Bulletin
Investor Alert

New York Markets After Hours

Market Pulse Archives

Nov. 15, 2019, 2:56 p.m. EST

CenterPoint Energy's stock drops toward 17-month low after analyst downgrades, cuts price target

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    CenterPoint Energy Inc. (CNP)
  • X
    Dow Jones Utility Average Index (DJU)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Shares of CenterPoint Energy Inc. /zigman2/quotes/206368471/composite CNP -1.15% slumped 5.0% in active afternoon trading Friday, putting them on track for 17-month closing low, after SunTrust Robinson Humphrey analyst Ali Agha downgraded the Houston-based utility, citing expectations of a negative outcome in the Texas rate case. Trading volume swelled to 13.6 million shares, compared with the full-day average of 4.6 million shares. Agha cut his rating to hold, barely 2 months after upgrading it to buy. He cut his price target to $27 from $32. "Yesterday's proceedings at the Texas [Public Utility Commission] are pointing to a worse-than-expected outcome in the Houston Electric rate case," Agha wrote in a note to clients. "While the final order has not been issued (we expect that to happen at the next commission open meeting on 12/13/19), it appears that the commission has firmed up key parameters that are significantly lower than expected." No less than eight of the 17 analysts surveyed by FactSet have cut their price targets in the past week, to lower the average target to $30.03 from $32.13 at the end of October. The stock has shed 8.1% over the past three months, while the Dow Jones Utility Average /zigman2/quotes/210598062/realtime DJU -0.62% has gained 2.3% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.86% has climbed 11%.

/zigman2/quotes/206368471/composite
US : U.S.: NYSE
$ 24.82
-0.29 -1.15%
Volume: 6.81M
Dec. 12, 2019 4:10p
P/E Ratio
19.69
Dividend Yield
4.63%
Market Cap
$12.61 billion
Rev. per Employee
$1.31M
loading...
/zigman2/quotes/210598062/realtime
US : Dow Jones Indices
849.68
-5.33 -0.62%
Volume: 54.81M
Dec. 12, 2019 4:55p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,168.57
+26.94 +0.86%
Volume: 2.22B
Dec. 12, 2019 4:55p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.