Zacks Investment Research upgraded shares of CLP (OTCMKTS:CLPHY) from a hold rating to a buy rating in a research report sent to investors on Tuesday, Zacks.com reports. They currently have $12.00 price target on the stock.
According to Zacks, “CLP HOLDINGS Limited, a company listed on the Hong Kong Stock Exchange, is the holding company for the CLP Group, which is one of the largest investor-owned power businesses in Asia. Through CLP Power Hong Kong, it operates a vertically integrated electricity supply business in Hong Kong, and provides a highly reliable supply of electricity and excellent customer services to over 5.5 million people in its supply area. The CLP Group also invests in energy businesses outside Hong Kong. It is the largest external investor in the Chinese mainland electricity industry, and a leading international private sector power company in the Asia-Pacific region with an integrated energy business in Australia and interests in generating assets in India, Taiwan and Thailand. “
A number of other research firms have also weighed in on CLPHY. Goldman Sachs Group assumed coverage on shares of CLP in a research report on Wednesday, June 26th. They issued a neutral rating for the company. JPMorgan Chase & Co. raised shares of CLP from a neutral rating to an overweight rating in a research report on Wednesday, August 7th. Finally, Citigroup raised shares of CLP from a sell rating to a neutral rating in a research report on Wednesday, August 7th.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be given a $0.072 dividend. This represents a $0.29 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend is Thursday, August 29th. CLP’s dividend payout ratio is presently 42.65%.
CLP Company Profile
CLP Holdings Limited, an investment holding company, generates, transmits, and distributes electricity in Hong Kong, Mainland China, India, Southeast Asia, Taiwan, and Australia. The company generates electricity through coal, gas, nuclear, wind, hydro, solar, and oil sources. As of December 31, 2018, it had equity generating capacity of 19,108 megawatts (MW) and purchasing capacity of 4,597 MW.
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