Barclays Boosts Evergy Stock Target Price to $72.00

Evergy (NASDAQ:EVRG) has recently received an updated price target from Barclays, which has been increased from $62.00 to $72.00 in a report made public on Friday. The firm has also assigned an "overweight" rating to Evergy's stock. This new target price suggests a potential upside of approximately 8.67% from the stock's current trading level.

In addition to Barclays, other research firms have also shown interest in Evergy. For instance, LADENBURG THALM/SH SH raised its rating for Evergy from "neutral" to "buy," along with an increased price target from $59.00 to $68.50 in a report released on January 2nd. Similarly, Guggenheim noted an upgrade from "neutral" to "buy" in their findings reported on January 23rd. At present, one analyst rates Evergy with a hold, while eight have issued a buy recommendation. According to data from MarketBeat.com, the stock holds an average rating of "Moderate Buy" and comes with an average target price of $66.79.

Evergy Stock Performance

During midday trading on Friday, Evergy's stock appreciated by $0.53, bringing its value to $66.26. A total of 336,852 shares were exchanged during this period, significantly lower than the firm's average trading volume of 1,795,451 shares. The company has seen a fifty-two week low of $49.55 and a high of $69.93. Financial metrics of the company include a debt-to-equity ratio of 1.15, a quick ratio of 0.32, and a current ratio of 0.55. Evergy's fifty-day simple moving average stands at $64.39, while its two-hundred-day moving average is $62.41. The company has a market capitalization of $15.24 billion, a price-to-earnings (PE) ratio of 17.91, a price-to-earnings-growth (PEG) ratio of 2.82, and a beta of 0.62.

Evergy last reported its earnings on February 27th, where it recorded earnings per share (EPS) of $0.35 for the quarter, falling short of analysts' consensus estimates of $0.46 by $0.11. The business also reported revenue of $1.26 billion for the period, compared to predictions of $1.24 billion. Evergy's return on equity is 8.77%, with a net margin of 14.77%. Analysts forecast that Evergy is expected to achieve an EPS of 3.83 for the current year.

Investment Moves by Hedge Funds

Hedge funds have recently shown heightened activity regarding Evergy's shares. ExodusPoint Capital Management LP increased its holding in Evergy by a staggering 164.8% during the last quarter, resulting in ownership of 2,312,953 shares valued at $142,362,000, following the acquisition of an additional 1,439,450 shares. Mizuho Securities USA LLC dramatically boosted its stake in Evergy by 7,234.3% during the third quarter, now controlling 1,300,000 shares worth approximately $80,613,000 after purchasing 1,282,275 shares. Meanwhile, FMR LLC increased its holdings by 131.4%, reaching a total of 2,004,414 shares valued at $124,294,000 after acquiring an additional 1,138,138 shares. Additionally, SG Americas Securities LLC boosted its stake dramatically by 15,406.4%, bringing its total to 921,546 shares worth about $56,721,000 after buying an extra 915,603 shares. Finally, Brandes Investment Partners LP established a new position in Evergy during the last quarter, valued at approximately $55,652,000. Overall, institutional investors now own about 87.24% of Evergy's shares.

Overview of Evergy

Evergy, Inc., along with its subsidiaries, specializes in the generation, transmission, distribution, and sale of electricity across the United States. The company utilizes various energy sources, including coal, landfill gas, uranium, and natural gas alongside renewable energy options such as solar and wind. Its customer base consists of residential clients, commercial entities, industrial operations, municipalities, and other electric utilities.

Evergy, Barclays, Stock