Houston, Texas-based CenterPoint Energy, Inc. (CNP) is a public utility holding company valued at a market cap of $18.9 billion. It manages and maintains essential electric infrastructure for customers in the greater Houston area and southwestern Indiana and operates electric generation capacity in Indiana. The leading utility company is expected to announce its fiscal third-quarter earnings for 2024 on Monday, Oct. 28, before the market opens.
Ahead of the event, analysts expect CenterPoint Energy to report a profit of $0.45 per share, up 12.5% from $0.40 per share in the year-ago quarter. The company has beaten or matched the bottom-line estimates in each of the last four quarters.
In the previous quarter, CNP reported an EPS of $0.36, surpassing the consensus estimate by 9.1%, fueled by robust sales growth and reduced operating expenses.
For the full year 2024, analysts expect CenterPoint Energy to report EPS of $1.62, up 8% from $1.50 in fiscal 2023.
CNP stock is up 3.5% on a YTD basis, underperforming the S&P 500 Index’s ($SPX) 21.9% gains and the Utilities Select Sector SPDR Fund’s (XLU) 25.1% increase over the same period.
In July, the company faced major setbacks from Hurricane Beryl, struggling with widespread power outages and delays in restoring service, which impacted its market momentum.
On Jul. 30, shares of CNP fell 2.3% after its Q2 earnings release despite exceeding its top-line and bottom-line expectations. The company reaffirmed its fiscal 2024 earnings guidance and expects adjusted EPS to be between $1.61 and $1.63.
Analysts’ consensus opinion on CNP stock is cautious, with a “Hold” rating overall. Out of 15 analysts covering the stock, three advise a “Strong Buy” rating, one suggests a “Moderate Buy,” 10 give a “Hold,” and the remaining one analyst recommends a “Strong Sell” rating.
The average analyst price target for CNP is $29.77, indicating a potential marginal upswing from the prevailing prices.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
