CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Makes New Investment in American Electric Power Company, Inc. (NASDAQ:AEP)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new stake in shares of American Electric Power Company, Inc. (NASDAQ:AEP) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 26,000 shares of the company’s stock, valued at approximately $2,668,000.

A number of other large investors also recently modified their holdings of AEP. Vanguard Group Inc. boosted its position in shares of American Electric Power by 0.8% during the first quarter. Vanguard Group Inc. now owns 49,630,436 shares of the company’s stock worth $4,273,181,000 after acquiring an additional 405,114 shares during the last quarter. Lazard Asset Management LLC boosted its stake in American Electric Power by 9.9% during the first quarter. Lazard Asset Management LLC now owns 8,586,577 shares of the company’s stock worth $739,303,000 after buying an additional 776,965 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in American Electric Power by 8.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 4,543,771 shares of the company’s stock valued at $466,191,000 after purchasing an additional 341,846 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in American Electric Power by 1.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 3,378,543 shares of the company’s stock valued at $296,433,000 after buying an additional 35,769 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in shares of American Electric Power by 542.4% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,282,571 shares of the company’s stock worth $193,541,000 after acquiring an additional 1,927,234 shares during the period. Hedge funds and other institutional investors own 75.24% of the company’s stock.

American Electric Power Trading Down 0.3 %

Shares of AEP stock traded down $0.28 during trading on Tuesday, hitting $99.88. 776,496 shares of the stock traded hands, compared to its average volume of 3,125,098. The firm has a market capitalization of $52.65 billion, a P/E ratio of 18.56, a price-to-earnings-growth ratio of 2.79 and a beta of 0.54. American Electric Power Company, Inc. has a 52-week low of $72.01 and a 52-week high of $105.18. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.65 and a quick ratio of 0.48. The firm’s fifty day moving average price is $100.49 and its 200-day moving average price is $93.52.

American Electric Power (NASDAQ:AEP) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.02. American Electric Power had a return on equity of 11.31% and a net margin of 13.52%. The business had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.74 billion. During the same quarter in the prior year, the company earned $1.13 earnings per share. The company’s revenue was up 4.5% on a year-over-year basis. As a group, research analysts forecast that American Electric Power Company, Inc. will post 5.6 earnings per share for the current fiscal year.

American Electric Power Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date of this dividend was Friday, August 9th. American Electric Power’s payout ratio is currently 65.31%.

Analysts Set New Price Targets

Several brokerages have recently commented on AEP. Wells Fargo & Company increased their price objective on American Electric Power from $98.00 to $104.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. BMO Capital Markets raised their price target on American Electric Power from $109.00 to $114.00 and gave the stock an “outperform” rating in a report on Thursday, October 3rd. Morgan Stanley upped their price objective on shares of American Electric Power from $102.00 to $108.00 and gave the company an “overweight” rating in a report on Wednesday, September 25th. Guggenheim boosted their target price on shares of American Electric Power from $81.00 to $83.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Finally, JPMorgan Chase & Co. raised their price target on shares of American Electric Power from $108.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $98.43.

American Electric Power 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. It operates through Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation & Marketing segments.