Evergy Inc [NASDAQ: EVRG] price plunged by -1.38 percent to reach at -$0.69. The company report on December 5, 2023 at 2:51 AM that Evergy Announces Upsize and Pricing of Offering of Convertible Notes Due 2027.
Evergy, Inc. (NASDAQ: EVRG) (“Evergy” or the “Company”) announced the pricing of its private offering of $1,200,000,000 aggregate principal amount of its convertible notes due 2027 (the “Notes”) in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), reflecting an upsize of $100 million over the previously announced offering size. The Company also granted the initial purchasers of the Notes an option to purchase, within a 13-day period beginning on, and including, the initial closing date of the offering, up to an additional $200,000,000 aggregate principal amount of the Notes. The sale of the Notes to the initial purchasers is expected to settle on or about December 7, 2023, subject to customary closing conditions, and is expected to result in approximately $1,180.9 million in net proceeds to the Company, after deducting the initial purchasers’ discount and estimated offering expenses payable by the Company (assuming no exercise of the initial purchasers’ option to purchase additional Notes).
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The Notes will bear interest at a rate of 4.50% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2024, and will mature on December 15, 2027, unless earlier repurchased or converted. The initial conversion rate for the Notes is 16.1809 shares of the Company’s common stock per $1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately $61.80 per share and which represents a premium of approximately 22.5% over the $50.45 per share last reported sale price of the Company’s common stock on December 4, 2023). Prior to September 15, 2027, the Notes may be converted at the option of the holders only upon the occurrence of specified events and during certain periods, and thereafter until the close of business on the business day immediately preceding the maturity date, the Notes may be converted at any time. The Company will satisfy any conversion by paying cash up to the aggregate principal amount of the Notes to be converted and by paying or delivering, as the case may be, cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted. The Company may not redeem the Notes prior to the maturity date. The Notes will be senior unsecured obligations of the Company.
The one-year EVRG stock forecast points to a potential upside of 10.55. The average equity rating for EVRG stock is currently 2.33, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on Evergy Inc [EVRG]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for EVRG shares is $55.17 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on EVRG stock is a recommendation set at 2.33. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Guggenheim have made an estimate for Evergy Inc shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on January 22, 2024.
The Average True Range (ATR) for Evergy Inc is set at 0.98, with the Price to Sales ratio for EVRG stock in the period of the last 12 months amounting to 2.02. The Price to Book ratio for the last quarter was 1.16, with the Price to Cash per share for the same quarter was set at 0.18.
EVRG Stock Performance Analysis:
Evergy Inc [EVRG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.71. With this latest performance, EVRG shares dropped by -3.37% in over the last four-week period, additionally sinking by -19.10% over the last 6 months – not to mention a drop of -17.94% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for EVRG stock in for the last two-week period is set at 32.42, with the RSI for the last a single of trading hit 23.94, and the three-weeks RSI is set at 38.00 for Evergy Inc [EVRG]. The present Moving Average for the last 50 days of trading for this stock 51.57, while it was recorded at 50.12 for the last single week of trading, and 55.42 for the last 200 days.
Insight into Evergy Inc Fundamentals:
Evergy Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.24 and a Current Ratio set at 0.39.
EVRG Stock EPS
With the latest financial reports released by the company, Evergy Inc posted 0.3/share EPS, while the average EPS was predicted by analysts to be reported at 0.26/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 15.40%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for EVRG. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Evergy Inc go to 2.50%.
Evergy Inc [EVRG] Institutonal Ownership Details
The top three institutional holders of EVRG stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in EVRG stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in EVRG stock with ownership which is approximately 5.8325%.
