AES (NYSE:AES) Issues Earnings Results

AES (NYSE:AES) posted its earnings results on Thursday. The utilities provider reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.11, Briefing.com reports. AES had a net margin of 6.07% and a return on equity of 32.74%. The firm had revenue of $3.29 billion for the quarter, compared to analysts’ expectations of $3.46 billion. During the same quarter in the previous year, the firm posted $0.60 earnings per share. The company’s revenue was down 4.2% on a year-over-year basis. AES updated its FY24 guidance to $1.87-$1.97 EPS and its FY 2024 guidance to 1.870-1.970 EPS.

AES Stock Down 9.7 %

Shares of NYSE:AES opened at $14.71 on Friday. The stock has a market cap of $10.46 billion, a price-to-earnings ratio of 10.22 and a beta of 1.07. The business’s 50 day moving average is $17.85 and its 200 day moving average is $18.29. AES has a 12-month low of $14.68 and a 12-month high of $22.21. The company has a quick ratio of 0.91, a current ratio of 0.97 and a debt-to-equity ratio of 3.63.

AES Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 1st will be paid a $0.1725 dividend. This represents a $0.69 annualized dividend and a dividend yield of 4.69%. The ex-dividend date is Friday, November 1st. AES’s dividend payout ratio (DPR) is presently 47.92%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on AES shares. Barclays boosted their price objective on shares of AES from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Jefferies Financial Group initiated coverage on shares of AES in a research note on Wednesday, September 11th. They set a “buy” rating and a $20.00 target price on the stock. Finally, Evercore ISI raised AES to a “strong-buy” rating in a research note on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $22.57.

AES Company Profile

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.