Fintel reports that on September 11, 2023, Wolfe Research downgraded their outlook for Evergy (NYSE:EVRG) from Outperform to Peer Perform.

Analyst Price Forecast Suggests 20.25% Upside

As of August 31, 2023, the average one-year price target for Evergy is 63.39. The forecasts range from a low of 56.56 to a high of $71.40. The average price target represents an increase of 20.25% from its latest reported closing price of 52.71.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Evergy is 5,556MM, a decrease of 4.86%. The projected annual non-GAAP EPS is 3.74.

Evergy Declares $0.61 Dividend

On August 4, 2023 the company declared a regular quarterly dividend of $0.61 per share ($2.45 annualized). Shareholders of record as of August 21, 2023 will receive the payment on September 20, 2023. Previously, the company paid $0.61 per share.

At the current share price of $52.71 / share, the stock’s dividend yield is 4.65%.

Looking back five years and taking a sample every week, the average dividend yield has been 3.51%, the lowest has been 2.81%, and the highest has been 4.65%. The standard deviation of yields is 0.38 (n=236).

The current dividend yield is 2.99 standard deviations above the historical average.

Additionally, the company’s dividend payout ratio is 0.74. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company’s 3-Year dividend growth rate is 0.21%, demonstrating that it has increased its dividend over time.

What is the Fund Sentiment?

There are 1356 funds or institutions reporting positions in Evergy. This is a decrease of 22 owner(s) or 1.60% in the last quarter. Average portfolio weight of all funds dedicated to EVRG is 0.25%, a decrease of 5.18%. Total shares owned by institutions decreased in the last three months by 3.64% to 221,637K shares. The put/call ratio of EVRG is 0.31, indicating a bullish outlook.

What are Other Shareholders Doing?

Price T Rowe Associates holds 9,296K shares representing 4.05% ownership of the company. In it’s prior filing, the firm reported owning 10,433K shares, representing a decrease of 12.24%. The firm increased its portfolio allocation in EVRG by 78.84% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 7,163K shares representing 3.12% ownership of the company. In it’s prior filing, the firm reported owning 7,100K shares, representing an increase of 0.87%. The firm decreased its portfolio allocation in EVRG by 11.04% over the last quarter.

VFINX – Vanguard 500 Index Fund Investor Shares holds 5,468K shares representing 2.38% ownership of the company. In it’s prior filing, the firm reported owning 5,356K shares, representing an increase of 2.06%. The firm decreased its portfolio allocation in EVRG by 11.61% over the last quarter.

VIMSX – Vanguard Mid-Cap Index Fund Investor Shares holds 5,321K shares representing 2.32% ownership of the company. In it’s prior filing, the firm reported owning 5,360K shares, representing a decrease of 0.72%. The firm decreased its portfolio allocation in EVRG by 8.90% over the last quarter.

Geode Capital Management holds 5,236K shares representing 2.28% ownership of the company. In it’s prior filing, the firm reported owning 5,060K shares, representing an increase of 3.36%. The firm decreased its portfolio allocation in EVRG by 10.53% over the last quarter.

Evergy Background Information
(This description is provided by the company.)

Evergy, Inc. serves approximately 1.6 million customers in Kansas and Missouri. The company was formed in 2018 when long-term local energy providers KCP&L and Westar Energy merged. Evergy is a leader in renewable energy, supplying nearly half of the power the company provides to homes and businesses from emission-free generation. Evergy supports its local communities where the companuy lives and works and strives to meet the needs of customers through energy savings and innovative solutions.

This article originally appeared on Fintel

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