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 earnings per share (EPS) guidance of $5.58-5.68 for the period, compared to the consensus estimate of $5.63. American Electric Power also updated its FY 2024 guidance to 5.580-5.680 EPS.

American Electric Power Stock Performance

Shares of American Electric Power stock traded up $0.07 during midday trading on Friday, hitting $96.40. The company had a trading volume of 2,547,094 shares, compared to its average volume of 3,154,165. The stock has a market cap of $51.30 billion, a price-to-earnings ratio of 19.28, a PEG ratio of 2.81 and a beta of 0.55. American Electric Power has a 12-month low of $74.97 and a 12-month high of $105.18. The company has a quick ratio of 0.48, a current ratio of 0.65 and a debt-to-equity ratio of 1.53. The company has a fifty day simple moving average of $100.59 and a 200 day simple moving average of $94.79.

American Electric Power Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be issued a $0.93 dividend. This represents a $3.72 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend is Friday, November 8th. This is an increase from American Electric Power’s previous quarterly dividend of $0.88. American Electric Power’s dividend payout ratio is 70.12%.

Wall Street Analysts Forecast Growth

AEP has been the topic of several analyst reports. Jefferies Financial Group started coverage on American Electric Power in a report on Friday, September 20th. They set a “hold” rating and a $107.00 target price on the stock. Evercore ISI dropped their price objective on shares of American Electric Power from $97.00 to $96.00 and set an “in-line” rating on the stock in a research note on Thursday. Barclays boosted their target price on shares of 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. BMO Capital Markets cut their price objective on shares of American Electric Power from $111.00 to $104.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Bank of America lifted their price objective on shares of American Electric Power from $97.00 to $98.00 and gave the company an “underperform” rating in a report on Thursday, August 29th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price 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.