Vectren Corporation (NYSE:VVC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $61.00 price objective on the stock. Zacks Investment Research’s target price points to a potential upside of 11.50% from the stock’s current price.
According to Zacks, “Vectren Corp., through its regulated subsidiaries Indiana Gas and SIGECO, offers gas and/or electricity to customers in adjoining service areas that cover nearly two-thirds of Indiana. Vectren’s non-regulated subsidiaries currently offer energy-related products and services, including energy marketing, fiber-optic based communication services, and utility related services including materials management, debt collections, locating, meter reading and trenching services to customers throughout the surrounding region. (PRESS RELEASE) “
Several other brokerages have also commented on VVC. KeyCorp raised Vectren Corporation from a “sector weight” rating to an “overweight” rating in a research report on Thursday, January 12th. Guggenheim raised Vectren Corporation from a “neutral” rating to a “buy” rating in a research report on Monday, January 9th. Finally, Citigroup Inc. raised Vectren Corporation from a “neutral” rating to a “buy” rating in a research report on Wednesday, December 14th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Vectren Corporation presently has a consensus rating of “Buy” and an average target price of $57.00.
Vectren Corporation (NYSE:VVC) opened at 54.71 on Tuesday. The firm’s 50-day moving average is $51.91 and its 200-day moving average is $50.34. The company has a market cap of $4.53 billion, a price-to-earnings ratio of 21.86 and a beta of 0.63. Vectren Corporation has a 12 month low of $39.43 and a 12 month high of $55.20.
Vectren Corporation (NYSE:VVC) last announced its quarterly earnings data on Wednesday, November 2nd. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.64 by $0.10. The business earned $631 million during the quarter, compared to analyst estimates of $611.78 million. Vectren Corporation had a return on equity of 12.16% and a net margin of 8.80%. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 earnings per share. On average, analysts anticipate that Vectren Corporation will post $2.50 EPS for the current fiscal year.
Several institutional investors have recently bought and sold shares of VVC. The Manufacturers Life Insurance Company bought a new position in Vectren Corporation during the third quarter valued at about $54,647,000. UBS Group AG raised its position in shares of Vectren Corporation by 1,688.8% in the third quarter. UBS Group AG now owns 992,862 shares of the company’s stock worth $49,841,000 after buying an additional 937,358 shares during the period. State Street Corp raised its position in shares of Vectren Corporation by 4.6% in the second quarter. State Street Corp now owns 5,625,462 shares of the company’s stock worth $296,293,000 after buying an additional 248,167 shares during the period. BlackRock Fund Advisors raised its position in shares of Vectren Corporation by 7.2% in the second quarter. BlackRock Fund Advisors now owns 3,061,476 shares of the company’s stock worth $161,248,000 after buying an additional 204,302 shares during the period. Finally, Highbridge Capital Management LLC acquired a new position in shares of Vectren Corporation during the second quarter worth $8,479,000. 61.97% of the stock is owned by hedge funds and other institutional investors.
About Vectren Corporation
Vectren Corporation (Vectren) is an energy holding Company. The Company segregates its operations into groups, including the Utility Group, the Nonutility Group, and Corporate and Other. The Company’s subsidiary, Vectren Utility Holdings, Inc (Utility Holdings or VUHI), serves as the intermediate holding company for three public utilities: Indiana Gas Company, Inc (Indiana Gas), Southern Indiana Gas and Electric Company (SIGECO) and Vectren Energy Delivery of Ohio, Inc (VEDO).
Get a free copy of the Zacks research report on Vectren Corporation (VVC)
For more information about research offerings from Zacks Investment Research, visit Zacks.com