AES (NYSE:AES) Releases Quarterly Earnings Results, Beats Expectations By $0.11 EPS

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

AES Trading Down 9.6 %

AES stock traded down $1.59 during trading on Friday, reaching $14.90. 15,909,962 shares of the stock traded hands, compared to its average volume of 8,218,386. The company has a debt-to-equity ratio of 3.63, a current ratio of 0.97 and a quick ratio of 0.91. AES has a 52-week low of $14.69 and a 52-week high of $22.21. The business’s 50 day moving average price is $17.94 and its 200-day moving average price is $18.29. The firm has a market capitalization of $10.59 billion, a PE ratio of 10.61 and a beta of 1.07.

AES Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 1st will be given a $0.1725 dividend. This represents a $0.69 dividend on an annualized basis and a dividend yield of 4.63%. The ex-dividend date is Friday, November 1st. AES’s dividend payout ratio is currently 47.92%.

Analyst Upgrades and Downgrades

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

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.