Entergy Corporation (NYSE:ETR) Shares Acquired by Summit Asset Management LLC

Summit Asset Management LLC grew its position in Entergy Corporation (NYSE:ETR) by 100.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 3,500 shares of the utilities provider’s stock after acquiring an additional 1,750 shares during the period. Summit Asset Management LLC’s holdings in Entergy were worth $265,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Franklin Resources Inc. grew its stake 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 purchasing an additional 1,981,611 shares in the last quarter. Jennison Associates LLC grew its stake in Entergy by 139.5% during the 4th quarter. Jennison Associates LLC now owns 2,423,556 shares of the utilities provider’s stock worth $183,754,000 after purchasing an additional 1,411,473 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Entergy by 60.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,589,727 shares of the utilities provider’s stock worth $472,444,000 after purchasing an additional 1,354,355 shares in the last quarter. Truist Financial Corp grew its stake in Entergy by 105.0% during the 4th quarter. Truist Financial Corp now owns 2,072,950 shares of the utilities provider’s stock worth $157,171,000 after purchasing an additional 1,061,527 shares in the last quarter. Finally, Confluence Investment Management LLC grew its stake in Entergy by 96.0% during the 4th quarter. Confluence Investment Management LLC now owns 1,607,273 shares of the utilities provider’s stock worth $121,863,000 after purchasing an additional 787,367 shares in the last quarter. 88.07% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Entergy

In other Entergy news, insider Deanna D. Rodriguez sold 6,088 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $73.94, for a total value of $450,146.72. Following the transaction, the insider now directly owns 3,952 shares of the company’s stock, valued at $292,210.88. This trade represents a 60.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.39% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ETR shares. KeyCorp cut Entergy from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, December 4th. Bank of America downgraded Entergy from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $69.00 to $77.00 in a report on Monday, November 4th. UBS Group lifted their price target on Entergy from $72.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Morgan Stanley raised Entergy from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $58.00 to $75.00 in a report on Monday, November 4th. Finally, Evercore ISI lifted their price target on Entergy from $75.00 to $86.00 and gave the stock an “in-line” rating in a report on Wednesday. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Entergy currently has an average rating of “Moderate Buy” and an average target price of $82.14.

Entergy Trading Down 1.1 %

Shares of Entergy stock opened at $84.94 on Friday. Entergy Corporation has a fifty-two week low of $49.80 and a fifty-two week high of $88.38. The firm has a market cap of $36.56 billion, a PE ratio of 34.88, a P/E/G ratio of 2.34 and a beta of 0.72. The business’s fifty day moving average is $79.45 and its two-hundred day moving average is $71.58. The company has a quick ratio of 0.59, a current ratio of 0.72 and a debt-to-equity ratio of 1.81.

Entergy (NYSE:ETR) last issued its earnings results on Tuesday, February 18th. The utilities provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.03. Entergy had a return on equity of 10.68% and a net margin of 8.90%. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same period last year, the company posted $0.26 EPS. Analysts anticipate that Entergy Corporation will post 3.88 earnings per share for the current year.

Entergy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 10th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.83%. The ex-dividend date is Monday, February 10th. Entergy’s dividend payout ratio (DPR) is presently 98.56%.

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.