Scotiabank Cuts Entergy (NYSE:ETR) Price Target to $82.00

Entergy (NYSE:ETR) had its price target decreased by Scotiabank from $165.00 to $82.00 in a research report report published on Tuesday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the utilities provider’s stock. Scotiabank also issued estimates for Entergy’s FY2024 earnings at $3.63 EPS and FY2025 earnings at $3.87 EPS.

Several other analysts have also recently commented on the stock. KeyCorp cut shares of Entergy from an “overweight” rating to a “sector weight” rating in a report on Wednesday, December 4th. Morgan Stanley upgraded shares of Entergy from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $58.00 to $75.00 in a report on Monday, November 4th. UBS Group increased their price objective on Entergy from $72.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Guggenheim boosted their target price on Entergy from $72.50 to $82.50 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, BMO Capital Markets dropped their target price on Entergy from $83.00 to $79.50 and set an “outperform” rating on the stock in a research report on Monday, November 18th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Entergy has an average rating of “Moderate Buy” and a consensus price target of $77.37.

Entergy Stock Up 1.0 %

Shares of NYSE:ETR opened at $76.69 on Tuesday. The firm has a 50 day simple moving average of $75.24 and a 200 day simple moving average of $65.69. Entergy has a 52 week low of $48.08 and a 52 week high of $79.04. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.59 and a current ratio of 0.89. The company has a market cap of $32.89 billion, a PE ratio of 18.68, a price-to-earnings-growth ratio of 2.48 and a beta of 0.71.

Entergy (NYSE:ETR) last released its earnings results on Thursday, October 31st. The utilities provider reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.04. The company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.46 billion. Entergy had a return on equity of 9.53% and a net margin of 14.83%. During the same quarter in the prior year, the company earned $1.64 earnings per share. As a group, research analysts expect that Entergy will post 3.61 earnings per share for the current year.

Entergy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Wednesday, November 13th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date was Wednesday, November 13th. Entergy’s dividend payout ratio (DPR) is 58.39%.

Insider Buying and Selling at Entergy

In related news, insider Haley Fisackerly sold 8,268 shares of Entergy stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $74.52, for a total transaction of $616,090.02. Following the completion of the transaction, the insider now directly owns 4,032 shares of the company’s stock, valued at $300,444.48. This trade represents a 67.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Eliecer Viamontes sold 400 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $73.50, for a total transaction of $29,400.00. Following the sale, the insider now directly owns 8,346 shares in the company, valued at $613,431. This represents a 4.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,756 shares of company stock valued at $1,095,637. 0.39% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Ameriprise Financial Inc. increased its position in Entergy by 47.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 6,479,044 shares of the utilities provider’s stock valued at $693,260,000 after acquiring an additional 2,075,776 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Entergy by 53.0% during the 3rd quarter. Franklin Resources Inc. now owns 5,718,859 shares of the utilities provider’s stock worth $754,318,000 after buying an additional 1,981,611 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Entergy by 60.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,589,727 shares of the utilities provider’s stock valued at $472,444,000 after buying an additional 1,354,355 shares during the last quarter. Millennium Management LLC increased its stake in shares of Entergy by 185.5% in the 2nd quarter. Millennium Management LLC now owns 1,876,672 shares of the utilities provider’s stock valued at $200,804,000 after buying an additional 1,219,419 shares during the period. Finally, Confluence Investment Management LLC raised its position in shares of Entergy by 96.0% during the fourth quarter. Confluence Investment Management LLC now owns 1,607,273 shares of the utilities provider’s stock worth $121,863,000 after acquiring an additional 787,367 shares during the last quarter. 88.07% of the stock is owned by institutional investors.

About Entergy

Entergy Corporation, together with its subsidiaries, engages in the production and retail distribution of electricity in the United States. It generates, transmits, distributes, and sells electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, including the City of New Orleans; and distributes natural gas.