Cadence Capital Management LLC increased its holdings in shares of CenterPoint Energy, Inc. (NYSE:CNP) by 33.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,856 shares of the utilities provider’s stock after acquiring an additional 5,196 shares during the quarter. Cadence Capital Management LLC’s holdings in CenterPoint Energy were worth $609,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of CNP. Paradigm Asset Management Co. LLC increased its holdings in shares of CenterPoint Energy by 2.2% during the 2nd quarter. Paradigm Asset Management Co. LLC now owns 4,600 shares of the utilities provider’s stock worth $126,000 after acquiring an additional 100 shares during the last quarter. IHT Wealth Management LLC bought a new stake in CenterPoint Energy in the 2nd quarter valued at $153,000. Pinebridge Investments L.P. bought a new stake in CenterPoint Energy in the 2nd quarter valued at $154,000. Eagle Ridge Investment Management bought a new stake in CenterPoint Energy in the 3rd quarter valued at $201,000. Finally, Buckingham Asset Management LLC bought a new stake in CenterPoint Energy in the 3rd quarter valued at $201,000. 77.98% of the stock is currently owned by institutional investors and hedge funds.
CNP has been the subject of several recent research reports. BidaskClub upgraded CenterPoint Energy from a “hold” rating to a “buy” rating in a research note on Thursday, August 10th. J P Morgan Chase & Co set a $30.00 price target on CenterPoint Energy and gave the company a “hold” rating in a research note on Thursday, October 12th. SunTrust Banks restated a “hold” rating and issued a $30.00 price target on shares of CenterPoint Energy in a research note on Monday, October 2nd. Royal Bank Of Canada restated a “hold” rating and issued a $29.00 price target on shares of CenterPoint Energy in a research note on Monday, September 11th. Finally, Zacks Investment Research downgraded CenterPoint Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, November 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has issued a strong buy rating to the company. CenterPoint Energy currently has a consensus rating of “Hold” and a consensus target price of $28.89.
CenterPoint Energy (NYSE:CNP) last released its earnings results on Friday, November 3rd. The utilities provider reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. The firm had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.07 billion. CenterPoint Energy had a return on equity of 16.00% and a net margin of 6.59%. The company’s revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.41 EPS. sell-side analysts anticipate that CenterPoint Energy, Inc. will post 1.31 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Thursday, November 16th will be given a dividend of $0.2675 per share. The ex-dividend date is Wednesday, November 15th. This represents a $1.07 dividend on an annualized basis and a dividend yield of 3.70%. CenterPoint Energy’s payout ratio is 78.10%.
In other news, CEO Scott M. Prochazka sold 1,000 shares of the company’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $29.39, for a total transaction of $29,390.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders have sold 3,000 shares of company stock valued at $88,080. Corporate insiders own 0.20% of the company’s stock.
CenterPoint Energy Company Profile
CenterPoint Energy, Inc is a public utility holding company. The Company, through its subsidiaries, owns and operates electric transmission and distribution facilities, and natural gas distribution facilities. The Electric Transmission & Distribution segment provides electric transmission and distribution services to retail electric providers.
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