What is KeyCorp's Forecast for Avista FY2024 Earnings?

Avista Co. (NYSE:AVA - Free Report) - Analysts at KeyCorp reduced their FY2024 earnings estimates for shares of Avista in a research report issued to clients and investors on Tuesday, December 3rd. KeyCorp analyst S. Karp now expects that the utilities provider will post earnings per share of $2.32 for the year, down from their prior estimate of $2.43. The consensus estimate for Avista's current full-year earnings is $2.36 per share.

Separately, Bank of America initiated coverage on shares of Avista in a research report on Thursday, September 12th. They set an "underperform" rating and a $37.00 price target for the company.

Avista Stock Performance

Avista stock traded down $0.12 during mid-day trading on Friday, reaching $37.25. 504,618 shares of the company traded hands, compared to its average volume of 514,487. Avista has a fifty-two week low of $31.91 and a fifty-two week high of $39.99. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 14.89, a price-to-earnings-growth ratio of 4.11 and a beta of 0.48. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.75 and a quick ratio of 0.48. The firm's fifty day moving average is $37.95 and its two-hundred day moving average is $37.34.

Avista (NYSE:AVA - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The utilities provider reported $0.23 EPS for the quarter, beating the consensus estimate of $0.13 by $0.10. Avista had a net margin of 10.24% and a return on equity of 7.83%. The business had revenue of $383.70 million during the quarter, compared to analyst estimates of $389.29 million. During the same period in the prior year, the firm posted $0.19 earnings per share. The company's quarterly revenue was up 3.8% on a year-over-year basis.

Avista Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Tuesday, November 26th will be given a $0.475 dividend. The ex-dividend date is Tuesday, November 26th. This represents a $1.90 annualized dividend and a yield of 5.10%. Avista's dividend payout ratio is presently 75.70%.

Hedge Funds Weigh In On Avista

Several institutional investors have recently made changes to their positions in the company. Foundry Partners LLC acquired a new position in Avista in the 3rd quarter worth about $10,076,000. Jupiter Asset Management Ltd. acquired a new position in shares of Avista during the 2nd quarter worth approximately $7,130,000. Peregrine Capital Management LLC purchased a new position in shares of Avista during the 2nd quarter valued at approximately $6,506,000. Point72 Asset Management L.P. acquired a new stake in Avista in the 2nd quarter valued at $5,638,000. Finally, Segall Bryant & Hamill LLC purchased a new stake in Avista in the 3rd quarter worth $5,838,000. 85.24% of the stock is owned by hedge funds and other institutional investors.

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.