Wells Fargo took its CenterPoint Energy [CNP] rating to the equivalent of Overweight from Equal Weight, and the price target to $24 from $25, in a research note dated 2021-01-06. That figure represents around a 11.32% premium from where the company’s shares closed on Tuesday. Other analysts also revised their coverage, with BofA Securities’s analysts upgrading the shares from “an Underperform” rating to “a Neutral” rating in a research note to investors issued in early August. Meanwhile, Goldman had lowered its rating on CNP to “Neutral” from the earlier “Buy”, in a research note produced for clients May 12, 2020. In addition, there was a downgrade from BofA/Merrill on May 08, 2020. The rater changed CNP from “a Neutral” to “an Underperform”.
Is CenterPoint Energy Inc. [NYSE:CNP] a Good Buy Right Now?
It should be noted that CNP technical indicators for short, intermediate as well as long term progress have placed an overall average of 40% as Buy. The average signal changed from 40% Buy in the last week and compares with 80% Buy in the past month. Data from CenterPoint Energy Inc.’s Trend Spotter indicated that the signals were Weakest. The stock current average is 5.01 million shares in the past 20 days and the short term average signal indicates a Hold. In the last 50 days, the average trading volume was 5.31 million shares while the medium term average advocated for 50% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 4.9 million shares.
CNP Price Performance
On Wall Street, CenterPoint Energy Inc. [NYSE:CNP] finished Tuesday’s session up 1.08% at $21.57. The stock went up to $21.635 at the same session while its lowest single day price was $21.195. In the last five days, it saw a rise of about 0.75%, CenterPoint Energy Inc. shares dropped by almost -0.32% since the beginning of the year. However, the share price has dropped to as low as -21.65% below its one year high. On 01/04/21, the company shares recorded $21.74, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $21.17. The company’s shares have declined by -19.36% in the past year. The 50-day SMA achieved is $22.55 while the 200-day SMA is $19.54. Volume dropped to 3.79 million from 3.97 million in the previous session.
CNP Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 21.30 level, and in case of violation of this particular level, it will cause more drop to 21.03 level. On the upper level, 21.91 is still the key resistance. The stock may increase to the subsequent resistance at 21.74. The Relative Strength Index (RSI) pinned on the 14-day chart is 45.25, implying a neutral technical stance while the MACD stands at -0.02, meaning price will decrease in the next trading period. Percent R indicator moved to 46.54%, implying low price movement. Stochastic %K at 50.10% suggest selling the stock.
What is the short interest in CenterPoint Energy Inc.?
Short interest in the CenterPoint Energy Inc. stock has surged, increasing by 2.43 million shares to total 16.01 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 18.44 million, data from Yahoo Finance shows. The decrease of -15.18% suggests the stock saw some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 3.30% of the overall float for the stock.
CenterPoint Energy Inc.’s Biggest Shareholders: Who Owns CenterPoint Energy Inc. [CNP]?
Filings by The Vanguard Group, Inc. showed that the firm now holds a total of 62,070,749 shares or roughly 11.39% of the outstanding CNP shares. This means their shares have increased by 4,106,323 from the 62,070,749 the investor reportedly held in its prior 13-F filing. With the conclusion of the purchase, BlackRock Fund Advisors updated stake is worth $746,053,699. Details in the latest 13F filings reveal that SSgA Funds Management, Inc. disposed off their -6.68% stake valued at $675,995,225 while Fidelity Management & Research Co added theirs at $602,081,274. During the last quarter, SSgA Funds Management, Inc. liquidated -2,088,225 of its shares in CenterPoint Energy Inc. while Fidelity Management & Research Co bought 177,459 shares. The Capital Research & Management Co’s holdings currently number 22,398,382 shares at $483133099.74. According to the firm’s last 13F report, TIAA-CREF Investment Management L shares in the company at filing stood at 20,675,066 shares, roughly $479,454,781.
CNP Earnings Forecast For The Current Quarter
CenterPoint Energy Inc. [CNP] is expected to report weak earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $2.35B and an earnings per share of $0.19 for Dec 2020. Looking further ahead, the company is expected to report revenue of $2.21B at an EPS of $0.47 for Mar 2021. The estimates represent a downside of 2.10% and 6.04% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
CNP Earnings Estimates For The Current Year
For the financial year, CenterPoint Energy Inc. [NYSE:CNP] is expected to bring in revenue of $8.02B. The returns are nearly $-4.28 billion lower than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at 1.32, lower than that of FY19 by -$0.47. Estimates put this year’s earnings growth at -26.30%, 6.10% for the next, and at an annual -5.88% over the next 5-year period. As for sales, forecasts are for a decrease of -34.80% in the current fiscal year and a further 2.10% over the following year.