Great Plains Energy Inc (GXP) Earns Buy Rating from Analysts at Bank of America Corporation

Research analysts at Bank of America Corporation assumed coverage on shares of Great Plains Energy Inc (NYSE:GXP) in a research report issued to clients and investors on Tuesday, October 24th, MarketBeat.com reports. The firm set a “buy” rating and a $35.00 price target on the utilities provider’s stock. Bank of America Corporation’s price target points to a potential upside of 5.55% from the stock’s current price.

GXP has been the subject of a number of other research reports. SunTrust Banks, Inc. reiterated a “hold” rating and issued a $30.00 price target on shares of Great Plains Energy in a report on Wednesday, October 4th. J P Morgan Chase & Co upgraded shares of Great Plains Energy from a “neutral” rating to an “overweight” rating and increased their price target for the company from $31.00 to $32.00 in a report on Tuesday, July 11th. Zacks Investment Research upgraded shares of Great Plains Energy from a “sell” rating to a “hold” rating in a report on Wednesday, October 4th. Wells Fargo & Company upgraded shares of Great Plains Energy from a “market perform” rating to an “outperform” rating in a report on Monday, October 2nd. Finally, BidaskClub upgraded shares of Great Plains Energy from a “hold” rating to a “buy” rating in a report on Tuesday, August 8th. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $32.00.

Shares of Great Plains Energy (NYSE:GXP) opened at $33.16 on Tuesday. Great Plains Energy has a 52 week low of $25.85 and a 52 week high of $33.94. The company has a market cap of $7,151.35, a price-to-earnings ratio of 19.06, a PEG ratio of 3.41 and a beta of 0.47. The company has a quick ratio of 1.24, a current ratio of 1.44 and a debt-to-equity ratio of 0.65.

Great Plains Energy (NYSE:GXP) last released its earnings results on Wednesday, November 1st. The utilities provider reported $1.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.09. The company had revenue of $857.20 million during the quarter, compared to analysts’ expectations of $805.72 million. Great Plains Energy had a net margin of 3.42% and a return on equity of 5.41%. During the same quarter last year, the business earned $1.00 EPS. equities research analysts expect that Great Plains Energy will post 1.77 earnings per share for the current fiscal year.

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In other Great Plains Energy news, insider Terry D. Bassham sold 6,370 shares of the firm’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $30.54, for a total transaction of $194,539.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Heather A. Humphrey sold 3,500 shares of the firm’s stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $30.86, for a total transaction of $108,010.00. The disclosure for this sale can be found here. Insiders have sold a total of 27,391 shares of company stock worth $838,626 over the last ninety days. 0.41% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in GXP. UBS Asset Management Americas Inc. boosted its position in shares of Great Plains Energy by 26.4% in the first quarter. UBS Asset Management Americas Inc. now owns 153,669 shares of the utilities provider’s stock worth $4,490,000 after acquiring an additional 32,093 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Great Plains Energy by 1.2% in the first quarter. PNC Financial Services Group Inc. now owns 19,236 shares of the utilities provider’s stock worth $562,000 after acquiring an additional 219 shares during the last quarter. Ngam Advisors L.P. boosted its position in shares of Great Plains Energy by 3.5% in the first quarter. Ngam Advisors L.P. now owns 14,044 shares of the utilities provider’s stock worth $410,000 after acquiring an additional 472 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in shares of Great Plains Energy by 43.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 11,039 shares of the utilities provider’s stock worth $323,000 after acquiring an additional 3,333 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Great Plains Energy by 1.7% in the first quarter. Dimensional Fund Advisors LP now owns 664,720 shares of the utilities provider’s stock worth $19,422,000 after acquiring an additional 11,249 shares during the last quarter. 87.83% of the stock is currently owned by institutional investors and hedge funds.

About Great Plains Energy

Great Plains Energy Incorporated (Great Plains Energy) is a utility holding company. The Company operates through electric utility segment. The Company’s subsidiaries with operations include Kansas City Power & Light Company (KCP&L) and KCP&L Greater Missouri Operations Company (GMO). KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas.

Analyst Recommendations for Great Plains Energy (NYSE:GXP)

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