CMS Energy reports April 28 with short interest up 10% in a month to 5.4% of float. Recent analyst upgrades point to $82 target, 7% above the $76 close.
Short interest reached 16.6 million shares as of April 23, representing 5.4% of the free float. The position climbed 10.4% over the past month but ticked down 2.2% in the last week. Days to cover stands at 6.1 based on FINRA's fortnightly data. Cost to borrow fell 21% over the week to 0.38%, reflecting ample supply. Utilisation sits at 4.3%, below its 52-week peak of 8.8%.
The put-call ratio spiked to 0.24 on April 24, well above the 20-day mean of 0.07 and 3.0 standard deviations from the mean. The reading sits near the mid-point of the 52-week range (0.02–0.64). The jump signals elevated hedging activity into the print.
B of A Securities raised its target to $88 from $82 on April 21, maintaining a Buy rating. Truist Securities initiated coverage the same day with a Buy and an $86 target. BMO Capital made two moves within a week: raising the target to $86 on April 13, then cutting it to $85 four days later, both times keeping Outperform. The mean target across recent updates is $82, implying 7% upside from $76.27. Earlier in April, Barclays lifted its Overweight target to $81, and Keybanc raised to $83 in early March.
The stock trades at a P/E of 19.3, up 0.2 points in the past month. P/B sits at 2.2, flat over 30 days. EV/EBITDA climbed 0.02 to 11.7. CMS ranks in the 96th percentile on analyst recommendation differential and the 89th on dividend score. EPS surprise ranks at the 64th percentile, while 30-day and 90-day EPS momentum sit at the 45th and 57th percentiles respectively.
Insiders sold a net $9.0 million worth of stock over the past 90 days. Recent sales in late March by CFO Rejji Hayes ($633k) and General Counsel Shaun Johnson ($329k) followed equity award grants. Vanguard lifted its stake by 1.5 million shares to 40.7 million (13.2%), and BlackRock added 1.6 million to reach 32.6 million shares (10.6%) as of March 31.
CMS reported on February 6 and again on February 5 earlier this year. The company also held an event on April 23, three trading days ago.
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