AES (NYSE:AES) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

AES (NYSE:AES) posted its earnings results on Thursday. The utilities provider reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02, Briefing.com reports. AES had a net margin of 6.07% and a return on equity of 35.44%. The business had revenue of $2.94 billion for the quarter, compared to analyst estimates of $3.22 billion. During the same period in the prior year, the company posted $0.21 EPS. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. AES updated its FY24 guidance to $1.87-$1.97 EPS and its FY 2024 guidance to 1.920-1.970 EPS.

AES Trading Down 4.4 %

Shares of NYSE:AES traded down $0.78 during mid-day trading on Friday, reaching $17.13. 10,660,581 shares of the company were exchanged, compared to its average volume of 7,761,461. The company has a debt-to-equity ratio of 4.04, a current ratio of 0.78 and a quick ratio of 0.71. The firm has a market cap of $12.17 billion, a price-to-earnings ratio of 23.79 and a beta of 1.08. The firm’s 50-day simple moving average is $18.71 and its 200 day simple moving average is $17.80. AES has a 1 year low of $11.43 and a 1 year high of $22.21.

AES Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Thursday, August 1st will be given a dividend of $0.1725 per share. The ex-dividend date of this dividend is Thursday, August 1st. This represents a $0.69 dividend on an annualized basis and a dividend yield of 4.03%. AES’s payout ratio is currently 95.83%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Barclays decreased their price target on shares of AES from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Mizuho raised their price target on shares of AES from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Seaport Res Ptn downgraded shares of AES from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 21st. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $22.00 price objective on shares of AES in a report on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, AES presently has an average rating of “Moderate Buy” and a consensus price target of $22.75.

About AES

The AES Corporation, together with its subsidiaries, operates as a diversified power generation and utility company in the United States and internationally. The company owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries; owns and/or operates utilities to generate or purchase, distribute, transmit, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors; and generates and sells electricity on the wholesale market.