shares in the company, valued at approximately $642,998.25. The disclosure for this sale can be found here. Insiders own 0.18% of the company’s stock.

CenterPoint Energy Price Performance

Shares of NYSE CNP opened at $28.95 on Friday. CenterPoint Energy, Inc. has a fifty-two week low of $25.03 and a fifty-two week high of $33.50. The business has a 50 day moving average price of $29.69 and a two-hundred day moving average price of $29.67. The company has a quick ratio of 0.75, a current ratio of 1.00 and a debt-to-equity ratio of 1.65. The firm has a market cap of $18.27 billion, a PE ratio of 22.98, a price-to-earnings-growth ratio of 2.62 and a beta of 0.88.

CenterPoint Energy (NYSE:CNP – Get Rating) last issued its quarterly earnings data on Thursday, April 27th. The utilities provider reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. The firm had revenue of $2.78 billion during the quarter, compared to analyst estimates of $2.79 billion. CenterPoint Energy had a return on equity of 9.97% and a net margin of 8.99%. During the same quarter last year, the firm earned $0.47 EPS. Sell-side analysts expect that CenterPoint Energy, Inc. will post 1.49 earnings per share for the current fiscal year.

CenterPoint Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 8th. Stockholders of record on Thursday, May 18th were given a $0.19 dividend. The ex-dividend date was Wednesday, May 17th. This represents a $0.76 annualized dividend and a dividend yield of 2.63%. CenterPoint Energy’s payout ratio is 60.32%.

CenterPoint Energy Company Profile

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CenterPoint Energy, Inc is a holding company, which engages in the business of power generation and distribution. It operates through the following segments: CenterPoint Energy, Houston Electric, and CERC. The CenterPoint Energy segment consists of electric transmission and distribution services in the Texas gulf coast area in the ERCOT region and electric transmission and distribution services primarily to southwestern Indiana and includes power generation and wholesale power operations in the MISO region.