Evergy, Inc. (EVRG), headquartered in Kansas City, Missouri, generates, transmits, distributes, and sells electricity. Valued at $12.73 billion by market cap, the company, through its subsidiaries Evergy Kansas Central, Evergy Metro, and Evergy Missouri West, provides clean, safe, and reliable energy to 1.7 million customers in Kansas and Missouri. The leading electric utility is expected to announce its fiscal second-quarter earnings for 2024 before the market opens on Friday, Aug. 9.
Ahead of the event, analysts expect EVRG to report a profit of $0.99 per share on a diluted basis, up 22.2% from $0.81 per share in the year-ago quarter. The company beat the consensus estimates in two of the last four quarters while missing on two other occasions.
For fiscal 2024, analysts expect EVRG to report EPS of $3.85, up 8.8% from $3.54 in fiscal 2023.
EVRG stock has underperformed the S&P 500’s ($SPX) 16.7% gains on a YTD basis, with shares up 6.3% during this period. Similarly, it underperformed the S&P 500 Utilities Sector SPDR’s (XLU) 11.7% gains over the same time frame.
On May 9, EVRG reported its Q1 results. Its adjusted net income stood at $124.70 million, representing a decline of 8.4% year over year. The company’s adjusted EPS fell 8.5% year over year to $0.54. EVRG reaffirmed its 2024 non-GAAP EPS guidance range of $3.73 to $3.93. Moreover, it reaffirmed its long-term adjusted EPS annual growth target of 4% to 6% through 2026. EVRG shares closed up more than 2% on the day the results were released.
Analysts’ consensus opinion on EVRG stock is bullish, with a “Moderate Buy” rating overall. Out of 10 analysts covering the stock, four advise a “Strong Buy” rating, and six recommend a “Hold.” The average analyst price target for EVRG is $58, indicating a 4.5% potential upside from the current levels.
On the date of publication, Dipanjan Banchur did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
