American Electric Power (NASDAQ:AEP) Issues FY24 Earnings Guidance

American Electric Power (NASDAQ:AEP) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $5.58-5.68 for the period, compared to the consensus EPS estimate of $5.63. American Electric Power also updated its FY 2024 guidance to 5.580-5.680 EPS.

American Electric Power Price Performance

American Electric Power stock opened at $96.40 on Friday. The company has a fifty day simple moving average of $100.51 and a 200-day simple moving average of $94.87. The firm has a market capitalization of $51.30 billion, a price-to-earnings ratio of 19.20, a PEG ratio of 2.81 and a beta of 0.55. The company has a quick ratio of 0.48, a current ratio of 0.65 and a debt-to-equity ratio of 1.53. American Electric Power has a 52-week low of $74.97 and a 52-week high of $105.18.

American Electric Power Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be issued a $0.93 dividend. This represents a $3.72 annualized dividend and a dividend yield of 3.86%. The ex-dividend date is Friday, November 8th. This is a boost from American Electric Power’s previous quarterly dividend of $0.88. American Electric Power’s dividend payout ratio (DPR) is currently 70.12%.

Wall Street Analyst Weigh In

Several analysts have issued reports on AEP shares. BMO Capital Markets dropped their target price on American Electric Power from $111.00 to $104.00 and set an “outperform” rating for the company in a report on Thursday. Barclays raised their price objective on shares of American Electric Power from $96.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. Evercore ISI dropped their price target on shares of American Electric Power from $97.00 to $96.00 and set an “in-line” rating for the company in a research note on Thursday. Jefferies Financial Group began coverage on shares of American Electric Power in a research report on Friday, September 20th. They set a “hold” rating and a $107.00 price target on the stock. Finally, Wells Fargo & Company lowered their price objective on American Electric Power from $104.00 to $102.00 and set an “equal weight” rating for the company in a research report on Thursday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $98.27.

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.