Southern (NYSE:SO) Issues FY 2024 Earnings Guidance

Southern (NYSE:SO) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 4.050-4.050 for the period, compared to the consensus earnings per share estimate of 4.030. The company issued revenue guidance of -. Southern also updated its FY24 guidance to $4.05 EPS.

Southern Stock Up 1.8 %

Shares of SO traded up $1.62 during trading hours on Thursday, hitting $90.98. 2,035,303 shares of the company were exchanged, compared to its average volume of 4,411,825. The firm’s 50 day moving average is $89.60 and its 200-day moving average is $82.95. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.66 and a current ratio of 0.91. Southern has a 52 week low of $65.80 and a 52 week high of $94.45. The company has a market cap of $99.48 billion, a PE ratio of 21.28, a PEG ratio of 3.29 and a beta of 0.52.

Southern (NYSE:SO) last released its earnings results on Thursday, August 1st. The utilities provider reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.19. Southern had a net margin of 17.67% and a return on equity of 12.88%. The firm had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.10 billion. During the same quarter in the previous year, the business earned $0.79 EPS. The business’s revenue was up 12.4% on a year-over-year basis. On average, equities research analysts forecast that Southern will post 4.02 EPS for the current fiscal year.

Southern Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 3.17%. The ex-dividend date is Monday, November 18th. Southern’s payout ratio is currently 68.57%.

Analysts Set New Price Targets

Several research analysts recently commented on SO shares. Bank of America raised their target price on Southern from $86.00 to $87.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Wells Fargo & Company lifted their price objective on Southern from $77.00 to $89.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Mizuho lowered Southern from an “outperform” rating to a “neutral” rating and set a $90.00 price target on the stock. in a research note on Monday, September 16th. Guggenheim upped their target price on shares of Southern from $93.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Southern from $80.00 to $87.00 and gave the stock an “underweight” rating in a research note on Monday, August 12th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $89.07.

Insider Buying and Selling

In related news, EVP Sterling A. Jr. Spainhour sold 2,380 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $88.99, for a total value of $211,796.20. Following the completion of the transaction, the executive vice president now directly owns 12,500 shares in the company, valued at approximately $1,112,375. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Bryan D. Anderson sold 6,565 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $89.54, for a total transaction of $587,830.10. Following the completion of the transaction, the executive vice president now directly owns 44,467 shares of the company’s stock, valued at approximately $3,981,575.18. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Sterling A. Jr. Spainhour sold 2,380 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $88.99, for a total value of $211,796.20. Following the sale, the executive vice president now owns 12,500 shares in the company, valued at approximately $1,112,375. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,945 shares of company stock valued at $3,488,826. 0.18% of the stock is owned by company insiders.

About Southern

The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. The company also develops, constructs, acquires, owns, and manages power generation assets, including renewable energy projects and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, as well as provides gas marketing services, gas distribution operations, and gas pipeline investments operations.