Traders Buy Evergy (EVRG) on Weakness After Analyst Downgrade

Traders purchased shares of Evergy (NASDAQ:EVRG) on weakness during trading hours on Monday after UBS Group lowered their price target on the stock from $60.00 to $58.00. $74.25 million flowed into the stock on the tick-up and $8.74 million flowed out of the stock on the tick-down, for a money net flow of $65.51 million into the stock. Of all companies tracked, Evergy had the 14th highest net in-flow for the day. Evergy traded down ($0.22) for the day and closed at $55.65

Other equities analysts also recently issued reports about the company. SunTrust Banks initiated coverage on Evergy in a research note on Tuesday, June 5th. They set a “buy” rating and a $61.00 target price for the company. Guggenheim initiated coverage on Evergy in a research note on Friday, June 15th. They set a “buy” rating and a $58.00 target price for the company. Zacks Investment Research raised Evergy from a “sell” rating to a “hold” rating and set a $63.00 target price for the company in a research note on Monday, August 6th. Finally, Bank of America initiated coverage on Evergy in a research note on Tuesday, June 5th. They set a “neutral” rating for the company. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $60.00.

In related news, Director Mark A. Ruelle sold 43,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $57.51, for a total value of $2,501,685.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jerl L. Banning sold 8,770 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $57.75, for a total value of $506,467.50. The disclosure for this sale can be found here. Insiders sold a total of 106,620 shares of company stock valued at $6,136,954 over the last ninety days.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EVRG. Bright Rock Capital Management LLC purchased a new position in Evergy in the 2nd quarter valued at approximately $5,278,000. Rockland Trust Co. purchased a new position in Evergy in the 2nd quarter valued at approximately $9,484,000. IFM Investors Pty Ltd purchased a new position in Evergy in the 2nd quarter valued at approximately $660,000. CENTRAL TRUST Co purchased a new position in Evergy in the 2nd quarter valued at approximately $393,000. Finally, Marshwinds Advisory Co. purchased a new position in Evergy in the 2nd quarter valued at approximately $939,000.

Evergy (NASDAQ:EVRG) last released its quarterly earnings data on Thursday, August 9th. The company reported $0.56 earnings per share for the quarter, meeting the consensus estimate of $0.56. The firm had revenue of $893.40 million during the quarter, compared to analysts’ expectations of $623.51 million. During the same period in the previous year, the business earned $0.50 earnings per share. The business’s revenue for the quarter was up 46.6% on a year-over-year basis.

The business also recently declared a dividend, which was paid on Thursday, September 20th. Shareholders of record on Wednesday, August 29th were given a dividend of $0.46 per share. The ex-dividend date of this dividend was Tuesday, August 28th.

Evergy Company Profile (NASDAQ:EVRG)

Westar Energy, Inc engages in the generation, transmission and distribution of electricity in Kansas. It provides electricity to residential, commercial, and industrial customers in the cities of Topeka, Lawrence, Manhattan, Salina, and Hutchinson. The company was founded in 1924 and is headquartered in Topeka, KS.

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