AES (NYSE:AES) Issues Earnings Results

AES (NYSE:AES) issued its quarterly earnings data on Thursday. The utilities provider reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02, Briefing.com reports. AES had a net margin of 6.07% and a return on equity of 35.44%. The firm had revenue of $2.94 billion for the quarter, compared to analyst estimates of $3.22 billion. During the same quarter in the prior year, the firm earned $0.21 EPS. The company’s revenue was down 2.8% on a year-over-year basis. AES updated its FY24 guidance to $1.87-$1.97 EPS and its FY 2024 guidance to 1.920-1.970 EPS.

AES Stock Down 4.4 %

NYSE AES traded down $0.78 during trading hours on Friday, reaching $17.13. 10,660,581 shares of the company’s stock were exchanged, compared to its average volume of 7,761,461. The company’s 50-day moving average is $18.71 and its two-hundred day moving average is $17.80. AES has a one year low of $11.43 and a one year high of $22.21. The company has a debt-to-equity ratio of 4.04, a quick ratio of 0.71 and a current ratio of 0.78. The company has a market capitalization of $12.17 billion, a price-to-earnings ratio of 23.79 and a beta of 1.08.

AES Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Thursday, August 1st will be paid a dividend of $0.1725 per share. The ex-dividend date is Thursday, August 1st. This represents a $0.69 dividend on an annualized basis and a yield of 4.03%. AES’s payout ratio is 95.83%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on AES. Barclays cut their target price on shares of AES from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. Royal Bank of Canada restated an “outperform” rating and set a $22.00 target price on shares of AES in a research report on Tuesday, April 9th. Seaport Res Ptn downgraded shares of AES from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 21st. Finally, Mizuho upped their target price on shares of AES from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, May 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, AES presently has an average rating of “Moderate Buy” and a consensus target price of $22.75.

About AES

The AES Corporation, together with its subsidiaries, operates as a diversified power generation and utility company in the United States and internationally. The company owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries; owns and/or operates utilities to generate or purchase, distribute, transmit, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors; and generates and sells electricity on the wholesale market.