Bank of Nova Scotia Cuts Stake in Entergy Corporation (NYSE:ETR)

Bank of Nova Scotia reduced its holdings in Entergy Corporation (NYSE:ETR) by 55.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,486 shares of the utilities provider’s stock after selling 50,723 shares during the period. Bank of Nova Scotia’s holdings in Entergy Corporation were worth $3,108,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ETR. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Entergy Corporation by 46.1% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,300 shares of the utilities provider’s stock valued at $100,000 after purchasing an additional 410 shares during the period. V Wealth Management LLC acquired a new position in Entergy Corporation during the second quarter worth $106,000. Parallel Advisors LLC raised its position in Entergy Corporation by 291.6% during the first quarter. Parallel Advisors LLC now owns 2,377 shares of the utilities provider’s stock worth $182,000 after acquiring an additional 1,770 shares during the period. BlueMountain Capital Management LLC acquired a new position in Entergy Corporation during the second quarter worth $204,000. Finally, IBM Retirement Fund raised its position in Entergy Corporation by 34.1% during the second quarter. IBM Retirement Fund now owns 2,669 shares of the utilities provider’s stock worth $205,000 after acquiring an additional 678 shares during the period. 84.73% of the stock is currently owned by institutional investors and hedge funds.



In other news, EVP Donald W. Vinci sold 6,594 shares of the business’s stock in a transaction on Thursday, October 19th. The stock was sold at an average price of $85.00, for a total transaction of $560,490.00. Following the completion of the sale, the executive vice president now owns 14,867 shares in the company, valued at $1,263,695. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Paul D. Hinnenkamp sold 2,500 shares of the business’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $86.00, for a total value of $215,000.00. Following the sale, the chief operating officer now owns 23,425 shares of the company’s stock, valued at approximately $2,014,550. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,039 shares of company stock valued at $2,823,647. 0.24% of the stock is currently owned by corporate insiders.

A number of brokerages have recently commented on ETR. Mizuho reaffirmed a “hold” rating and set a $83.00 target price on shares of Entergy Corporation in a research note on Friday. Wells Fargo & Company reaffirmed an “outperform” rating and set a $96.00 target price (up previously from $90.00) on shares of Entergy Corporation in a research note on Wednesday. Bank of America Corporation started coverage on shares of Entergy Corporation in a research note on Tuesday. They set a “neutral” rating and a $86.00 target price for the company. Jefferies Group LLC raised shares of Entergy Corporation from a “hold” rating to a “buy” rating in a research note on Monday, October 16th. Finally, Citigroup Inc. raised shares of Entergy Corporation from a “neutral” rating to a “buy” rating and set a $91.00 price objective for the company in a research note on Friday, October 13th. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $82.42.

Entergy Corporation (ETR) traded up 0.68% during mid-day trading on Friday, reaching $86.77. 1,142,415 shares of the company’s stock were exchanged. The company’s 50 day moving average price is $79.98 and its 200-day moving average price is $78.02. The company’s market capitalization is $15.58 billion. Entergy Corporation has a 52 week low of $66.71 and a 52 week high of $86.84.

Entergy Corporation (NYSE:ETR) last issued its quarterly earnings data on Tuesday, October 24th. The utilities provider reported $2.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.24 by $0.11. Entergy Corporation had a positive return on equity of 14.76% and a negative net margin of 7.82%. The firm had revenue of $3.24 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the previous year, the company posted $2.31 EPS. On average, equities research analysts expect that Entergy Corporation will post $6.87 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Thursday, November 9th will be given a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 4.10%. This is an increase from Entergy Corporation’s previous quarterly dividend of $0.87. Entergy Corporation’s payout ratio is presently -70.45%.

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About Entergy Corporation

Entergy Corporation is a holding company. The Company is an integrated energy company engaged in electric power production and retail electric distribution operations. The Company operates through two business segments: Utility and Entergy Wholesale Commodities. The Utility segment includes the generation, transmission, distribution and sale of electric power to retail and wholesale customers in areas of Arkansas, Mississippi, Texas and Louisiana, including the City of New Orleans and operates a natural gas distribution business.

Institutional Ownership by Quarter for Entergy Corporation (NYSE:ETR)

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