Investment analysts at Bank of America Corporation started coverage on shares of Westar Energy, Inc. (NYSE:WR) in a report issued on Tuesday, October 24th, MarketBeat.com reports. The firm set a “buy” rating and a $57.00 price target on the utilities provider’s stock. Bank of America Corporation’s target price would suggest a potential upside of 6.01% from the stock’s previous close.
WR has been the subject of a number of other research reports. Zacks Investment Research lowered shares of Westar Energy from a “buy” rating to a “hold” rating in a report on Friday, July 7th. Wells Fargo & Company raised shares of Westar Energy from a “market perform” rating to an “outperform” rating and set a $55.00 price target for the company in a report on Monday, October 2nd. Wolfe Research began coverage on shares of Westar Energy in a report on Wednesday, July 26th. They issued an “outperform” rating for the company. BidaskClub raised shares of Westar Energy from a “sell” rating to a “hold” rating in a report on Saturday, August 5th. Finally, J P Morgan Chase & Co raised shares of Westar Energy from a “neutral” rating to an “overweight” rating and raised their price target for the company from $32.00 to $53.00 in a report on Tuesday, July 11th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $55.75.
Westar Energy (NYSE WR) traded down $0.75 during midday trading on Tuesday, hitting $53.77. 855,000 shares of the company traded hands, compared to its average volume of 778,800. The company has a market capitalization of $7,540.00, a PE ratio of 22.62, a PEG ratio of 6.58 and a beta of 0.41. The company has a current ratio of 1.07, a quick ratio of 0.65 and a debt-to-equity ratio of 0.97. Westar Energy has a twelve month low of $49.20 and a twelve month high of $57.50.
Westar Energy (NYSE:WR) last posted its quarterly earnings data on Tuesday, October 31st. The utilities provider reported $1.11 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.20 by ($0.09). The firm had revenue of $794.33 million for the quarter, compared to analyst estimates of $773.96 million. Westar Energy had a return on equity of 8.94% and a net margin of 13.32%. The business’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.09 EPS. sell-side analysts predict that Westar Energy will post 2.44 earnings per share for the current year.
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In other Westar Energy news, VP Kevin L. Kongs sold 2,000 shares of Westar Energy stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $54.06, for a total transaction of $108,120.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Anthony D. Somma sold 3,000 shares of Westar Energy stock in a transaction on Monday, November 6th. The stock was sold at an average price of $54.53, for a total transaction of $163,590.00. The disclosure for this sale can be found here. Insiders have sold a total of 49,600 shares of company stock valued at $2,592,077 in the last ninety days. Company insiders own 0.70% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN boosted its position in shares of Westar Energy by 6.8% during the third quarter. Wells Fargo & Company MN now owns 183,105 shares of the utilities provider’s stock worth $9,082,000 after purchasing an additional 11,685 shares in the last quarter. Cadence Capital Management LLC boosted its position in shares of Westar Energy by 45.3% during the third quarter. Cadence Capital Management LLC now owns 7,451 shares of the utilities provider’s stock worth $370,000 after purchasing an additional 2,322 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Westar Energy by 20.3% during the third quarter. JPMorgan Chase & Co. now owns 2,249,977 shares of the utilities provider’s stock worth $112,184,000 after purchasing an additional 379,131 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Westar Energy by 9.3% during the third quarter. Legal & General Group Plc now owns 745,129 shares of the utilities provider’s stock worth $36,960,000 after purchasing an additional 63,380 shares in the last quarter. Finally, Ffcm LLC bought a new position in shares of Westar Energy during the third quarter worth $113,000. 73.68% of the stock is currently owned by institutional investors.
About Westar Energy
Westar Energy, Inc is an electric utility. The Company provides electric generation, transmission and distribution services. The Company provides these services in central and northeastern Kansas, including the cities of Topeka, Lawrence, Manhattan, Salina and Hutchinson. Its subsidiary, Kansas Gas and Electric Company (KGE), provides these services in south-central and southeastern Kansas, including the city of Wichita.
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