Kevin E. Bryant, Executive Vice President of Corporate Initiatives at Evergy, Inc. (NYSE:NASDAQ:), recently sold 48,141 shares of the company’s common stock. The shares were sold at a weighted average price of approximately $62.93, totaling around $3.03 million. Following this transaction, Bryant retains ownership of just one share of Evergy’s common stock.
In addition to the sale, Bryant holds 18,871 restricted stock units, which convert to common stock on a one-for-one basis. These units are set to vest in stages over the next few years, contingent upon continued employment with Evergy. The vesting schedule includes 5,125 units in 2025, 5,470 units in 2026, and 6,951 units in 2027.
In other recent news, Evergy has reported strong third-quarter results, with an increase in adjusted earnings per share (EPS) to $2.02, up from $1.88 the previous year. This growth was driven by demand and new retail sales. The company also announced a 4% dividend increase and a capital expenditure plan of $16.2 billion through 2029. Significant partnerships with Google (NASDAQ:), Panasonic (OTC:), and Meta (NASDAQ:) have been established, representing 750 megawatts of load, with a robust pipeline of over 6 gigawatts in potential projects.
Evergy has reaffirmed its 2024 adjusted EPS guidance range of $3.73 to $3.93 and set its 2025 guidance at $3.92 to $4.12. The company is also planning potential stock issuances for 2026 and 2027 to fund investments. Despite anticipated capacity constraints, the company has secured significant economic development wins and is negotiating with two new data centers, potentially adding 500 to 1,000 megawatts of load.
These are recent developments and reflect the company’s positive outlook with a focus on affordability, reliability, and sustainability. The company projects a weather-normalized demand growth forecast of 2% to 3% through 2029 and expects to maintain a 15% funds from operations to debt ratio. Evergy is also aiming for a 4% to 6% adjusted EPS growth through 2029.
InvestingPro Insights
While Kevin E. Bryant’s recent stock sale might raise eyebrows, a closer look at Evergy’s financial metrics and market position reveals a more nuanced picture. According to InvestingPro data, Evergy boasts a market capitalization of $14.44 billion and trades at a P/E ratio of 17.03, which is relatively modest for the utility sector.
Notably, Evergy has demonstrated a strong commitment to shareholder returns. An InvestingPro Tip highlights that the company has raised its dividend for 21 consecutive years, with a current dividend yield of 4.25%. This consistent dividend growth, coupled with a 31.93% one-year price total return, suggests that investors have been rewarded despite executive stock sales.
Another InvestingPro Tip indicates that Evergy operates with a significant debt burden. However, this is not uncommon in the capital-intensive utility industry, and the company’s ability to maintain profitability and dividend payments suggests effective management of its financial obligations.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips that could provide deeper insights into Evergy’s financial health and market position.
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