Avista (NYSE:AVA) Issues Earnings Results

Avista (NYSE:AVA) released its quarterly earnings results on Wednesday. The utilities provider reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.07, Briefing.com reports. The company had revenue of $390.80 million for the quarter, compared to analysts’ expectations of $386.69 million. Avista had a net margin of 9.96% and a return on equity of 7.65%. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period last year, the company earned $0.23 EPS. Avista updated its FY24 guidance to $2.36-2.56 EPS and its FY 2024 guidance to 2.360-2.560 EPS.

Avista Trading Down 0.6 %

NYSE AVA traded down $0.22 during mid-day trading on Thursday, hitting $38.04. The company’s stock had a trading volume of 757,593 shares, compared to its average volume of 542,748. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.97 and a quick ratio of 0.69. Avista has a 52-week low of $30.53 and a 52-week high of $39.99. The stock’s fifty day simple moving average is $35.98 and its two-hundred day simple moving average is $35.25. The firm has a market capitalization of $2.97 billion, a P/E ratio of 15.78 and a beta of 0.46.

Avista Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, August 22nd will be issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.99%. The ex-dividend date of this dividend is Thursday, August 22nd. Avista’s payout ratio is currently 78.84%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. StockNews.com upgraded Avista from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Mizuho upgraded Avista from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $32.00 to $36.00 in a research report on Friday, May 3rd. Four equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $35.00.

Insider Transactions at Avista

In other Avista news, CEO Jason R. Thackston sold 2,500 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $36.98, for a total value of $92,450.00. Following the transaction, the chief executive officer now directly owns 32,506 shares of the company’s stock, valued at $1,202,071.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Bryan Alden Cox sold 1,716 shares of Avista stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $35.70, for a total transaction of $61,261.20. Following the sale, the senior vice president now owns 7,196 shares of the company’s stock, valued at approximately $256,897.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jason R. Thackston sold 2,500 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $36.98, for a total transaction of $92,450.00. Following the completion of the transaction, the chief executive officer now directly owns 32,506 shares of the company’s stock, valued at $1,202,071.88. The disclosure for this sale can be found here. Insiders sold 5,916 shares of company stock valued at $215,268 over the last 90 days. Corporate insiders own 0.96% of the company’s stock.

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.