Analysts at Zacks Investment Research upgraded shares of Scana Corp. (NYSE: SCG) from Hold to Buy today. The company currently has a rating of Buy on the stock. The one-year price target of $75.00 is above the opening price of $72.60, resulting a fair amount of other analysts to report on the company in recent days. Looking back over the last year, Scana Corp. stock has a high of $76.41. Share prices sometimes get a spike to the upside when analysts upgrade a stock.
The Fed stood pat on interest rates on Wednesday, helping stocks to mostly higher levels but Chairwoman Janet Yellen indicated an interest rate hike is likely by year’s end
On Wednesday, the S&P 500 SPX, +1.09% ended 1.1% higher, while the Dow DJIA, +0.90% jumped by 0.9%, or 164 points, as each exchange finished in positive territory for a second consecutive day.
The tech-heavy Nasdaq Composite COMP, +1.03% tacked on 1% and scored a record closing high.
S&P 500 futures ESZ6, +0.36% were up 6.55 points, or 0.3%, to 2,162.75 early Thursday, while Dow Jones Industrial Average futures YMZ6, +0.37% rose 58 points, or 0.3%, to 18,276. Nasdaq-100 futures NQZ6, +0.39% gained 16.25 points, or 0.3%, to 4,866.25.
Yesterday Scana Corp. (NYSE: SCG) shares last traded at $73.93, which represents an increase of $1.30 over the previous closing price. Opening at $72.60, they fluctuated from $72.37 and $73.96 throughout the day.
Scana Corp. (NYSE: SCG) currently has a market cap of 10.57B.
654,865 shares traded hands yesterday, below the average, out of a total float 142,545,000. Swing traders often use increases in trading volume to identify large volume growth or distribution by institutional investors, so trading volume is likely to increase in the next few days.
However, one day of high volume buy side trading is not enough to assert a trend. So market traders will continue to look for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain teams of analysts that research thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
By spotting trends, moving averages allow investors to make those trends work in their favor and increase the number of winning trades.
Trades for Scana Corp. (NYSE: SCG) have ranged from $52.43 – 76.41, and the stock now has a 50-day MA of $72.03 and 200-day MA of $70.97. Today’s last price is 0.03% lower than the 52 week high of $76.41.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors seek companies that have grown their earnings at least 25% or more over a 3 year period.
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