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

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

Analysts Set New Price Targets

AEP has been the topic of several research reports. UBS Group lowered shares of American Electric Power from a neutral rating to a sell rating and lowered their price target for the company from $86.00 to $83.00 in a research report on Monday, March 11th. Guggenheim cut American Electric Power from a buy rating to a neutral rating and set a $81.00 price target for the company. in a report on Monday, January 22nd. Cfra reaffirmed a buy rating and set a $92.00 price objective (up previously from $90.00) on shares of American Electric Power in a research note on Tuesday, February 27th. Royal Bank of Canada boosted their target price on shares of American Electric Power from $90.00 to $100.00 and gave the company an outperform rating in a research note on Friday. Finally, Scotiabank raised their price target on shares of American Electric Power from $86.00 to $90.00 and gave the stock a sector outperform rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and an average target price of $88.14.

American Electric Power Stock Up 0.4 %

American Electric Power stock traded up $0.35 during midday trading on Friday, hitting $88.60. 3,332,409 shares of the stock were exchanged, compared to its average volume of 3,771,451. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.54 and a quick ratio of 0.36. The company has a 50 day moving average price of $83.97 and a two-hundred day moving average price of $80.77. The firm has a market cap of $46.70 billion, a P/E ratio of 16.35, a P/E/G ratio of 3.09 and a beta of 0.50. American Electric Power has a 1 year low of $69.38 and a 1 year high of $92.88.

American Electric Power (NASDAQ:AEP) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.02. The company had revenue of $5 billion for the quarter, compared to the consensus estimate of $5.02 billion. American Electric Power had a return on equity of 11.23% and a net margin of 14.60%. American Electric Power’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.11 EPS. On average, sell-side analysts predict that American Electric Power will post 5.58 earnings per share for the current fiscal year.

American Electric Power Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 3.97%. The ex-dividend date is Thursday, May 9th. American Electric Power’s payout ratio is currently 65.31%.

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.