Vectren Corp. (NYSE:VVC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Vectren Corp., through its regulated subsidiaries Indiana Gas and SIGECO, offers gas and/or electricity to customers in adjoining service areas that cover nearly two-thirds of Indiana. Vectren’s non-regulated subsidiaries currently offer energy-related products and services, including energy marketing, fiber-optic based communication services, and utility related services including materials management, debt collections, locating, meter reading and trenching services to customers throughout the surrounding region. (PRESS RELEASE) “
Separately, Citigroup Inc. upped their target price on Vectren Corp. from $44.00 to $53.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th.
Shares of Vectren Corp. (NYSE:VVC) traded up 1.10% on Tuesday, reaching $50.61. The company had a trading volume of 41,731 shares. The company’s 50-day moving average price is $49.92 and its 200 day moving average price is $50.16. Vectren Corp. has a 52 week low of $39.43 and a 52 week high of $53.33. The firm has a market capitalization of $4.19 billion, a P/E ratio of 22.63 and a beta of 0.57.
Vectren Corp. (NYSE:VVC) last announced its earnings results on Wednesday, August 3rd. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by $0.04. The firm earned $533.70 million during the quarter, compared to analyst estimates of $585.40 million. Vectren Corp. had a net margin of 8.06% and a return on equity of 10.99%. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period last year, the company earned $0.43 earnings per share. On average, analysts expect that Vectren Corp. will post $2.47 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, August 15th were given a $0.40 dividend. The ex-dividend date was Thursday, August 11th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.20%. Vectren Corp.’s dividend payout ratio (DPR) is presently 71.43%.
Several hedge funds have recently made changes to their positions in the stock. Barclays PLC increased its stake in Vectren Corp. by 46.0% in the second quarter. Barclays PLC now owns 2,156 shares of the company’s stock valued at $114,000 after buying an additional 679 shares in the last quarter. Manchester Capital Management LLC bought a new stake in Vectren Corp. during the first quarter valued at approximately $115,000. Ladenburg Thalmann Financial Services Inc. increased its stake in Vectren Corp. by 11.3% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,868 shares of the company’s stock valued at $195,000 after buying an additional 393 shares in the last quarter. M&T Bank Corp bought a new stake in Vectren Corp. during the first quarter valued at approximately $200,000. Finally, TD Asset Management Inc. bought a new stake in Vectren Corp. during the second quarter valued at approximately $207,000. 63.26% of the stock is owned by hedge funds and other institutional investors.
Vectren Corp. Company Profile
Vectren Corporation (Vectren) is an energy holding Company. The Company segregates its operations into groups, including the Utility Group, the Nonutility Group, and Corporate and Other. The Company’s subsidiary, Vectren Utility Holdings, Inc (Utility Holdings or VUHI), serves as the intermediate holding company for three public utilities: Indiana Gas Company, Inc (Indiana Gas), Southern Indiana Gas and Electric Company (SIGECO) and Vectren Energy Delivery of Ohio, Inc (VEDO).
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