Seaport Global Securities assumed coverage on shares of American Electric Power (NYSE:AEP) in a research report sent to investors on Wednesday morning, 24/7 WallStreet reports. The brokerage issued a buy rating and a $86.00 price objective on the utilities provider’s stock.
AEP has been the topic of a number of other reports. TheStreet cut American Electric Power from a b rating to a c+ rating in a research report on Friday, March 20th. Citigroup lowered their price objective on American Electric Power from $101.00 to $82.00 and set a neutral rating on the stock in a research report on Thursday, April 2nd. SunTrust Banks lifted their price objective on American Electric Power from $109.00 to $111.00 and gave the company a buy rating in a research report on Friday, February 21st. Barclays decreased their target price on American Electric Power from $107.00 to $82.00 and set an overweight rating on the stock in a research note on Thursday, March 26th. Finally, Royal Bank of Canada reissued a buy rating and set a $92.00 target price on shares of American Electric Power in a research note on Wednesday, April 8th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $95.17.
Shares of AEP stock traded up $1.41 during trading hours on Wednesday, reaching $78.78. 2,186,396 shares of the company traded hands, compared to its average volume of 3,260,899. American Electric Power has a 12-month low of $65.14 and a 12-month high of $104.97. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.45 and a quick ratio of 0.35. The company has a market cap of $38.34 billion, a P/E ratio of 21.12, a P/E/G ratio of 3.19 and a beta of 0.38. The firm has a 50-day moving average price of $81.08 and a 200 day moving average price of $90.53.
American Electric Power (NYSE:AEP) last posted its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $1.02 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.09 by ($0.07). American Electric Power had a net margin of 12.08% and a return on equity of 10.15%. The company had revenue of $3.70 billion for the quarter, compared to analysts’ expectations of $4.26 billion. During the same period in the previous year, the firm earned $1.19 earnings per share. The firm’s quarterly revenue was down 9.8% on a year-over-year basis. Sell-side analysts predict that American Electric Power will post 4.26 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Friday, May 8th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date of this dividend is Thursday, May 7th. American Electric Power’s payout ratio is 66.04%.
In other news, EVP Mark C. Mccullough sold 2,244 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $81.19, for a total transaction of $182,190.36. Following the transaction, the executive vice president now owns 10,530 shares of the company’s stock, valued at approximately $854,930.70. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Nicholas K. Akins sold 69,657 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $101.05, for a total value of $7,038,839.85. Following the transaction, the chief executive officer now directly owns 170,522 shares in the company, valued at approximately $17,231,248.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 127,067 shares of company stock worth $12,434,814. Corporate insiders own 0.16% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in AEP. Wealth Quarterback LLC bought a new position in shares of American Electric Power during the 4th quarter valued at approximately $2,553,710,000. Eagle Asset Management Inc. bought a new position in shares of American Electric Power during the 1st quarter valued at approximately $80,306,000. Zimmer Partners LP bought a new position in shares of American Electric Power during the 1st quarter valued at approximately $75,933,000. Ceredex Value Advisors LLC bought a new position in shares of American Electric Power during the 1st quarter valued at approximately $73,199,000. Finally, Macquarie Group Ltd. increased its position in shares of American Electric Power by 227.3% during the 4th quarter. Macquarie Group Ltd. now owns 1,206,926 shares of the utilities provider’s stock valued at $114,067,000 after purchasing an additional 838,212 shares during the last quarter. 73.67% of the stock is currently owned by hedge funds and other institutional investors.
American Electric Power Company Profile
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. The company generates electricity using coal and lignite, natural gas, nuclear, hydroelectric, solar, wind, and other energy sources.
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