Corebridge Financial Inc. Boosts Stake in Entergy Corporation (NYSE:ETR)

Corebridge Financial Inc. grew its position in shares of Entergy Corporation (NYSE:ETR) by 91.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 101,520 shares of the utilities provider’s stock after acquiring an additional 48,440 shares during the period. Corebridge Financial Inc.’s holdings in Entergy were worth $7,697,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. United Services Automobile Association purchased a new position in Entergy in the fourth quarter valued at approximately $771,000. Twin City Private Wealth LLC increased its position in shares of Entergy by 107.0% in the fourth quarter. Twin City Private Wealth LLC now owns 29,331 shares of the utilities provider’s stock worth $2,224,000 after acquiring an additional 15,163 shares in the last quarter. Horrell Capital Management Inc. raised its stake in shares of Entergy by 100.3% in the 4th quarter. Horrell Capital Management Inc. now owns 53,298 shares of the utilities provider’s stock valued at $4,041,000 after acquiring an additional 26,687 shares during the period. CMC Financial Group acquired a new position in shares of Entergy during the 4th quarter valued at $234,000. Finally, Vanguard Group Inc. boosted its position in Entergy by 101.9% during the 4th quarter. Vanguard Group Inc. now owns 52,133,646 shares of the utilities provider’s stock worth $3,952,773,000 after purchasing an additional 26,312,267 shares during the period. 88.07% of the stock is currently owned by hedge funds and other institutional investors.

Entergy Stock Down 0.2 %

Shares of NYSE:ETR opened at $83.96 on Friday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.59 and a current ratio of 0.72. The company’s fifty day moving average is $83.30 and its two-hundred day moving average is $75.59. Entergy Corporation has a 1-year low of $50.19 and a 1-year high of $88.38. The stock has a market capitalization of $36.17 billion, a price-to-earnings ratio of 34.48, a price-to-earnings-growth ratio of 2.34 and a beta of 0.68.

Entergy (NYSE:ETR) last issued its quarterly earnings data on Tuesday, February 18th. The utilities provider reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.03. Entergy had a net margin of 8.90% and a return on equity of 10.68%. The firm had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same period last year, the firm posted $0.26 EPS. Equities analysts anticipate that Entergy Corporation will post 3.88 EPS for the current year.

Entergy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, February 10th were given a $0.60 dividend. The ex-dividend date was Monday, February 10th. This represents a $2.40 dividend on an annualized basis and a yield of 2.86%. Entergy’s dividend payout ratio is presently 98.77%.

Wall Street Analyst Weigh In

ETR has been the topic of several research reports. LADENBURG THALM/SH SH raised Entergy from a “neutral” rating to a “buy” rating and set a $86.50 price objective on the stock in a research report on Thursday, January 30th. Morgan Stanley boosted their price target on Entergy from $75.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 20th. StockNews.com upgraded Entergy from a “sell” rating to a “hold” rating in a report on Sunday, December 29th. Scotiabank lowered their target price on Entergy from $165.00 to $82.00 and set a “sector perform” rating for the company in a research note on Tuesday, January 7th. Finally, JPMorgan Chase & Co. increased their price target on Entergy from $87.00 to $98.00 and gave the company an “overweight” rating in a report on Tuesday, March 11th. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $84.75.

About Entergy

Entergy Corporation, together with its subsidiaries, engages in the production and retail distribution of electricity in the United States. It generates, transmits, distributes, and sells electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, including the City of New Orleans; and distributes natural gas.