An issue of Dynegy Inc. (NYSE:DYN) bonds rose 2.8% against their face value during trading on Wednesday. The high-yield debt issue has a 7.625% coupon and will mature on November 1, 2024. The bonds in the issue are now trading at $107.25 and were trading at $105.25 last week. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its stock price.
Several brokerages recently issued reports on DYN. Bank of America Corporation began coverage on Dynegy in a research note on Tuesday. They set a “buy” rating and a $11.00 price objective on the stock. BidaskClub upgraded Dynegy from a “sell” rating to a “hold” rating in a research note on Saturday, August 19th. Royal Bank Of Canada restated a “hold” rating and set a $8.00 price objective on shares of Dynegy in a research note on Tuesday, October 10th. Deutsche Bank AG cut Dynegy from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Finally, Guggenheim restated a “buy” rating and set a $18.00 price objective (up from $14.00) on shares of Dynegy in a research note on Monday, August 21st. Three research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $11.00.
Dynegy Inc. (NYSE:DYN) traded up 17.05% during midday trading on Wednesday, reaching $10.78. The company’s stock had a trading volume of 15,283,490 shares. The firm’s market capitalization is $1.42 billion. The firm has a 50 day moving average price of $9.49 and a 200 day moving average price of $8.42. Dynegy Inc. has a 1-year low of $5.84 and a 1-year high of $11.19.
Dynegy (NYSE:DYN) last announced its earnings results on Thursday, August 3rd. The utilities provider reported ($0.83) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.61). The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $972.27 million. Dynegy had a negative return on equity of 12.97% and a negative net margin of 2.72%. On average, analysts predict that Dynegy Inc. will post ($0.69) EPS for the current year.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Dynegy by 7.7% during the second quarter. Vanguard Group Inc. now owns 9,864,122 shares of the utilities provider’s stock worth $81,577,000 after purchasing an additional 702,231 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Dynegy by 58.7% during the second quarter. Dimensional Fund Advisors LP now owns 5,907,332 shares of the utilities provider’s stock worth $48,854,000 after purchasing an additional 2,185,292 shares during the last quarter. Solus Alternative Asset Management LP bought a new stake in shares of Dynegy during the second quarter worth $24,997,000. State Street Corp grew its holdings in shares of Dynegy by 6.4% during the second quarter. State Street Corp now owns 2,405,493 shares of the utilities provider’s stock worth $19,895,000 after purchasing an additional 145,268 shares during the last quarter. Finally, Penn Capital Management Co. Inc. grew its holdings in shares of Dynegy by 11.3% during the second quarter. Penn Capital Management Co. Inc. now owns 2,283,645 shares of the utilities provider’s stock worth $18,886,000 after purchasing an additional 231,752 shares during the last quarter.
Dynegy Company Profile
Dynegy Inc (Dynegy) is a holding company and conducts the business operations through its subsidiaries. The primary business of Dynegy is the production and sale of electric energy, capacity and ancillary services from the fleet of 18 operating power plants in six states totaling approximately 12,300 megawatt (MW) of generating capacity.