PPL (NYSE:PPL) Rating Increased to Buy at Bank of America

PPL (NYSE:PPLGet Rating) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday, MarketBeat.com reports. The firm currently has a $33.00 target price on the utilities provider’s stock, up from their previous target price of $29.00. Bank of America‘s price target would indicate a potential upside of 6.76% from the stock’s current price.

A number of other analysts also recently issued reports on PPL. Wells Fargo & Company raised their price target on shares of PPL from $33.00 to $34.00 in a report on Tuesday, June 7th. Evercore ISI boosted their price target on shares of PPL to $32.00 in a research report on Tuesday, August 9th. Credit Suisse Group reduced their price target on shares of PPL from $33.00 to $29.00 and set an “outperform” rating on the stock in a research report on Thursday, June 16th. Mizuho cut their price objective on shares of PPL from $30.00 to $29.00 and set a “neutral” rating on the stock in a research report on Thursday, July 14th. Finally, Morgan Stanley boosted their price objective on shares of PPL from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Thursday, July 21st. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $31.00.

PPL Price Performance

Shares of NYSE:PPL opened at $30.91 on Monday. PPL has a one year low of $24.98 and a one year high of $30.95. The firm has a market capitalization of $22.76 billion, a price-to-earnings ratio of 31.54 and a beta of 0.75. The company’s fifty day moving average price is $27.73 and its 200-day moving average price is $28.15. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.62 and a quick ratio of 0.53.

Insider Activity

In related news, CEO Vincent Sorgi sold 27,600 shares of the firm’s stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $30.00, for a total value of $828,000.00. Following the sale, the chief executive officer now owns 111,462 shares of the company’s stock, valued at approximately $3,343,860. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Vincent Sorgi sold 27,600 shares of PPL stock in a transaction on Friday, August 12th. The stock was sold at an average price of $30.00, for a total value of $828,000.00. Following the transaction, the chief executive officer now directly owns 111,462 shares in the company, valued at approximately $3,343,860. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Stephanie R. Raymond sold 3,374 shares of PPL stock in a transaction on Wednesday, June 8th. The shares were sold at an average price of $30.45, for a total value of $102,738.30. Following the sale, the insider now directly owns 23,182 shares of the company’s stock, valued at approximately $705,891.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,004 shares of company stock worth $1,742,702. 0.17% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PPL. NewSquare Capital LLC grew its position in PPL by 76.3% during the first quarter. NewSquare Capital LLC now owns 922 shares of the utilities provider’s stock worth $26,000 after buying an additional 399 shares in the last quarter. Worth Asset Management LLC acquired a new stake in shares of PPL in the 1st quarter valued at about $27,000. CX Institutional acquired a new position in PPL during the 2nd quarter valued at about $30,000. Evolution Advisers Inc. acquired a new position in PPL during the 4th quarter valued at about $33,000. Finally, Wagner Wealth Management LLC bought a new position in shares of PPL during the 2nd quarter worth approximately $34,000. 65.63% of the stock is owned by institutional investors and hedge funds.

About PPL

(Get Rating)

PPL Corporation, a utility holding company, delivers electricity and natural gas in the United States and the United Kingdom. The company operates through two segments: Kentucky Regulated and Pennsylvania Regulated. It serves approximately 429,000 electric and 333,000 natural gas customers in Louisville and adjacent areas in Kentucky; 538,000 electric customers in central, southeastern, and western Kentucky; and 28,000 electric customers in five counties in southwestern Virginia.

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Analyst Recommendations for PPL (NYSE:PPL)

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