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 earnings per share guidance of $5.53-5.73 for the period, compared to the consensus earnings per share estimate of $5.62. American Electric Power also updated its FY 2024 guidance to 5.530-5.730 EPS.

American Electric Power Stock Performance

NASDAQ AEP traded down $0.06 during trading hours on Wednesday, hitting $98.08. The company had a trading volume of 1,464,744 shares, compared to its average volume of 3,243,874. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.37 and a current ratio of 0.54. American Electric Power has a 1-year low of $69.38 and a 1-year high of $98.92. The company has a market cap of $51.70 billion, a PE ratio of 18.21, a price-to-earnings-growth ratio of 2.80 and a beta of 0.53. The business has a 50 day moving average of $89.85 and a 200-day moving average of $85.67.

American Electric Power (NASDAQ:AEP) last announced its earnings results on Tuesday, July 30th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.02. The business had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.74 billion. American Electric Power had a net margin of 14.60% and a return on equity of 11.23%. The business’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.13 earnings per share. As a group, equities research analysts expect that American Electric Power will post 5.59 EPS for the current year.

American Electric Power Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th will be paid a dividend of $0.88 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 3.59%. American Electric Power’s dividend payout ratio (DPR) is 65.31%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AEP. LADENBURG THALM/SH SH upgraded shares of American Electric Power from a sell rating to a neutral rating and raised their target price for the stock from $73.00 to $86.00 in a research report on Thursday, June 6th. Royal Bank of Canada raised their target price on shares of American Electric Power from $90.00 to $100.00 and gave the stock an outperform rating in a research report on Friday, May 3rd. Scotiabank raised their target price on shares of American Electric Power from $86.00 to $90.00 and gave the stock a sector outperform rating in a research report on Wednesday, May 1st. Barclays raised their target price on shares of American Electric Power from $84.00 to $88.00 and gave the stock an equal weight rating in a research report on Thursday, May 2nd. Finally, Guggenheim boosted their price objective on shares of American Electric Power from $81.00 to $83.00 and gave the company a neutral rating in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $89.15.

Insiders Place Their Bets

In other news, EVP Greg B. Hall sold 5,880 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $88.25, for a total value of $518,910.00. Following the completion of the sale, the executive vice president now directly owns 6,385 shares in the company, valued at approximately $563,476.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other American Electric Power news, EVP Antonio P. Smyth sold 4,898 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $90.00, for a total transaction of $440,820.00. Following the completion of the transaction, the executive vice president now owns 6,446 shares in the company, valued at approximately $580,140. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Greg B. Hall sold 5,880 shares of the company’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $88.25, for a total value of $518,910.00. Following the completion of the sale, the executive vice president now owns 6,385 shares of the company’s stock, valued at approximately $563,476.25. The disclosure for this sale can be found here. 0.12% of the stock is owned by company insiders.

American Electric Power Company Profile

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.