CenterPoint Energy (NYSE:CNP) Releases FY24 Earnings Guidance

CenterPoint Energy (NYSE:CNP) issued an update on its FY24 earnings guidance on Tuesday morning. 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.

CenterPoint Energy Stock Performance

NYSE CNP opened at $29.19 on Tuesday. The business’s 50-day moving average price is $30.05 and its 200 day moving average price is $28.88. CenterPoint Energy has a twelve month low of $25.42 and a twelve month high of $31.57. The company has a market capitalization of $18.67 billion, a PE ratio of 20.56, a price-to-earnings-growth ratio of 2.58 and a beta of 0.92. The company has a current ratio of 1.25, a quick ratio of 1.06 and a debt-to-equity ratio of 1.81.

CenterPoint Energy (NYSE:CNP) last announced its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $0.55 EPS for the quarter, topping the consensus estimate of $0.53 by $0.02. The company had revenue of $2.62 billion during the quarter, compared to analyst estimates of $2.82 billion. CenterPoint Energy had a return on equity of 10.57% and a net margin of 11.03%. During the same period in the prior year, the firm posted $0.50 earnings per share. On average, research analysts predict that CenterPoint Energy will post 1.62 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CNP shares. Scotiabank dropped their price target on CenterPoint Energy from $31.00 to $29.00 and set a sector perform rating for the company in a research note on Monday, April 22nd. StockNews.com lowered CenterPoint Energy from a hold rating to a sell rating in a research note on Saturday, July 20th. BMO Capital Markets dropped their price target on CenterPoint Energy from $33.00 to $32.00 and set an outperform rating for the company in a research note on Tuesday, July 23rd. KeyCorp lowered their target price 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 lowered CenterPoint Energy from an overweight rating to an equal weight rating and lowered their target price for the company from $30.00 to $29.00 in a research note on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, CenterPoint Energy has a consensus rating of Hold and a consensus target price of $30.60.

Insider Buying and Selling at CenterPoint Energy

In other CenterPoint Energy news, Director Barry T. Smitherman sold 5,670 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 21,203 shares in the company, valued at approximately $623,792.26. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.18% of the stock is owned by insiders.

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.