Sempra Energy to Post Q2 2023 Earnings of $1.87 Per Share, KeyCorp Forecasts (NYSE:SRE)

Sempra Energy (NYSE:SRE – Get Rating) – Research analysts at KeyCorp lowered their Q2 2023 earnings per share (EPS) estimates for shares of Sempra Energy in a note issued to investors on Tuesday, May 23rd. KeyCorp analyst S. Karp now expects that the utilities provider will earn $1.87 per share for the quarter, down from their previous forecast of $1.91. The consensus estimate for Sempra Energy’s current full-year earnings is $8.97 per share. KeyCorp also issued estimates for Sempra Energy’s Q3 2023 earnings at $1.74 EPS and FY2023 earnings at $8.94 EPS.

Sempra Energy (NYSE:SRE – Get Rating) last announced its earnings results on Thursday, May 4th. The utilities provider reported $2.92 earnings per share for the quarter, beating the consensus estimate of $2.76 by $0.16. Sempra Energy had a return on equity of 10.28% and a net margin of 14.47%. The firm had revenue of $6.56 billion during the quarter, compared to the consensus estimate of $4.04 billion. During the same quarter in the prior year, the company earned $2.91 EPS. The firm’s revenue for the quarter was up 71.7% compared to the same quarter last year.

Several other analysts also recently weighed in on the company. Morgan Stanley increased their target price on Sempra Energy from $150.00 to $164.00 and gave the company an “equal weight” rating in a research note on Thursday, April 20th. StockNews.com started coverage on Sempra Energy in a research report on Thursday, May 18th. They issued a “hold” rating for the company. BMO Capital Markets reduced their price objective on Sempra Energy from $169.00 to $166.00 and set a “market perform” rating for the company in a research report on Wednesday, March 1st. Wells Fargo & Company reduced their price objective on Sempra Energy from $180.00 to $174.00 and set an “overweight” rating for the company in a research report on Wednesday, March 1st. Finally, Bank of America reduced their price objective on Sempra Energy from $173.00 to $165.00 and set a “buy” rating for the company in a research report on Tuesday, March 28th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Sempra Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $167.25.

Sempra Energy Price Performance

Shares of NYSE:SRE opened at $143.58 on Thursday. The business has a 50 day moving average price of $151.26 and a 200 day moving average price of $155.00. Sempra Energy has a twelve month low of $136.54 and a twelve month high of $176.47. The company has a market cap of $45.18 billion, a price-to-earnings ratio of 18.50, a PEG ratio of 3.40 and a beta of 0.73. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.86.

Sempra Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, July 15th. Investors of record on Wednesday, July 5th will be issued a dividend of $1.19 per share. The ex-dividend date is Monday, July 3rd. This represents a $4.76 dividend on an annualized basis and a yield of 3.32%. Sempra Energy’s dividend payout ratio is 61.34%.

Insider Activity at Sempra Energy

In related news, CFO Trevor I. Mihalik sold 2,306 shares of the firm’s stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $148.50, for a total transaction of $342,441.00. Following the completion of the sale, the chief financial officer now directly owns 21,362 shares of the company’s stock, valued at approximately $3,172,257. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Jeffrey W. Martin sold 19,260 shares of Sempra Energy stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $146.09, for a total value of $2,813,693.40. Following the completion of the sale, the chief executive officer now directly owns 1 shares of the company’s stock, valued at approximately $146.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Trevor I. Mihalik sold 2,306 shares of Sempra Energy stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $148.50, for a total value of $342,441.00. Following the completion of the sale, the chief financial officer now directly owns 21,362 shares of the company’s stock, valued at $3,172,257. The disclosure for this sale can be found here. Insiders sold 31,979 shares of company stock valued at $4,728,393 in the last three months. Corporate insiders own 0.24% of the company’s stock.

Institutional Investors Weigh In On Sempra Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Glenmede Trust Co. NA increased its stake in shares of Sempra Energy by 0.4% in the 3rd quarter. Glenmede Trust Co. NA now owns 17,850 shares of the utilities provider’s stock valued at $2,675,000 after buying an additional 63 shares during the period. Glassman Wealth Services boosted its position in shares of Sempra Energy by 16.2% in the 4th quarter. Glassman Wealth Services now owns 459 shares of the utilities provider’s stock worth $71,000 after purchasing an additional 64 shares during the last quarter. Jeppson Wealth Management LLC boosted its position in shares of Sempra Energy by 0.7% in the 1st quarter. Jeppson Wealth Management LLC now owns 9,052 shares of the utilities provider’s stock worth $1,368,000 after purchasing an additional 65 shares during the last quarter. Hexagon Capital Partners LLC boosted its position in shares of Sempra Energy by 31.9% in the 1st quarter. Hexagon Capital Partners LLC now owns 281 shares of the utilities provider’s stock worth $42,000 after purchasing an additional 68 shares during the last quarter. Finally, Western Pacific Wealth Management LP boosted its position in shares of Sempra Energy by 13.9% in the 1st quarter. Western Pacific Wealth Management LP now owns 558 shares of the utilities provider’s stock worth $84,000 after purchasing an additional 68 shares during the last quarter. 84.75% of the stock is owned by institutional investors and hedge funds.

Sempra Energy Company Profile

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Sempra Energy is an energy-service holding company, which engages in the development and operation of energy infrastructure, and provision of electric and gas services. It operates through the following segments: San Diego Gas and Electric Company (SDG&E), Southern California Gas Company (SoCalGas), Sempra Texas Utilities, Sempra Mexico, and Sempra LNG.