Entergy Co. (NYSE:ETR) Position Lowered by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC trimmed its stake in shares of Entergy Co. (NYSE:ETR) by 8.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 428,323 shares of the utilities provider’s stock after selling 38,622 shares during the period. Entergy accounts for 4.3% of HITE Hedge Asset Management LLC’s portfolio, making the stock its 7th largest holding. HITE Hedge Asset Management LLC owned approximately 0.20% of Entergy worth $45,831,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Iron Horse Wealth Management LLC purchased a new position in shares of Entergy during the second quarter valued at about $25,000. Heritage Wealth Advisors grew its holdings in Entergy by 2,172.7% during the 1st quarter. Heritage Wealth Advisors now owns 250 shares of the utilities provider’s stock valued at $26,000 after buying an additional 239 shares in the last quarter. American National Bank increased its stake in Entergy by 93.7% in the 2nd quarter. American National Bank now owns 277 shares of the utilities provider’s stock worth $30,000 after acquiring an additional 134 shares during the last quarter. TruNorth Capital Management LLC purchased a new stake in shares of Entergy during the 2nd quarter worth approximately $32,000. Finally, Rothschild Investment LLC bought a new position in shares of Entergy during the 2nd quarter valued at approximately $34,000. 88.07% of the stock is currently owned by institutional investors.

Entergy Price Performance

Shares of ETR opened at $130.03 on Wednesday. The firm has a fifty day moving average price of $119.42 and a 200-day moving average price of $111.31. The company has a current ratio of 0.94, a quick ratio of 0.62 and a debt-to-equity ratio of 1.81. The firm has a market capitalization of $27.80 billion, a P/E ratio of 13.04, a P/E/G ratio of 2.46 and a beta of 0.73. Entergy Co. has a 12-month low of $87.10 and a 12-month high of $131.03.

Entergy (NYSE:ETR) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.16. The company had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $2.98 billion. Entergy had a net margin of 14.75% and a return on equity of 10.10%. During the same period in the previous year, the company earned $1.84 EPS. Equities research analysts expect that Entergy Co. will post 7.22 earnings per share for the current year.

Entergy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 13th were issued a dividend of $1.13 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $4.52 annualized dividend and a yield of 3.48%. Entergy’s payout ratio is currently 45.34%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Guggenheim upped their price target on shares of Entergy from $118.00 to $128.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Bank of America increased their price target on shares of Entergy from $135.00 to $138.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Morgan Stanley upped their price objective on Entergy from $100.00 to $109.00 and gave the company an “underweight” rating in a research report on Friday, August 23rd. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $109.50 target price (down previously from $117.00) on shares of Entergy in a report on Wednesday, June 12th. Finally, JPMorgan Chase & Co. increased their price target on Entergy from $131.00 to $141.00 and gave the company an “overweight” rating in a report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $127.35.

Insider Buying and Selling at Entergy

In other news, CEO Andrew S. Marsh sold 3,200 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $121.46, for a total transaction of $388,672.00. Following the transaction, the chief executive officer now owns 150,731 shares in the company, valued at $18,307,787.26. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Eliecer Viamontes sold 5,166 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $120.00, for a total value of $619,920.00. Following the completion of the sale, the insider now owns 5,117 shares of the company’s stock, valued at approximately $614,040. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Andrew S. Marsh sold 3,200 shares of Entergy stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $121.46, for a total transaction of $388,672.00. Following the transaction, the chief executive officer now directly owns 150,731 shares in the company, valued at $18,307,787.26. The disclosure for this sale can be found here. Insiders sold a total of 50,810 shares of company stock valued at $6,140,626 in the last ninety days. Corporate insiders own 0.39% of the company’s stock.

About Entergy

Entergy Corporation, together with its subsidiaries, engages in the production and retail distribution of electricity in the United States. It generates, transmits, distributes, and sells electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, including the City of New Orleans; and distributes natural gas.