Evergy Inc EVRG:NYSE

Last Price$70.94NYSE Previous Close - Last Trade as of 7:00PM ET 8/18/22

Today's Change-0.19(0.27%)
Bid (Size)$52.00 (1)
Ask (Size)$71.70 (2)
Day Low / High$70.42 - 71.03
Volume603.0 K

Research Alert: CFRA Maintains Hold On Shares Of Evergy, Inc.

10:20AM ET 5/05/2022 MT Newswires
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target price by $8 to $76, 21.4x our 2022 EPS estimate (raised $0.02 to $3.55; 2023 estimate raised $0.01 to $3.77), in line with electric utility peer valuations on comparable rate base, EPS, and dividend growth prospects, as well as a healthy service territory economy. EVRG posts Q1 adj. EPS of $0.58 vs. $0.55., $0.03 above consensus, with higher transmission margin and lower O&M costs, offset by higher depreciation and amortization. Retail electric sales grew 0.4% vs. the prior-year quarter, led by industrial (+2.7%), while residential sales fell 1.2%, in line with our expectations. EVRG appears less exposed to the potential industry capex delays from broader federal investigations into tariff violations on solar panel imports, as more of its near-term renewable capex involves wind investments. We expect higher electric rates at Missouri West and Missouri Metro around Q4, following decisions in pending rate cases.