Corebridge Financial Inc. Sells 7,409 Shares of CenterPoint Energy, Inc. (NYSE:CNP)

Corebridge Financial Inc. cut its stake in shares of CenterPoint Energy, Inc. (NYSE:CNP) by 4.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 154,271 shares of the utilities provider’s stock after selling 7,409 shares during the quarter. Corebridge Financial Inc.’s holdings in CenterPoint Energy were worth $4,895,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CNP. HighTower Advisors LLC increased its stake in shares of CenterPoint Energy by 2.9% in the fourth quarter. HighTower Advisors LLC now owns 80,577 shares of the utilities provider’s stock worth $2,557,000 after purchasing an additional 2,283 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in CenterPoint Energy by 3.0% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,484,528 shares of the utilities provider’s stock worth $47,104,000 after buying an additional 42,578 shares during the period. Custom Index Systems LLC purchased a new stake in CenterPoint Energy in the 4th quarter worth $265,000. Atria Investments Inc raised its holdings in CenterPoint Energy by 57.1% during the fourth quarter. Atria Investments Inc now owns 34,577 shares of the utilities provider’s stock valued at $1,097,000 after acquiring an additional 12,563 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of CenterPoint Energy by 7.1% in the third quarter. Principal Financial Group Inc. now owns 847,366 shares of the utilities provider’s stock valued at $24,930,000 after acquiring an additional 56,037 shares in the last quarter. Institutional investors own 91.77% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on CNP shares. UBS Group upgraded CenterPoint Energy from a “neutral” rating to a “buy” rating and upped their price target for the stock from $31.00 to $37.00 in a research note on Tuesday, December 3rd. LADENBURG THALM/SH SH began coverage on shares of CenterPoint Energy in a research report on Thursday, December 12th. They set a “buy” rating and a $34.50 target price for the company. Scotiabank upgraded shares of CenterPoint Energy from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the company from $30.00 to $35.00 in a report on Thursday, December 12th. Evercore ISI raised shares of CenterPoint Energy from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $36.00 to $37.00 in a report on Tuesday, March 11th. Finally, JPMorgan Chase & Co. lifted their target price on CenterPoint Energy from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, March 11th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $33.77.

CenterPoint Energy Price Performance

NYSE:CNP opened at $36.26 on Friday. The stock has a 50 day moving average of $33.85 and a two-hundred day moving average of $31.73. CenterPoint Energy, Inc. has a 12 month low of $25.41 and a 12 month high of $36.40. The firm has a market cap of $23.66 billion, a P/E ratio of 22.80, a price-to-earnings-growth ratio of 2.71 and a beta of 0.91. The company has a current ratio of 1.08, a quick ratio of 0.92 and a debt-to-equity ratio of 1.91.

CenterPoint Energy (NYSE:CNP) last issued its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.40 EPS for the quarter, hitting the consensus estimate of $0.40. The firm had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.46 billion. CenterPoint Energy had a return on equity of 10.02% and a net margin of 11.79%. On average, analysts expect that CenterPoint Energy, Inc. will post 1.75 earnings per share for the current fiscal year.

CenterPoint Energy 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.