CenterPoint Energy (NYSE:CNP) Releases FY24 Earnings Guidance

CenterPoint Energy (NYSE:CNP) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $1.62 for the period, compared to the consensus estimate of $1.62. CenterPoint Energy also updated its FY 2024 guidance to 1.610-1.630 EPS.

Analysts Set New Price Targets

Several analysts recently commented on CNP shares. Scotiabank reduced their price target on shares of CenterPoint Energy from $31.00 to $29.00 and set a sector perform rating for the company in a research report on Monday, April 22nd. BMO Capital Markets reduced their target price on shares of CenterPoint Energy from $32.00 to $31.00 and set an outperform rating for the company in a report on Wednesday. StockNews.com lowered CenterPoint Energy from a hold rating to a sell rating in a report on Saturday, July 20th. KeyCorp reduced their price objective on CenterPoint Energy from $33.00 to $31.00 and set an overweight rating for the company in a research note on Monday, July 22nd. Finally, Morgan Stanley cut CenterPoint Energy from an overweight rating to an equal weight rating and decreased their price objective for the stock from $30.00 to $29.00 in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $30.50.

CenterPoint Energy Price Performance

CenterPoint Energy stock traded down $0.62 during midday trading on Wednesday, reaching $27.89. The company’s stock had a trading volume of 6,799,866 shares, compared to its average volume of 4,774,098. The firm has a market capitalization of $17.84 billion, a PE ratio of 19.67, a P/E/G ratio of 2.57 and a beta of 0.92. CenterPoint Energy has a fifty-two week low of $25.42 and a fifty-two week high of $31.57. The stock’s 50 day simple moving average is $30.01 and its 200 day simple moving average is $28.88. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.06 and a current ratio of 1.25.

CenterPoint Energy (NYSE:CNP) last released its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.04. CenterPoint Energy had a net margin of 11.03% and a return on equity of 10.57%. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the previous year, the firm earned $0.28 earnings per share. On average, equities research analysts forecast that CenterPoint Energy will post 1.62 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Barry T. Smitherman sold 5,670 shares of CenterPoint Energy stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $29.42, for a total transaction of $166,811.40. Following the completion of the transaction, the director now owns 21,203 shares of the company’s stock, valued at approximately $623,792.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.18% of the company’s stock.

CenterPoint Energy Company Profile

CenterPoint Energy, Inc operates as a public utility holding company in the United States. The company operates through two segments, Electric and Natural Gas. The Electric segment includes electric transmission and distribution services to electric customers and electric generation assets, as well as optimizes assets in the wholesale power market.