Analysts Offer Predictions for The Southern Company’s FY2024 Earnings (NYSE:SO)
The Southern Company (NYSE:SO) – Analysts at Seaport Global Securities issued their FY2024 earnings estimates for The Southern in a research note issued to investors on Tuesday, January 12th. Seaport Global Securities analyst A. Storozynski forecasts that the utilities provider will post earnings of $4.15 per share for the year.
A number of other equities research analysts have also recently issued reports on SO. Zacks Investment Research raised shares of The Southern from a “hold” rating to a “buy” rating and set a $63.00 target price on the stock in a report on Thursday. BMO Capital Markets started coverage on shares of The Southern in a research report on Tuesday, November 24th. They set a “market perform” rating and a $67.00 price target for the company. Morgan Stanley reduced their price target on shares of The Southern from $62.00 to $57.00 and set an “underweight” rating for the company in a research report on Tuesday, December 15th. Mizuho boosted their price target on shares of The Southern from $48.00 to $53.00 in a research report on Wednesday, October 28th. Finally, Wells Fargo & Company upgraded shares of The Southern from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $63.00 to $72.00 in a research report on Tuesday, December 1st. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $64.87.
The Southern (NYSE:SO) last issued its earnings results on Thursday, October 29th. The utilities provider reported $1.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.02). The Southern had a net margin of 15.83% and a return on equity of 10.47%. The business had revenue of $5.62 billion for the quarter, compared to the consensus estimate of $6.29 billion. During the same period in the previous year, the firm earned $1.34 EPS. The company’s revenue was down 6.3% compared to the same quarter last year.
Large investors have recently modified their holdings of the company. Donaldson Capital Management LLC raised its stake in shares of The Southern by 32.5% during the fourth quarter. Donaldson Capital Management LLC now owns 541,597 shares of the utilities provider’s stock valued at $33,270,000 after acquiring an additional 132,960 shares during the last quarter. Brick & Kyle Associates boosted its holdings in The Southern by 7.4% in the third quarter. Brick & Kyle Associates now owns 40,428 shares of the utilities provider’s stock worth $2,193,000 after purchasing an additional 2,799 shares during the last quarter. Trustmark National Bank Trust Department boosted its holdings in The Southern by 29.3% in the third quarter. Trustmark National Bank Trust Department now owns 121,823 shares of the utilities provider’s stock worth $6,605,000 after purchasing an additional 27,571 shares during the last quarter. WASHINGTON TRUST Co boosted its holdings in The Southern by 68.5% in the third quarter. WASHINGTON TRUST Co now owns 7,541 shares of the utilities provider’s stock worth $409,000 after purchasing an additional 3,066 shares during the last quarter. Finally, Exane Derivatives purchased a new stake in The Southern in the third quarter worth approximately $478,000. 57.29% of the stock is owned by hedge funds and other institutional investors.
In other The Southern news, CEO Stephen E. Kuczynski sold 2,500 shares of the company’s stock in a transaction dated Thursday, December 10th. The shares were sold at an average price of $60.93, for a total transaction of $152,325.00. Following the completion of the sale, the chief executive officer now directly owns 64,496 shares in the company, valued at $3,929,741.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Kimberly S. Greene sold 30,000 shares of the company’s stock in a transaction dated Thursday, December 3rd. The shares were sold at an average price of $61.96, for a total transaction of $1,858,800.00. Following the sale, the chief executive officer now owns 50,291 shares of the company’s stock, valued at $3,116,030.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,000 shares of company stock valued at $2,164,100. Company insiders own 0.39% of the company’s stock.
The Southern Company Profile
The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. It operates in four segments: Gas Distribution Operations, Gas Pipeline Investments, Wholesale Gas Services, and Gas Marketing Services. The company also constructs, acquires, owns, and manages power generation assets, including renewable energy facilities and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, as well as provides gas marketing services, wholesale gas services, and gas pipeline investments operations.
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