Avista Corp. (AVA) Downgraded by Zacks Investment Research to Hold
According to Zacks, “Avista Corp. is a diversified energy company with utility and subsidiary operations located throughout North America. Avista Corp. also operates Avista Capital, which owns all the company’s non-regulated energy and non-energy businesses. Avista Capital companies include Avista Energy, Avista Energy Canada, Ltd., Avista Power, Avista Advantage, Avista Labs, Avista Fiber, Avista Communiations, Avista Development and Pentzer Corporation. (PRESS RELEASE) “
Several other equities research analysts have also recently issued reports on AVA. BMO Capital Markets reissued a hold rating and issued a $42.00 target price on shares of Avista Corp. in a research report on Wednesday, June 22nd. Williams Capital raised their target price on shares of Avista Corp. from $38.00 to $40.00 and gave the stock a hold rating in a research report on Thursday, September 22nd.
Avista Corp. (NYSE:AVA) opened at 39.34 on Tuesday. Avista Corp. has a 12-month low of $32.61 and a 12-month high of $45.22. The firm has a 50-day moving average of $41.31 and a 200-day moving average of $41.61. The stock has a market cap of $2.51 billion, a PE ratio of 18.11 and a beta of 0.40.
Avista Corp. (NYSE:AVA) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by $0.02. The firm had revenue of $234.79 million for the quarter, compared to analysts’ expectations of $316.24 million. Avista Corp. had a return on equity of 8.32% and a net margin of 9.38%. The business’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.40 earnings per share. Equities analysts predict that Avista Corp. will post $2.08 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were given a dividend of $0.3425 per share. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $1.37 dividend on an annualized basis and a yield of 3.50%. Avista Corp.’s dividend payout ratio (DPR) is 64.02%.
In other Avista Corp. news, SVP Jason R. Thackston sold 950 shares of Avista Corp. stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $40.90, for a total transaction of $38,855.00. Following the transaction, the senior vice president now directly owns 17,232 shares of the company’s stock, valued at $704,788.80. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Marian M. Durkin sold 3,500 shares of Avista Corp. stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $42.56, for a total transaction of $148,960.00. Following the transaction, the insider now directly owns 67,245 shares in the company, valued at $2,861,947.20. The disclosure for this sale can be found here. Company insiders own 1.07% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in AVA. Hillcrest Asset Management LLC purchased a new position in Avista Corp. during the first quarter worth approximately $9,180,000. Ladenburg Thalmann Financial Services Inc. boosted its position in Avista Corp. by 5.7% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 37,234 shares of the company’s stock worth $1,519,000 after buying an additional 2,002 shares during the last quarter. Barclays PLC boosted its position in Avista Corp. by 9.9% in the first quarter. Barclays PLC now owns 36,259 shares of the company’s stock worth $1,450,000 after buying an additional 3,257 shares during the last quarter. A.R.T. Advisors LLC boosted its position in Avista Corp. by 25.0% in the first quarter. A.R.T. Advisors LLC now owns 14,015 shares of the company’s stock worth $571,000 after buying an additional 2,800 shares during the last quarter. Finally, AMP Capital Investors Ltd purchased a new position in Avista Corp. during the first quarter worth approximately $631,000. 68.07% of the stock is currently owned by hedge funds and other institutional investors.
Avista Corp. Company Profile
Avista Corporation is an electric and natural gas utility with certain other business ventures. The Company operates through two business segments: Avista Utilities, and Alaska Electric Light and Power Company (AEL&P). Avista Utilities segment generates, transmits and distributes electricity, and distributes natural gas serving electric and natural gas customers in eastern Washington and northern Idaho and natural gas customers in parts of Oregon.
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