Entergy Corporation (NYSE:ETR) Shares Acquired by Summit Asset Management LLC

Summit Asset Management LLC grew its position in Entergy Corporation (NYSE:ETR) by 100.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,500 shares of the utilities provider’s stock after purchasing an additional 1,750 shares during the period. Summit Asset Management LLC’s holdings in Entergy were worth $265,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ETR. Fortis Group Advisors LLC increased its holdings in shares of Entergy by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 344 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 172 shares during the period. Legacy Investment Solutions LLC acquired a new position in shares of Entergy in the third quarter valued at about $27,000. Fortitude Family Office LLC grew its holdings in Entergy by 423.8% during the third quarter. Fortitude Family Office LLC now owns 220 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 178 shares during the period. IFS Advisors LLC acquired a new stake in Entergy during the fourth quarter worth about $30,000. Finally, Ulland Investment Advisors LLC grew its holdings in Entergy by 100.0% during the fourth quarter. Ulland Investment Advisors LLC now owns 400 shares of the utilities provider’s stock worth $30,000 after acquiring an additional 200 shares during the period. 88.07% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Entergy news, insider Deanna D. Rodriguez sold 6,088 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $73.94, for a total transaction of $450,146.72. Following the completion of the sale, the insider now owns 3,952 shares of the company’s stock, valued at $292,210.88. This trade represents a 60.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.39% of the stock is owned by insiders.

Entergy Stock Performance

Shares of Entergy stock opened at $84.94 on Friday. Entergy Corporation has a one year low of $49.80 and a one year high of $88.38. The company has a market cap of $36.56 billion, a price-to-earnings ratio of 34.88, a PEG ratio of 2.34 and a beta of 0.72. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.59 and a current ratio of 0.72. The business’s 50 day moving average price is $79.45 and its 200 day moving average price is $71.58.

Entergy (NYSE:ETR) last announced its quarterly earnings data on Tuesday, February 18th. The utilities provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.03. Entergy had a return on equity of 10.68% and a net margin of 8.90%. The firm had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter last year, the business posted $0.26 earnings per share. On average, research analysts predict that Entergy Corporation will post 3.88 EPS for the current year.

Entergy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 10th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, February 10th. This represents a $2.40 annualized dividend and a yield of 2.83%. Entergy’s dividend payout ratio (DPR) is 98.56%.

Analysts Set New Price Targets

Several analysts recently commented on ETR shares. Bank of America lowered Entergy from a “buy” rating to a “neutral” rating and raised their target price for the stock from $69.00 to $77.00 in a report on Monday, November 4th. BMO Capital Markets increased their price target on Entergy from $79.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday. Morgan Stanley upgraded Entergy from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $58.00 to $75.00 in a research report on Monday, November 4th. Mizuho increased their price target on Entergy from $69.00 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, November 4th. Finally, Wells Fargo & Company increased their price target on Entergy from $85.00 to $97.00 and gave the stock an “overweight” rating in a research report on Wednesday. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Entergy presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.14.

About Entergy

Entergy Corporation, together with its subsidiaries, engages in the production and retail distribution of electricity in the United States. It generates, transmits, distributes, and sells electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, including the City of New Orleans; and distributes natural gas.