CenterPoint Energy (NYSE:CNP) Upgraded to “Sector Outperform” at Scotiabank

Scotiabank upgraded shares of CenterPoint Energy (NYSE:CNP) from a sector perform rating to a sector outperform rating in a research note published on Thursday,Benzinga reports. Scotiabank currently has $35.00 price target on the utilities provider’s stock, up from their previous price target of $30.00.

A number of other research analysts have also commented on the stock. LADENBURG THALM/SH SH started coverage on shares of CenterPoint Energy in a research note on Thursday. They set a “buy” rating and a $34.50 price objective on the stock. UBS Group raised CenterPoint Energy from a “neutral” rating to a “buy” rating and raised their target price for the stock from $31.00 to $37.00 in a research report on Tuesday, December 3rd. BMO Capital Markets restated a “market perform” rating and set a $28.00 price target on shares of CenterPoint Energy in a report on Monday, August 26th. Bank of America began coverage on shares of CenterPoint Energy in a report on Thursday, September 12th. They issued a “neutral” rating and a $29.00 price objective for the company. Finally, Wells Fargo & Company lifted their price objective on CenterPoint Energy from $28.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $31.27.

CenterPoint Energy Stock Performance

CenterPoint Energy stock opened at $31.95 on Thursday. The company has a current ratio of 1.11, a quick ratio of 0.92 and a debt-to-equity ratio of 1.87. The stock has a 50 day moving average of $30.59 and a 200-day moving average of $29.39. The stock has a market cap of $20.82 billion, a P/E ratio of 21.16, a price-to-earnings-growth ratio of 2.72 and a beta of 0.96. CenterPoint Energy has a 52 week low of $25.41 and a 52 week high of $33.00.

CenterPoint Energy (NYSE:CNP) last announced its quarterly earnings data on Monday, October 28th. The utilities provider reported $0.31 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.31. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.88 billion. CenterPoint Energy had a net margin of 11.25% and a return on equity of 9.73%. During the same quarter in the prior year, the firm earned $0.40 EPS. On average, analysts expect that CenterPoint Energy will post 1.62 EPS for the current fiscal year.

CenterPoint Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st were issued a $0.21 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.63%. This is a boost from CenterPoint Energy’s previous quarterly dividend of $0.20. CenterPoint Energy’s dividend payout ratio is 55.63%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new stake in shares of CenterPoint Energy in the 3rd quarter valued at about $26,000. Rothschild Investment LLC acquired a new position in shares of CenterPoint Energy in the 2nd quarter valued at about $33,000. First Horizon Advisors Inc. boosted its position in shares of CenterPoint Energy by 51.3% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,106 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 375 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in shares of CenterPoint Energy during the 2nd quarter valued at about $36,000. Finally, Kimelman & Baird LLC acquired a new stake in CenterPoint Energy during the second quarter worth approximately $43,000. 91.77% of the stock is currently owned by institutional investors.

About CenterPoint Energy

CenterPoint Energy, Inc operates as a public utility holding company in the United States. The company operates through two segments, Electric and Natural Gas. The Electric segment includes electric transmission and distribution services to electric customers and electric generation assets, as well as optimizes assets in the wholesale power market.