Avista (NYSE:AVA) Posts Quarterly Earnings Results

Avista (NYSE:AVA) posted its quarterly earnings results on Wednesday. The utilities provider reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.10, Briefing.com reports. Avista had a net margin of 10.24% and a return on equity of 7.83%. The business had revenue of $383.70 million during the quarter, compared to the consensus estimate of $389.29 million. During the same period in the previous year, the firm posted $0.19 earnings per share. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. Avista updated its FY 2024 guidance to 2.260-2.460 EPS and its FY24 guidance to $2.26-2.46 EPS.

Avista Price Performance

AVA stock traded up $0.59 during midday trading on Friday, hitting $37.14. The company’s stock had a trading volume of 30,820 shares, compared to its average volume of 514,077. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of 14.56, a price-to-earnings-growth ratio of 3.23 and a beta of 0.47. Avista has a 12 month low of $31.91 and a 12 month high of $39.99. The company has a quick ratio of 0.60, a current ratio of 0.75 and a debt-to-equity ratio of 1.05. The company has a 50 day moving average of $38.07 and a two-hundred day moving average of $37.18.

Insider Activity at Avista

In other Avista news, VP David J. Meyer sold 2,400 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $38.32, for a total transaction of $91,968.00. Following the sale, the vice president now directly owns 5,436 shares of the company’s stock, valued at $208,307.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.96% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, Bank of America initiated coverage on shares of Avista in a report on Thursday, September 12th. They issued an “underperform” rating and a $37.00 price objective for the company.

Avista Company Profile

Avista Corporation, together with its subsidiaries, operates as an electric and natural gas utility company. It operates in two segments, Avista Utilities and AEL&P. The Avista Utilities segment provides electric distribution and transmission, and natural gas distribution services in parts of eastern Washington and northern Idaho; and natural gas distribution services in parts of northeastern and southwestern Oregon, as well as generates electricity in Washington, Idaho, Oregon, and Montana.