PPL (NYSE:PPL) Reaches New 52-Week High at $32.83

PPL Co. (NYSE:PPL) shares hit a new 52-week high on Monday . The company traded as high as $32.83 and last traded at $32.81, with a volume of 603125 shares changing hands. The stock had previously closed at $32.46.

Wall Street Analysts Forecast Growth

PPL has been the subject of a number of analyst reports. Morgan Stanley boosted their target price on shares of PPL from $31.00 to $33.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Bank of America upped their price objective on PPL from $33.00 to $34.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Jefferies Financial Group assumed coverage on PPL in a research report on Thursday. They set a “buy” rating and a $38.00 target price on the stock. Finally, Wells Fargo & Company increased their price target on shares of PPL from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $33.75.

PPL Stock Performance

The stock has a fifty day moving average of $30.89 and a 200-day moving average of $28.91. The company has a quick ratio of 0.91, a current ratio of 1.11 and a debt-to-equity ratio of 1.12. The stock has a market cap of $24.19 billion, a PE ratio of 31.83, a price-to-earnings-growth ratio of 2.79 and a beta of 0.82.

PPL (NYSE:PPL) last released its quarterly earnings results on Friday, August 2nd. The utilities provider reported $0.38 EPS for the quarter, topping the consensus estimate of $0.33 by $0.05. The business had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.92 billion. PPL had a return on equity of 9.26% and a net margin of 10.17%. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.29 earnings per share. On average, equities analysts forecast that PPL Co. will post 1.72 EPS for the current year.

PPL Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 10th will be given a $0.2575 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $1.03 dividend on an annualized basis and a yield of 3.14%. PPL’s payout ratio is currently 100.00%.

Hedge Funds Weigh In On PPL

A number of large investors have recently modified their holdings of the business. Wellington Management Group LLP acquired a new position in PPL during the fourth quarter worth $570,789,000. Balyasny Asset Management L.P. acquired a new position in PPL during the fourth quarter worth about $108,799,000. Electron Capital Partners LLC lifted its position in shares of PPL by 437.5% during the 4th quarter. Electron Capital Partners LLC now owns 4,890,402 shares of the utilities provider’s stock valued at $132,530,000 after acquiring an additional 3,980,626 shares during the period. Point72 Asset Management L.P. boosted its stake in shares of PPL by 91.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 5,821,936 shares of the utilities provider’s stock worth $160,977,000 after acquiring an additional 2,778,820 shares in the last quarter. Finally, Clearbridge Investments LLC grew its holdings in shares of PPL by 50.3% in the 1st quarter. Clearbridge Investments LLC now owns 4,701,515 shares of the utilities provider’s stock worth $129,433,000 after acquiring an additional 1,572,771 shares during the period. 76.99% of the stock is owned by hedge funds and other institutional investors.

About PPL

PPL Corporation, an energy company, focuses on providing electricity and natural gas to approximately 3.6 million customers in the United States. It operates through three segments: Kentucky Regulated, Pennsylvania Regulated, and Rhode Island Regulated. The company delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky.