KeyCorp Has Negative Forecast for CNP FY2024 Earnings

CenterPoint Energy, Inc. (NYSE:CNP) – Stock analysts at KeyCorp dropped their FY2024 earnings per share (EPS) estimates for CenterPoint Energy in a research note issued on Monday, October 21st. KeyCorp analyst S. Karp now anticipates that the utilities provider will earn $1.61 per share for the year, down from their previous forecast of $1.62. KeyCorp has a “Sector Weight” rating on the stock. The consensus estimate for CenterPoint Energy’s current full-year earnings is $1.62 per share. KeyCorp also issued estimates for CenterPoint Energy’s FY2026 earnings at $1.86 EPS.

CNP has been the subject of several other research reports. BMO Capital Markets reaffirmed a “market perform” rating and issued a $28.00 price target on shares of CenterPoint Energy in a research report on Monday, August 26th. Wells Fargo & Company increased their target price on CenterPoint Energy from $28.00 to $32.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. lowered CenterPoint Energy from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $32.00 to $29.00 in a research report on Friday, August 2nd. Scotiabank decreased their price objective on CenterPoint Energy from $29.00 to $28.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 20th. Finally, StockNews.com lowered CenterPoint Energy from a “hold” rating to a “sell” rating in a research note on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, CenterPoint Energy has a consensus rating of “Hold” and an average price target of $29.91.

CenterPoint Energy Stock Down 0.2 %

Shares of CenterPoint Energy stock opened at $29.73 on Thursday. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.20 and a quick ratio of 0.99. The stock has a market cap of $19.02 billion, a price-to-earnings ratio of 20.94, a PEG ratio of 2.56 and a beta of 0.92. The firm’s 50-day moving average is $28.37 and its two-hundred day moving average is $28.93. CenterPoint Energy has a 1 year low of $25.41 and a 1 year high of $31.57.

CenterPoint Energy (NYSE:CNP) last posted its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.04. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.88 billion. CenterPoint Energy had a return on equity of 10.81% and a net margin of 12.28%. During the same quarter in the prior year, the company earned $0.28 EPS.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Forsta AP Fonden increased its position in shares of CenterPoint Energy by 79.1% in the 3rd quarter. Forsta AP Fonden now owns 106,000 shares of the utilities provider’s stock valued at $3,119,000 after acquiring an additional 46,800 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of CenterPoint Energy by 33.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,192 shares of the utilities provider’s stock worth $1,199,000 after purchasing an additional 10,346 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of CenterPoint Energy by 1.4% during the third quarter. Louisiana State Employees Retirement System now owns 36,700 shares of the utilities provider’s stock worth $1,080,000 after purchasing an additional 500 shares during the period. Mount Yale Investment Advisors LLC boosted its position in CenterPoint Energy by 33.1% in the third quarter. Mount Yale Investment Advisors LLC now owns 20,358 shares of the utilities provider’s stock valued at $599,000 after buying an additional 5,068 shares during the last quarter. Finally, Tectonic Advisors LLC increased its holdings in CenterPoint Energy by 9.0% in the 3rd quarter. Tectonic Advisors LLC now owns 17,899 shares of the utilities provider’s stock worth $527,000 after buying an additional 1,475 shares during the period. Hedge funds and other institutional investors own 91.77% of the company’s stock.

CenterPoint Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend is Thursday, November 21st. This is an increase from CenterPoint Energy’s previous quarterly dividend of $0.20. CenterPoint Energy’s payout ratio is currently 59.15%.

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.