The Kayne Anderson Energy Development Co. (KED) Rating Lowered to Sell at Zacks Investment Research

The Kayne Anderson Energy Development Co. (KED) Rating Lowered to Sell at Zacks Investment Research

Separately, Stifel Nicolaus set a $23.00 price target on Kayne Anderson Energy Development and gave the company a “buy” rating in a research report on Saturday, June 24th.

Kayne Anderson Energy Development Co. (NYSE:KED) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday, July 20th.

Kayne Anderson Energy Development (NYSE:KED) traded down 0.3373% during midday trading on Thursday, reaching $17.6702. The company had a trading volume of 9,259 shares. The company has a 50-day moving average of $17.59 and a 200-day moving average of $18.77. Kayne Anderson Energy Development has a 12-month low of $16.42 and a 12-month high of $20.46.

A number of large investors have recently added to or reduced their stakes in the company. Morgan Stanley increased its stake in Kayne Anderson Energy Development by 51.5% in the first quarter. Morgan Stanley now owns 211,248 shares of the investment management company’s stock valued at $4,117,000 after buying an additional 71,802 shares during the period. Two Sigma Investments LP bought a new stake in Kayne Anderson Energy Development during the fourth quarter valued at approximately $629,000. Bank of America Corp DE increased its stake in Kayne Anderson Energy Development by 106.5% in the first quarter. Bank of America Corp DE now owns 62,688 shares of the investment management company’s stock valued at $1,222,000 after buying an additional 32,329 shares during the period. Nine Chapters Capital Management LLC bought a new stake in Kayne Anderson Energy Development during the first quarter valued at approximately $573,000. Finally, Sit Investment Associates Inc. increased its stake in Kayne Anderson Energy Development by 30.6% in the first quarter. Sit Investment Associates Inc. now owns 116,151 shares of the investment management company’s stock valued at $2,264,000 after buying an additional 27,192 shares during the period.

About Kayne Anderson Energy Development

Kayne Anderson Energy Development Company is a non-diversified, closed-end fund. The Fund’s investment objective is to generate both current income and capital appreciation, through equity and debt investments. It seeks to achieve this objective by investing approximately 80% of its total assets in securities of companies that derive their revenue from activities in the energy industry, including midstream energy companies, which operates assets used to gather, transport, process, treat, terminal and store natural gas, natural gas liquids, crude oil or refined petroleum products; upstream energy companies, which are engaged in the exploration, extraction and production of natural resources, including natural gas, natural gas liquids and crude oil, from onshore and offshore geological reservoirs, and other energy companies, which are engaged in owning, leasing, managing, producing, processing and selling of coal and coal reserves.

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