Treasurer of the State of North Carolina Increases Stake in Entergy Corporation
The Treasurer of the State of North Carolina recently heightened its investment portfolio by significantly boosting its stake in Entergy Corporation (NYSE:ETR) by 51.2% during the 4th quarter. This adjustment was noted in the recent filing with the Securities and Exchange Commission (SEC). By the end of the most recent reporting period, the firm owned a total of 289,560 shares of Entergy Corporation’s stock, following the purchase of an additional 98,091 shares during the quarter. The Treasurer’s stake in the utilities provider thus represents approximately 0.07% of the company, valued at an impressive $21,954,000.
In a similar vein, various institutional investors and hedge funds have been recalibrating their holdings in Entergy. Fortis Group Advisors LLC, NBT Bank N A NY, Duncker Streett & Co. Inc., Sandy Spring Bank, and Riverview Trust Co are among those who have doubled their shares in Entergy during the same quarter. Institutional investors and hedge funds currently own 88.07% of Entergy’s stock, showcasing solid confidence in the company’s potential.
Entergy’s stock opened at $81.71 on Friday, reflecting its market resilience. With a market capitalization of $35.20 billion, Entergy Corporation maintains a price-earnings (PE) ratio of 33.55, a price-to-earnings-growth ratio of 2.34, and a beta of 0.56. The company’s shares have seen a 52-week low of $50.19 and a high of $88.38, highlighting its dynamic trading range. Recently, the stock’s moving averages have been trending upwards with a 50-day moving average price of $83.48 and a two-hundred-day moving average price of $77.26. Financially, the company presents a debt-to-equity ratio of 1.81, a quick ratio of 0.59, and a current ratio of 0.72, portraying a robust financial stance.
During the latest quarterly earnings release on February 18th, Entergy Corporation reported earnings per share (EPS) of $0.66, surpassing analysts’ consensus estimate of $0.63. This demonstrates a net margin of 8.90% and a return on equity standing at 10.68%. Revenue for the quarter was reported at $2.74 billion, contrary to the anticipated $3.24 billion. A year ago, their EPS for the same period was $0.26. Current projections estimate Entergy Corporation to register an EPS of 3.88 for the ongoing fiscal year.
Alongside financial performance, Entergy has also announced a quarterly dividend of $0.60 to be paid out on Monday, June 2nd, for shareholders recorded by Friday, May 2nd. The annualized dividend amounts to $2.40, offering a yield of 2.94%. The ex-dividend date is set for Friday, May 2nd, with the current payout ratio being an impressive 98.77%.
Analysts have varied opinions regarding Entergy, reflected in recent reports. BMO Capital Markets adjusted their price target downwards from $94.00 to $89.00, maintaining an “outperform” rating for the company. Similarly, LADENBURG THALM/SH SH improved its rating from “neutral” to “buy” with an adjusted target of $86.50. In contrast, UBS Group raised its price objective from $86.00 to $96.00, accompanying a “buy” rating. Meanwhile, StockNews.com altered its rating from “sell” to “hold,” and Morgan Stanley increased its price target from $75.00 to $78.00 with an “equal weight” rating, indicating diverse perspectives on Entergy’s market stance.
At present, six analysts have assigned a “hold” rating to Entergy’s stock, while nine issued a “buy” rating and one a “strong buy” rating. With this mix, the company currently holds an average rating of “Moderate Buy” with a collective target price pegged at $85.25.
Entergy Corporation and its subsidiaries are deeply involved in the production and retail distribution of electricity across the United States, particularly in Arkansas, Louisiana, Mississippi, and Texas, including New Orleans. The company focuses on generating, transmitting, distributing, and selling electric power, alongside distributing natural gas across various regions.
With an eye on further growth and financial stability, Entergy remains a pivotal entity within the utility sector, continually attracting institutional investors with promising performance indicators and robust financial health.
