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

American Electric Power (NASDAQ:AEP) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $5.58-5.68 for the period, compared to the consensus EPS estimate of $5.63. American Electric Power also updated its FY 2024 guidance to 5.580-5.680 EPS.

American Electric Power Stock Up 0.1 %

NASDAQ:AEP traded up $0.07 during trading hours on Friday, reaching $96.40. 2,539,771 shares of the stock were exchanged, compared to its average volume of 3,154,131. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.65 and a quick ratio of 0.48. American Electric Power has a twelve month low of $74.97 and a twelve month high of $105.18. The stock has a market cap of $51.30 billion, a PE ratio of 19.28, a PEG ratio of 2.81 and a beta of 0.55. The firm has a 50 day moving average of $100.59 and a 200 day moving average of $94.79.

American Electric Power Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be paid a dividend of $0.93 per share. The ex-dividend date is Friday, November 8th. This represents a $3.72 dividend on an annualized basis and a dividend yield of 3.86%. This is a boost from American Electric Power’s previous quarterly dividend of $0.88. American Electric Power’s dividend payout ratio is currently 70.12%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of American Electric Power from $108.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Evercore ISI reduced their target price on shares of American Electric Power from $97.00 to $96.00 and set an “in-line” rating for the company in a report on Thursday. Barclays raised their price objective on shares of American Electric Power from $96.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. Jefferies Financial Group started coverage on American Electric Power in a research report on Friday, September 20th. They issued a “hold” rating and a $107.00 target price on the stock. Finally, Wells Fargo & Company dropped their price target on American Electric Power from $104.00 to $102.00 and set an “equal weight” rating for the company in a report on Thursday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $98.27.

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.