AES (NYSE:AES) Announces Earnings Results

AES (NYSE:AES - Get Free Report) posted its earnings results on Thursday. The utilities provider reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.60 by $0.11, Briefing.com reports. The firm had revenue of $3.29 billion for the quarter, compared to analyst estimates 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 quarter in the prior year, the company earned $0.60 EPS. AES updated its FY24 guidance to $1.87-$1.97 EPS and its FY 2024 guidance to 1.870-1.970 EPS.

AES Stock Down 9.7 %

AES stock traded down $1.59 during mid-day trading on Friday, hitting $14.71. 30,815,695 shares of the company were exchanged, compared to its average volume of 8,289,021. The company has a market capitalization of $10.46 billion, a PE ratio of 10.22 and a beta of 1.07. The firm has a fifty day simple moving average of $17.91 and a 200 day simple moving average of $18.28. 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 has a twelve month low of $14.68 and a twelve month high of $22.21.

AES Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Barclays upped their price objective on shares of AES from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Monday, October 21st. Jefferies Financial Group started coverage on shares of AES in a report on Wednesday, September 11th. They issued a "buy" rating and a $20.00 price target on the stock. Finally, Evercore ISI upgraded AES to a "strong-buy" rating in a report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.57.

AES Company Profile

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.