AES (NYSE:AES) Updates FY24 Earnings Guidance

AES (NYSE:AES) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $1.87-$1.97 for the period, compared to the consensus estimate of $1.92. AES also updated its FY 2024 guidance to 1.870-1.970 EPS.

AES Stock Performance

Shares of AES traded down $1.59 during mid-day trading on Friday, hitting $14.71. 30,895,243 shares of the company’s stock were exchanged, compared to its average volume of 8,441,197. The firm has a market capitalization of $10.46 billion, a P/E ratio of 10.22 and a beta of 1.10. AES has a fifty-two week low of $14.68 and a fifty-two week high of $22.21. The business’s 50 day moving average is $17.85 and its two-hundred day moving average is $18.29. The company has a current ratio of 0.97, a quick ratio of 0.91 and a debt-to-equity ratio of 3.63.

AES (NYSE:AES) last announced its earnings results on Thursday, October 31st. The utilities provider reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.11. AES had a return on equity of 28.95% and a net margin of 8.34%. The company had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.46 billion. During the same period last year, the business posted $0.60 EPS. The company’s revenue was down 4.2% on a year-over-year basis. On average, equities analysts expect that AES will post 1.91 earnings per share for the current year.

AES Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be given a dividend of $0.1725 per share. The ex-dividend date is Friday, November 1st. This represents a $0.69 dividend on an annualized basis and a yield of 4.69%. AES’s payout ratio is currently 47.92%.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Evercore ISI upgraded shares of AES to a “strong-buy” rating in a research report on Wednesday, September 18th. Jefferies Financial Group began coverage on shares of AES in a report on Wednesday, September 11th. They issued a “buy” rating and a $20.00 target price for the company. Finally, Barclays lifted their price target on AES from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.