American Electric Power (NASDAQ:AEP) Updates FY24 Earnings Guidance

American Electric Power (NASDAQ:AEP) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $5.53 to $5.73 for the period, compared to the consensus EPS estimate of $5.60. American Electric Power also updated its FY 2024 guidance to 5.530-5.730 EPS.

Analyst Ratings Changes

A number of analysts have commented on the stock. UBS Group cut shares of American Electric Power from a neutral rating to a sell rating and cut their price target for the company from $86.00 to $83.00 in a research report on Monday, March 11th. StockNews.com lowered shares of American Electric Power from a hold rating to a sell rating in a research note on Friday, March 15th. LADENBURG THALM/SH SH cut shares of American Electric Power from a neutral rating to a sell rating and cut their price objective for the stock from $75.50 to $73.00 in a research report on Friday, March 8th. Scotiabank decreased their target price on American Electric Power from $92.00 to $86.00 and set a sector outperform rating for the company in a research report on Monday, April 22nd. Finally, Cfra reiterated a buy rating and issued a $92.00 price target (up previously from $90.00) on shares of American Electric Power in a report on Tuesday, February 27th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $86.08.

American Electric Power Price Performance

Shares of AEP traded up $1.00 during midday trading on Tuesday, hitting $87.67. 2,847,231 shares of the company traded hands, compared to its average volume of 3,734,848. The stock has a 50-day moving average of $83.63 and a 200-day moving average of $80.59. The company has a debt-to-equity ratio of 1.49, a current ratio of 0.53 and a quick ratio of 0.36. American Electric Power has a one year low of $69.38 and a one year high of $93.56. The firm has a market cap of $46.17 billion, a P/E ratio of 20.39, a PEG ratio of 3.01 and a beta of 0.51.

American Electric Power (NASDAQ:AEP) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $1.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.09). American Electric Power had a return on equity of 11.04% and a net margin of 11.64%. The business had revenue of $5 billion during the quarter, compared to analysts’ expectations of $5.02 billion. During the same quarter last year, the business posted $1.11 EPS. The company’s quarterly revenue was up 6.4% on a year-over-year basis. As a group, sell-side analysts predict that American Electric Power will post 5.54 EPS for the current fiscal year.

American Electric Power Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 10th will be paid a $0.88 dividend. The ex-dividend date is Thursday, May 9th. This represents a $3.52 dividend on an annualized basis and a yield of 4.02%. American Electric Power’s dividend payout ratio is presently 82.82%.

About American Electric Power

American Electric Power Company, Inc, an electric public utility holding company, engages in the generation, transmission, and distribution of electricity for sale to retail and wholesale customers in the United States. It operates through Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation & Marketing segments.