Citigroup Initiates Coverage on Evergy (NYSE:EVRG)

Stock analysts at Citigroup assumed coverage on shares of Evergy (NYSE:EVRG) in a research note issued on Tuesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $64.00 price target on the stock. Citigroup’s price target indicates a potential upside of 20.64% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. Barclays increased their target price on Evergy from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Thursday, March 14th. Wells Fargo & Company lowered their price objective on Evergy from $60.00 to $57.00 and set an “overweight” rating for the company in a research note on Friday, March 1st. Guggenheim lowered Evergy from a “buy” rating to a “neutral” rating and set a $52.00 price objective for the company. in a research note on Monday, January 22nd. Finally, Bank of America upgraded Evergy from a “neutral” rating to a “buy” rating and raised their price objective for the company from $51.00 to $57.00 in a research note on Wednesday, March 13th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.00.

Evergy Stock Performance

Evergy stock opened at $53.05 on Tuesday. The stock’s 50-day moving average is $50.50 and its 200-day moving average is $50.96. The company has a market cap of $12.19 billion, a price-to-earnings ratio of 16.68, a price-to-earnings-growth ratio of 2.36 and a beta of 0.56. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.51 and a quick ratio of 0.29. Evergy has a 12 month low of $46.92 and a 12 month high of $63.93.

Evergy (NYSE:EVRG) last posted its earnings results on Thursday, February 29th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.03). Evergy had a net margin of 13.28% and a return on equity of 8.47%. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same quarter last year, the business posted $0.30 EPS. Equities analysts anticipate that Evergy will post 3.83 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in EVRG. Red Tortoise LLC raised its stake in Evergy by 793.5% during the 1st quarter. Red Tortoise LLC now owns 411 shares of the company’s stock valued at $25,000 after acquiring an additional 365 shares in the last quarter. Clear Street Markets LLC raised its stake in shares of Evergy by 92.7% in the 1st quarter. Clear Street Markets LLC now owns 451 shares of the company’s stock worth $28,000 after buying an additional 217 shares in the last quarter. CVA Family Office LLC bought a new stake in shares of Evergy in the 4th quarter worth $29,000. Armstrong Advisory Group Inc. raised its stake in shares of Evergy by 57.2% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 632 shares of the company’s stock worth $32,000 after buying an additional 230 shares in the last quarter. Finally, Itau Unibanco Holding S.A. bought a new stake in shares of Evergy in the 3rd quarter worth $35,000. Institutional investors and hedge funds own 87.24% of the company’s stock.

About Evergy

Evergy, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in the United States. The company generates electricity through coal, landfill gas, uranium, and natural gas and oil sources, as well as solar, wind, other renewable sources. It serves residences, commercial firms, industrials, municipalities, and other electric utilities.