Avista (NYSE:AVA) Issues FY24 Earnings Guidance

Avista (NYSE:AVA) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $2.26-2.46 for the period, compared to the consensus estimate of $2.44. Avista also updated its FY 2024 guidance to 2.260-2.460 EPS.

Avista Trading Up 2.1 %

NYSE AVA traded up $0.77 on Friday, reaching $37.32. The stock had a trading volume of 627,864 shares, compared to its average volume of 516,830. Avista has a 12-month low of $31.91 and a 12-month high of $39.99. The stock has a fifty day moving average price of $38.07 and a two-hundred day moving average price of $37.18. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of 14.56, a P/E/G ratio of 3.23 and a beta of 0.47. The company has a quick ratio of 0.60, a current ratio of 0.75 and a debt-to-equity ratio of 1.05.

Avista (NYSE:AVA) last released its earnings results on Wednesday, November 6th. The utilities provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.10. The company had revenue of $383.70 million during the quarter, compared to the consensus estimate of $389.29 million. Avista had a return on equity of 7.83% and a net margin of 10.24%. Avista’s revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.19 EPS. As a group, sell-side analysts forecast that Avista will post 2.41 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Bank of America initiated coverage on shares of Avista in a research note on Thursday, September 12th. They issued an “underperform” rating and a $37.00 price target for the company.

Insider Buying and Selling

In related news, VP David J. Meyer sold 2,400 shares of Avista stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $38.32, for a total value of $91,968.00. Following the completion of the transaction, the vice president now owns 5,436 shares in the company, valued at $208,307.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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.