Scotiabank Trims CenterPoint Energy (NYSE:CNP) Target Price to $29.00

CenterPoint Energy (NYSE:CNP) had its target price reduced by Scotiabank from $31.00 to $29.00 in a research note released on Monday, Benzinga reports. They currently have a sector perform rating on the utilities provider’s stock.

Several other equities research analysts have also commented on CNP. Mizuho reiterated a neutral rating and set a $29.00 price objective (down from $30.00) on shares of CenterPoint Energy in a research note on Wednesday, February 21st. KeyCorp boosted their price objective on CenterPoint Energy from $29.00 to $31.00 and gave the stock an overweight rating in a research note on Thursday, January 4th. Barclays boosted their price objective on CenterPoint Energy from $28.00 to $29.00 and gave the stock an underweight rating in a research note on Thursday, March 14th. Evercore ISI cut CenterPoint Energy from an outperform rating to an in-line rating and boosted their target price for the stock from $29.00 to $30.00 in a report on Tuesday, January 23rd. Finally, Guggenheim lowered their target price on CenterPoint Energy from $33.00 to $32.00 and set a buy rating on the stock in a report on Wednesday, February 21st. Two analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Hold and an average price target of $30.18.

CenterPoint Energy Price Performance

Shares of CenterPoint Energy stock opened at $29.07 on Monday. CenterPoint Energy has a twelve month low of $25.42 and a twelve month high of $31.43. The business has a 50-day moving average price of $27.99 and a 200 day moving average price of $27.99. The company has a quick ratio of 0.58, a current ratio of 0.78 and a debt-to-equity ratio of 1.82. The firm has a market cap of $18.40 billion, a PE ratio of 21.38, a P/E/G ratio of 2.53 and a beta of 0.92.

CenterPoint Energy (NYSE:CNP) last posted its quarterly earnings data on Tuesday, February 20th. The utilities provider reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. CenterPoint Energy had a return on equity of 10.44% and a net margin of 10.55%. The company had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.83 billion. During the same period in the previous year, the business earned $0.28 EPS. Sell-side analysts predict that CenterPoint Energy will post 1.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. DnB Asset Management AS increased its position in shares of CenterPoint Energy by 1.0% during the third quarter. DnB Asset Management AS now owns 135,300 shares of the utilities provider’s stock worth $3,633,000 after acquiring an additional 1,402 shares during the period. HB Wealth Management LLC increased its position in shares of CenterPoint Energy by 6.7% during the third quarter. HB Wealth Management LLC now owns 20,662 shares of the utilities provider’s stock worth $555,000 after acquiring an additional 1,297 shares during the period. SG Americas Securities LLC increased its position in shares of CenterPoint Energy by 51.6% during the third quarter. SG Americas Securities LLC now owns 75,806 shares of the utilities provider’s stock worth $2,035,000 after acquiring an additional 25,804 shares during the period. DAVENPORT & Co LLC increased its position in shares of CenterPoint Energy by 3.1% during the third quarter. DAVENPORT & Co LLC now owns 33,098 shares of the utilities provider’s stock worth $889,000 after acquiring an additional 998 shares during the period. Finally, B.O.S.S. Retirement Advisors LLC increased its position in shares of CenterPoint Energy by 14.0% during the third quarter. B.O.S.S. Retirement Advisors LLC now owns 49,424 shares of the utilities provider’s stock worth $1,327,000 after acquiring an additional 6,052 shares during the period. 91.77% of the stock is currently owned by institutional investors and hedge funds.

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.