Scana Corporation (NYSE:SCG) Now Covered by Analysts at Bank of America Corporation

Research analysts at Bank of America Corporation initiated coverage on shares of Scana Corporation (NYSE:SCG) in a research note issued to investors on Tuesday, October 24th, MarketBeat.com reports. The brokerage set a “neutral” rating and a $49.00 price target on the utilities provider’s stock. Bank of America Corporation’s target price suggests a potential upside of 11.52% from the stock’s previous close.

A number of other research firms have also weighed in on SCG. Morgan Stanley cut their target price on shares of Scana Corporation from $70.00 to $67.00 and set an “underweight” rating for the company in a report on Tuesday, July 11th. Williams Capital dropped their price objective on shares of Scana Corporation from $70.00 to $50.00 and set a “hold” rating for the company in a research note on Wednesday, September 27th. BidaskClub lowered shares of Scana Corporation from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Goldman Sachs Group, Inc. (The) raised shares of Scana Corporation from a “sell” rating to a “neutral” rating and dropped their price objective for the stock from $66.00 to $64.00 in a research note on Thursday, July 20th. Finally, Mizuho reaffirmed an “underperform” rating and set a $63.00 price objective on shares of Scana Corporation in a research note on Friday, July 7th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. Scana Corporation presently has an average rating of “Hold” and an average price target of $61.44.

Scana Corporation (NYSE:SCG) traded down $0.66 on Tuesday, hitting $43.94. 2,392,700 shares of the company were exchanged, compared to its average volume of 2,320,850. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.41 and a current ratio of 0.88. The stock has a market capitalization of $6,266.55, a P/E ratio of 10.80, a price-to-earnings-growth ratio of 2.99 and a beta of 0.21. Scana Corporation has a one year low of $41.15 and a one year high of $74.99.

Scana Corporation (NYSE:SCG) last released its earnings results on Thursday, October 26th. The utilities provider reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.01). The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.17 billion. Scana Corporation had a return on equity of 10.05% and a net margin of 10.45%. Scana Corporation’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.32 EPS. research analysts predict that Scana Corporation will post 4.19 EPS for the current fiscal year.

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Several institutional investors and hedge funds have recently bought and sold shares of the company. Johnson Financial Group Inc. boosted its position in Scana Corporation by 7.9% in the third quarter. Johnson Financial Group Inc. now owns 22,096 shares of the utilities provider’s stock valued at $1,071,000 after buying an additional 1,627 shares during the last quarter. Cadence Capital Management LLC boosted its position in Scana Corporation by 50.6% in the 3rd quarter. Cadence Capital Management LLC now owns 9,941 shares of the utilities provider’s stock worth $482,000 after purchasing an additional 3,341 shares in the last quarter. Trexquant Investment LP purchased a new stake in Scana Corporation in the 3rd quarter worth approximately $1,257,000. JPMorgan Chase & Co. boosted its position in Scana Corporation by 20.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 153,739 shares of the utilities provider’s stock worth $7,840,000 after purchasing an additional 25,942 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in Scana Corporation by 5.7% in the 3rd quarter. Legal & General Group Plc now owns 1,117,658 shares of the utilities provider’s stock worth $54,199,000 after purchasing an additional 59,907 shares in the last quarter. Hedge funds and other institutional investors own 67.02% of the company’s stock.

About Scana Corporation

SCANA Corporation is a holding company. The Company, through its subsidiaries, is engaged in the generation, transmission, distribution and sale of electricity in South Carolina. The Company operates through segments, including Electric Operations, Gas Distribution, Gas Marketing and All Other. The Company is engaged in the purchase, transmission and sale of natural gas in North Carolina and South Carolina.

Analyst Recommendations for Scana Corporation (NYSE:SCG)

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