Otter Tail (NASDAQ:OTTR) Updates FY24 Earnings Guidance

Otter Tail (NASDAQ:OTTR) issued an update on its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $6.97-7.17 for the period, compared to the consensus earnings per share estimate of $7.10.

Otter Tail Stock Down 1.8 %

Shares of NASDAQ:OTTR traded down $1.48 during trading hours on Friday, hitting $81.01. The company’s stock had a trading volume of 38,868 shares, compared to its average volume of 232,765. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of 11.23 and a beta of 0.52. The firm’s fifty day moving average price is $78.73 and its 200 day moving average price is $85.67. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.27 and a quick ratio of 1.67. Otter Tail has a 52 week low of $73.43 and a 52 week high of $100.84.

Otter Tail (NASDAQ:OTTR) last released its quarterly earnings results on Monday, November 4th. The utilities provider reported $2.03 EPS for the quarter, topping the consensus estimate of $1.97 by $0.06. The firm had revenue of $338.03 million during the quarter, compared to analyst estimates of $362.20 million. Otter Tail had a return on equity of 20.28% and a net margin of 22.70%. During the same period in the previous year, the company posted $2.19 EPS. As a group, research analysts expect that Otter Tail will post 7.01 EPS for the current year.

Otter Tail Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.468 per share. This represents a $1.87 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, November 15th. Otter Tail’s dividend payout ratio (DPR) is presently 25.83%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on OTTR shares. StockNews.com downgraded Otter Tail from a “hold” rating to a “sell” rating in a report on Wednesday. Siebert Williams Shank raised shares of Otter Tail from a “strong sell” rating to a “hold” rating in a research note on Wednesday.

Insiders Place Their Bets

In related news, VP Jennifer O. Smestad sold 4,000 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $88.74, for a total value of $354,960.00. Following the sale, the vice president now directly owns 12,300 shares in the company, valued at approximately $1,091,502. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is owned by insiders.

About Otter Tail

Otter Tail Corporation, together with its subsidiaries, engages in electric utility, manufacturing, and plastic pipe businesses in the United States. It operates through three segments: Electric, Manufacturing, and Plastics. The Electric segment produces, transmits, distributes, and sells electric energy in Minnesota, North Dakota, and South Dakota; and operates as a participant in the Midcontinent Independent System Operator markets.