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.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AEP. Wells Fargo & Company decreased their price target on shares of American Electric Power from $104.00 to $102.00 and set an “equal weight” rating for the company in a research report on Thursday. UBS Group increased their target price on American Electric Power from $91.00 to $95.00 and gave the company a “sell” rating in a research note on Thursday. Scotiabank raised their target price on American Electric Power from $99.00 to $108.00 and gave the company a “sector outperform” rating in a report on Tuesday, August 20th. Morgan Stanley upped their price target on American Electric Power from $102.00 to $108.00 and gave the stock an “overweight” rating in a report on Wednesday, September 25th. Finally, BMO Capital Markets dropped their price objective on shares of American Electric Power from $111.00 to $104.00 and set an “outperform” rating on the stock in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, American Electric Power currently has a consensus rating of “Hold” and a consensus target price of $98.27.

American Electric Power Stock Up 0.1 %

Shares of American Electric Power stock traded up $0.07 during trading on Friday, reaching $96.40. The company had a trading volume of 2,547,091 shares, compared to its average volume of 3,154,165. The company has a market cap of $51.30 billion, a price-to-earnings ratio of 19.28, a price-to-earnings-growth ratio of 2.81 and a beta of 0.55. American Electric Power has a fifty-two week low of $74.97 and a fifty-two week high of $105.18. The firm’s fifty day moving average is $100.59 and its 200-day moving average is $94.79. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.48 and a current ratio of 0.65.

American Electric Power Increases Dividend

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

About American Electric Power

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.