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

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

American Electric Power Price Performance

Shares of AEP traded up $0.07 on Friday, reaching $96.40. The stock had a trading volume of 2,547,091 shares, compared to its average volume of 3,154,165. American Electric Power has a twelve month low of $74.97 and a twelve month high of $105.18. The firm has a market capitalization 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. The company has a quick ratio of 0.48, a current ratio of 0.65 and a debt-to-equity ratio of 1.53.

American Electric Power Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be given a $0.93 dividend. 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 (DPR) is currently 70.12%.

Analysts Set New Price Targets

Several brokerages recently issued reports on AEP. JPMorgan Chase & Co. lifted their price objective on American Electric Power from $108.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Barclays increased their price objective on American Electric Power from $96.00 to $100.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 15th. Jefferies Financial Group started coverage on shares of American Electric Power in a research note on Friday, September 20th. They issued a “hold” rating and a $107.00 target price for the company. Morgan Stanley raised their price target on shares of American Electric Power from $102.00 to $108.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 25th. Finally, Evercore ISI cut their price objective on shares of American Electric Power from $97.00 to $96.00 and set an “in-line” rating for the company in a research report on Thursday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $98.27.

American Electric Power Company Profile

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.