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CenterPoint Energy, Inc. (NYSE: CNP) shares have appreciated 15.2 percent over the last three months, as compared to the 2.2 percent rise for the S&P 500.
Argus’ Gary Hovis reiterated a Buy rating on the company, while raising the price target from $26 to $28.
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Dividend Yield
The company’s current annualized dividend of $1.03 per share represents and above average yield of 4.4 percent.
Over the past five years, CenterPoint Energy has increased its dividend at an average annual rate of 3.3 percent.
Hovis believes “the company has the potential to generate total annual returns for shareholders of 5– 6 percent over the next four to five years.”
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Contrary to many electric utilities in the United States, CenterPoint Energy’s annual operating revenues have been growing at a faster rate than the peer average.
“In addition, operating margins in the company’s regulated electric division have improved over the last two years due to lower coal and natural gas costs for generation facilities,” Hovis mentioned.
Assets And Efficiencies
The analyst also pointed out that CenterPoint Energy has a robust base of regulated utility assets and well-managed, non-regulated interstate gas pipeline, storage and processing operations.
Also, the company “has across-the-board operating efficiencies, and assuming economic conditions continue to improve, we expect it to invest its cash in nonregulated energy-related assets that have the potential for higher long-term returns,” Hovis said.
However, in the absence of any attractive acquisition candidates, the company is likely to buyback shares or pay down long-term debt.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.