Brokers Set Expectations for The Southern Company’s Q2 2024 Earnings (NYSE:SO)

The Southern Company (NYSE:SO) – Analysts at KeyCorp issued their Q2 2024 earnings per share (EPS) estimates for Southern in a research note issued to investors on Sunday, July 21st. KeyCorp analyst S. Karp expects that the utilities provider will earn $0.90 per share for the quarter. The consensus estimate for Southern’s current full-year earnings is $4.00 per share. KeyCorp also issued estimates for Southern’s Q3 2024 earnings at $1.51 EPS, Q4 2024 earnings at $0.60 EPS and FY2028 earnings at $5.09 EPS.

Southern (NYSE:SO) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.13. Southern had a return on equity of 12.07% and a net margin of 16.74%. The firm had revenue of $6.65 billion during the quarter, compared to analyst estimates of $6.59 billion. During the same quarter in the prior year, the company posted $0.79 earnings per share. The business’s quarterly revenue was up 2.6% compared to the same quarter last year.

A number of other research analysts have also weighed in on SO. Morgan Stanley cut their target price on shares of Southern from $74.00 to $71.00 and set an “equal weight” rating for the company in a report on Monday, June 24th. UBS Group downgraded shares of Southern from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $78.00 to $76.00 in a report on Thursday, April 4th. Barclays increased their price target on shares of Southern from $66.00 to $71.00 and gave the company an “equal weight” rating in a report on Tuesday, July 9th. Argus boosted their price objective on Southern from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Finally, Wells Fargo & Company raised their price objective on Southern from $72.00 to $77.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $76.50.

Southern Stock Performance

Shares of NYSE SO opened at $81.67 on Wednesday. The firm’s fifty day moving average is $79.01 and its two-hundred day moving average is $73.47. Southern has a 52-week low of $61.56 and a 52-week high of $83.46. The company has a market cap of $89.30 billion, a P/E ratio of 21.10, a P/E/G ratio of 2.92 and a beta of 0.51. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.65 and a current ratio of 0.92.

Hedge Funds Weigh In On Southern

Several hedge funds and other institutional investors have recently bought and sold shares of the business. apricus wealth LLC grew its position in Southern by 3.1% during the 2nd quarter. apricus wealth LLC now owns 30,605 shares of the utilities provider’s stock worth $2,374,000 after purchasing an additional 915 shares during the period. Raymond James Trust N.A. grew its holdings in Southern by 0.6% during the second quarter. Raymond James Trust N.A. now owns 114,638 shares of the utilities provider’s stock worth $8,892,000 after acquiring an additional 726 shares during the period. Wedgewood Investors Inc. PA purchased a new position in Southern during the second quarter valued at approximately $268,000. AMG National Trust Bank acquired a new position in Southern in the second quarter valued at approximately $646,000. Finally, Keb Asset Management LLC purchased a new stake in Southern in the 2nd quarter worth approximately $245,000. Institutional investors and hedge funds own 64.10% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Anthony L. Wilson sold 6,900 shares of the business’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $77.61, for a total transaction of $535,509.00. Following the transaction, the chief executive officer now directly owns 85,309 shares in the company, valued at approximately $6,620,831.49. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Southern news, CEO Anthony L. Wilson sold 6,900 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $77.61, for a total transaction of $535,509.00. Following the sale, the chief executive officer now owns 85,309 shares of the company’s stock, valued at approximately $6,620,831.49. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Kimberly S. Greene sold 9,126 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $75.04, for a total transaction of $684,815.04. Following the completion of the transaction, the chief executive officer now directly owns 121,504 shares of the company’s stock, valued at approximately $9,117,660.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,026 shares of company stock valued at $2,151,644. 0.18% of the stock is currently owned by insiders.

Southern Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Monday, August 19th will be paid a $0.72 dividend. The ex-dividend date is Monday, August 19th. This represents a $2.88 annualized dividend and a yield of 3.53%. Southern’s dividend payout ratio (DPR) is 74.42%.

About Southern

The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. The company also develops, constructs, acquires, owns, and manages power generation assets, including renewable energy projects and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, as well as provides gas marketing services, gas distribution operations, and gas pipeline investments operations.