Trade Report: Today, Kayne Anderson Energy Development Co. (KED) Given Consensus Rating of “Buy” by Brokerages

Today, Kayne Anderson Energy Development Co. (KED) Given Consensus Rating of “Buy” by Brokerages

Shares of Kayne Anderson Energy Development Co. (NYSE:KED) have received a consensus broker rating score of 2.00 (Buy) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company. Kayne Anderson Energy Development’s rating score has improved by 33.3% from three months ago as a result of various analysts’ ratings changes.

Brokers have set a twelve-month consensus target price of $25.00 for the company, according to Zacks. Zacks has also given Kayne Anderson Energy Development an industry rank of 72 out of 265 based on the ratings given to related companies.

KED has been the subject of several analyst reports. Zacks Investment Research cut shares of Kayne Anderson Energy Development from a “buy” rating to a “hold” rating in a report on Tuesday, August 23rd. Stifel Nicolaus raised shares of Kayne Anderson Energy Development from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a report on Friday, November 18th. They noted that the move was a valuation call.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Atria Investments LLC bought a new position in shares of Kayne Anderson Energy Development during the second quarter valued at $1,299,000. Wells Fargo & Company MN raised its position in shares of Kayne Anderson Energy Development by 146.1% in the third quarter. Wells Fargo & Company MN now owns 39,247 shares of the investment management company’s stock valued at $744,000 after buying an additional 23,302 shares during the last quarter. Sit Investment Associates Inc. raised its position in shares of Kayne Anderson Energy Development by 29.3% in the second quarter. Sit Investment Associates Inc. now owns 89,078 shares of the investment management company’s stock valued at $1,729,000 after buying an additional 20,205 shares during the last quarter. Kayne Anderson Capital Advisors LP bought a new position in shares of Kayne Anderson Energy Development during the second quarter valued at $356,000. Finally, LPL Financial LLC raised its position in shares of Kayne Anderson Energy Development by 19.8% in the first quarter. LPL Financial LLC now owns 102,325 shares of the investment management company’s stock valued at $1,599,000 after buying an additional 16,892 shares during the last quarter.

Shares of Kayne Anderson Energy Development (NYSE:KED) opened at 19.16 on Wednesday. The stock’s 50 day moving average is $18.62 and its 200 day moving average is $18.62. Kayne Anderson Energy Development has a 52-week low of $9.86 and a 52-week high of $20.47.

About Kayne Anderson Energy Development

Kayne Anderson Energy Development Company is a non-diversified, closed-end fund. The Fund’s investment objective is to generate both current income and capital appreciation primarily through equity and debt investments. It seeks to achieve this objective by investing approximately 80% of its total assets in securities of companies that derive their revenue from activities in the energy industry, including Upstream Energy Companies, which are engaged in the exploration, extraction and production of natural resources, including natural gas and gas liquids and crude oil, from geological reservoirs; Midstream Energy Companies, which are businesses that operate assets used to gather, transport, process, treat, terminal and store natural gas, natural gas liquids, propane, crude oil or refined petroleum products, and Other Energy Companies, which are businesses engaged in owning, producing, processing and selling of coal and coal reserves.

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