Avista (NYSE:AVA) Releases Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Avista (NYSE:AVA) announced its earnings results on Wednesday. The utilities provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.09, Briefing.com reports. Avista had a return on equity of 7.77% and a net margin of 10.12%. The firm had revenue of $383.70 million during the quarter, compared to analyst estimates of $389.29 million. During the same quarter in the prior year, the company earned $0.19 EPS. The business’s revenue was up 3.8% compared to the same quarter last year. Avista updated its FY 2024 guidance to 2.260-2.460 EPS and its FY24 guidance to $2.26-2.46 EPS.

Avista Stock Down 2.3 %

AVA stock traded down $0.87 during midday trading on Thursday, hitting $36.55. The company’s stock had a trading volume of 860,482 shares, compared to its average volume of 515,493. The firm’s 50-day moving average is $38.11 and its 200-day moving average is $37.18. The company has a current ratio of 0.88, a quick ratio of 0.60 and a debt-to-equity ratio of 1.05. Avista has a 12 month low of $31.91 and a 12 month high of $39.99. The company has a market cap of $2.88 billion, a PE ratio of 15.15, a P/E/G ratio of 3.14 and a beta of 0.47.

Insider Transactions at Avista

In other Avista news, VP David J. Meyer sold 2,400 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $38.32, for a total transaction of $91,968.00. Following the transaction, the vice president now owns 5,436 shares in the company, valued at approximately $208,307.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.96% of the company’s stock.

Analysts Set New Price Targets

Separately, Bank of America assumed coverage on Avista in a research note on Thursday, September 12th. They issued an “underperform” rating and a $37.00 target price on the stock.

Avista Company Profile

Avista Corporation, together with its subsidiaries, operates as an electric and natural gas utility company. It operates in two segments, Avista Utilities and AEL&P. The Avista Utilities segment provides electric distribution and transmission, and natural gas distribution services in parts of eastern Washington and northern Idaho; and natural gas distribution services in parts of northeastern and southwestern Oregon, as well as generates electricity in Washington, Idaho, Oregon, and Montana.