Otter Tail (NASDAQ:OTTR) Issues FY24 Earnings Guidance

Otter Tail (NASDAQ:OTTR) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $6.97-7.17 for the period, compared to the consensus EPS estimate of $7.10.

Otter Tail Stock Performance

NASDAQ OTTR traded up $3.97 on Wednesday, hitting $85.52. The stock had a trading volume of 658,589 shares, compared to its average volume of 233,019. Otter Tail has a one year low of $73.43 and a one year high of $100.84. The company has a quick ratio of 1.67, a current ratio of 2.27 and a debt-to-equity ratio of 0.60. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of 11.81 and a beta of 0.52. The company’s 50-day moving average is $78.75 and its two-hundred day moving average is $85.69.

Otter Tail (NASDAQ:OTTR) last issued its earnings results on Monday, November 4th. The utilities provider reported $2.03 earnings per share for the quarter, topping analysts’ consensus estimates of $1.97 by $0.06. The firm had revenue of $338.03 million during the quarter, compared to analysts’ expectations of $362.20 million. Otter Tail had a net margin of 22.70% and a return on equity of 20.28%. During the same period last year, the firm posted $2.19 earnings per share. On average, analysts expect that Otter Tail will post 7.01 earnings per share for the current year.

Otter Tail Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be given a $0.468 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.87 dividend on an annualized basis and a yield of 2.19%. Otter Tail’s payout ratio is 25.83%.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Otter Tail from a “hold” rating to a “sell” rating in a research note on Wednesday.

Insiders Place Their Bets

In other news, VP Jennifer O. Smestad sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $88.74, for a total transaction of $354,960.00. Following the completion of the transaction, the vice president now directly owns 12,300 shares of the company’s stock, valued at approximately $1,091,502. This trade 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 the SEC website. Company insiders own 2.30% of the company’s stock.

About Otter Tail

Otter Tail Corporation, together with its subsidiaries, engages in electric utility, manufacturing, and plastic pipe businesses in the United States. It operates through three segments: Electric, Manufacturing, and Plastics. The Electric segment produces, transmits, distributes, and sells electric energy in Minnesota, North Dakota, and South Dakota; and operates as a participant in the Midcontinent Independent System Operator markets.