KeyCorp Analysts Reduce Earnings Estimates for CenterPoint Energy, Inc. (NYSE:CNP)

Posted by Defense World Staff on Jul 21st, 2023

CenterPoint Energy, Inc. (NYSE:CNP – Free Report) – Analysts at KeyCorp decreased their Q2 2023 earnings per share (EPS) estimates for CenterPoint Energy in a research report issued on Tuesday, July 18th. KeyCorp analyst S. Karp now forecasts that the utilities provider will earn $0.31 per share for the quarter, down from their previous estimate of $0.32. The consensus estimate for CenterPoint Energy’s current full-year earnings is $1.49 per share. KeyCorp also issued estimates for CenterPoint Energy’s FY2025 earnings at $1.72 EPS.

CenterPoint Energy (NYSE:CNP – Get Free Report) last released its quarterly earnings data on Thursday, April 27th. The utilities provider reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. The company had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.79 billion. CenterPoint Energy had a return on equity of 9.97% and a net margin of 8.99%. During the same period last year, the business posted $0.47 EPS.

A number of other equities analysts also recently commented on CNP. UBS Group downgraded CenterPoint Energy from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $33.00 to $30.00 in a report on Tuesday, June 6th. They noted that the move was a valuation call. Bank of America raised their price objective on CenterPoint Energy from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, April 14th. StockNews.com upgraded CenterPoint Energy from a “sell” rating to a “hold” rating in a report on Thursday. Guggenheim raised their target price on CenterPoint Energy from $32.00 to $33.00 in a report on Friday, July 7th. Finally, Mizuho raised their target price on CenterPoint Energy from $32.00 to $33.00 and gave the company a “buy” rating in a report on Friday, July 14th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, CenterPoint Energy currently has an average rating of “Moderate Buy” and a consensus price target of $32.56.

CenterPoint Energy Stock Performance

CenterPoint Energy stock opened at $30.37 on Thursday. The stock’s 50-day moving average is $29.12 and its 200-day moving average is $29.44. The company has a market cap of $19.16 billion, a price-to-earnings ratio of 24.10, a price-to-earnings-growth ratio of 2.68 and a beta of 0.88. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.00 and a quick ratio of 0.75. CenterPoint Energy has a 12 month low of $25.03 and a 12 month high of $33.50.

Institutional Trading of CenterPoint Energy

Several hedge funds have recently added to or reduced their stakes in the business. Securian Asset Management Inc. raised its stake in shares of CenterPoint Energy by 0.7% in the 4th quarter. Securian Asset Management Inc. now owns 51,689 shares of the utilities provider’s stock worth $1,550,000 after buying an additional 376 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of CenterPoint Energy by 6.5% in the 4th quarter. JPMorgan Chase & Co. now owns 10,517,147 shares of the utilities provider’s stock worth $315,409,000 after buying an additional 639,223 shares in the last quarter. ING Groep NV bought a new stake in shares of CenterPoint Energy in the 4th quarter worth $285,000. Simmons Bank bought a new stake in shares of CenterPoint Energy in the 4th quarter worth $212,000. Finally, Tokio Marine Asset Management Co. Ltd. raised its stake in shares of CenterPoint Energy by 22.1% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 13,208 shares of the utilities provider’s stock worth $396,000 after buying an additional 2,394 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

Insider Activity at CenterPoint Energy

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

CenterPoint Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Investors of record on Thursday, August 17th will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $0.76 dividend on an annualized basis and a yield of 2.50%. CenterPoint Energy’s dividend payout ratio is currently 60.32%.

About CenterPoint Energy

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CenterPoint Energy, Inc operates as a public utility holding company in the United States. The company operates through Electric and Natural Gas segments. The Electric segment includes electric transmission and distribution services to electric customers and electric generation assets, as well as optimizes assets in the wholesale power market.