Evergy stock hits 52-week high of $62.59 amid strong growth Via Investing.com
Evergy Inc. (NASDAQ: ), a leading utilities company, has hit a new 52-week high, with the stock price rising to $62.59. This milestone underlines the company’s strong performance over the past year, which has seen its stock price rise by 26.51%. Investors have shown growing confidence in Evergy’s strategic plans and efficiency, which has been critical to the company’s financial success and resilience in a competitive market. The 52-week high represents a significant achievement for Evergy, reflecting positive sentiment among shareholders and an optimistic market view of the company’s future prospects.
In other recent news, energy company Evergy reported strong Q3 results, with adjusted earnings per share (EPS) increasing to $2.02, from $1.88 last year. The increase in revenue was due to increased demand and sales of new stores. Evergy also announced a 4% budget increase and a capital expenditure plan of $16.2 billion by 2029.
These latest developments include key partnerships with Google (NASDAQ:), Panasonic (OTC:), and Meta (NASDAQ:), representing 750 megawatts of load and a strong pipeline of more than 6 gigawatts of potential projects. The company reaffirmed its 2024 adjusted EPS range of $3.73 to $3.93 and set its 2025 guidance to $3.92 to $4.12.
Evergy also generates a general climate growth forecast of 2% to 3% through 2029. However, energy constraints are expected in the near term, as additional production capacity is not available until 2031 or later. The company is negotiating two new data centers, which could add 500 to 1,000 megawatts of load. With a clear focus on maintaining regional competitiveness and a commitment to reliability and affordability, Evergy continues to position itself to succeed in the evolving energy market.
InvestingPro Insights
Evergy’s recent achievement of a new 52-week high is also supported by data from InvestingPro. The company’s stock is currently trading at $62.51, which is 99.89% of the 52-week high, confirming the headline’s view of strong market performance. This upward trajectory is reflected in Evergy’s total profitability, with a 32.73% return over the past year and a 24.04% year-to-date return.
InvestingPro Tips highlights Evergy’s commitment to shareholder value, noting that the company has maintained dividend payments for 33 consecutive years and grown its dividends for 21 consecutive years. This consistent dividend policy, coupled with the current dividend yield of 4.27%, could contribute to investor confidence and the stock’s recent rise.
Additionally, Evergy’s P/E ratio of 16.89 and PEG ratio of 0.67 suggest that the stock may be undervalued relative to its near-term earnings growth potential, which could drive investor interest. The company’s profits over the past twelve months and analysts’ forecasts of continued profits this year further support the positive market sentiment.
For investors looking for a comprehensive analysis, InvestingPro offers 10 additional tips for Evergy, providing in-depth information about the company’s financial health and market conditions.
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