|Over a week ago|
American Electric sees FY23 operating EPS $5.19-$5.39, consensus $5.30 16:3411/1111/11/22
American Electric backs FY22 operating EPS view $4.97-$5.07, consensus $5.01 » 16:3411/1111/11/22
American Electric Power…
American Electric Power reaffirmed its 2022 narrowed operating earnings guidance range of $4.97-$5.07 per share with an increased midpoint of $5.02 and its 2023 guidance range of $5.19-$5.39 per share with a projected annual operating earnings growth rate of 6%-7%. AEP management will share the company's earnings growth strategy at the annual Edison Electric Institute Financial Conference that begins Nov. 13 in Hollywood, Florida. AEP will invest nearly all capital in its regulated businesses as it de-risks and streamlines its portfolio. The company's five-year, $40B capital investment plan allocates $26B to wires and $9B to regulated renewables. The company recently announced its new target of reaching net zero carbon dioxide emissions by 2045. It also adjusted its near-term carbon dioxide emission reduction target from a 2000 baseline to a 2005 baseline and upgraded its 80% reduction by 2030 target to include full Scope 1 emissions. AEP expects to close on the sale of its Kentucky operations in January 2023 and is targeting completion of its unregulated contracted renewables sale in the second quarter of 2023. The company also plans to complete the review of its retail business in the first half of 2023.
|Over a month ago|
American Electric names Ann Kelly as CFO » 08:0911/0211/02/22
American Electric Power…
American Electric Power has named Ann P. Kelly Executive Vice President and CFO, effective November 30. Kelly is currently vice president of finance and CFO for AmeriGas Propane, a UGI Corp. subsidiary. Kelly will be responsible for AEP's accounting and tax, treasury and risk, corporate planning and budgeting, and investor relations functions. She will report to Nicholas K. Akins, AEP chair and CEO, until January 1 when Julie Sloat, AEP president and current CFO, becomes CEO. Kelly was appointed vice president of finance and CFO for AmeriGas in 2019. Previously, she was corporate controller and chief accounting officer for UGI, assistant treasurer for UGI, and controller and principal accounting officer for UGI Utilities. Prior to joining UGI Utilities in 2014, Kelly was CFO for JGM, Inc., senior vice president of finance for Preferred Sands, and held roles of increasing responsibility in finance and accounting at Exelon Generation, PECO, Radnor Holdings, Price Waterhouse and Dean Witter. Kelly earned a bachelor's degree in accounting from Ohio Wesleyan University and a Master of Business Administration with a concentration in finance from Villanova University.
American Electric reports receipt of second subpoena in August from SEC » 09:3110/2710/27/22
In a regulatory filing…
In a regulatory filing related to its quarterly report, American Electric stated: "In May 2021, AEP received a subpoena from the SEC's Division of Enforcement seeking various documents, including documents relating to the passage of HB 6 and documents relating to AEP's policies and financial processes and controls. In August 2022, AEP received a second subpoena from the SEC seeking various additional documents relating to its ongoing inquiry. AEP is cooperating fully with the SEC's investigation. Although the outcome of the SEC's investigation cannot be predicted, management does not believe the results of this inquiry will have a material impact on financial condition, results of operations or cash flows."
American Electric narrows FY22 EPS view to $4.97-$5.04 from $4.87-$5.07 » 07:2710/2710/27/22
Consensus $5.00. "We're making substantial progress on simplifying and de-risking our business profile as we prepare to close on the sale of our Kentucky operations in January 2023 and target completion of our unregulated contracted renewables sale in the second quarter of 2023. As we announced Oct. 4, we also are pursuing a strategic review of our retail business that we expect to complete in the first half of 2023. These initiatives are part of our continued focus on investing in energy resources and grid solutions in our regulated businesses to enhance service for our customers," Akins said.
American Electric reports Q3 operating EPS $1.62, consensus $1.56 » 07:2510/2710/27/22
Reports Q3 revenue $5.5B,…
Reports Q3 revenue $5.5B, consensus $4.75B. "The robust investments we're making in a modern, reliable, resilient and cleaner energy system to benefit our customers continue to support our earnings growth. We recently narrowed our 2022 operating earnings guidance, raising the midpoint to $5.02 based on our strong performance this year and proven track record of managing costs as we deliver on our long-term strategy. AEP's Board of Directors also voted this week to boost our quarterly dividend by 5 cents to 83 cents per share," said Nicholas K. Akins, AEP chair and chief executive officer.
American Electric raises quarterly dividend by 5c to 83c per share » 11:5210/2510/25/22
The board of directors of…
The board of directors of American Electric Power declared a regular quarterly cash dividend of 83c a share on the company's common stock, an increase of 5c per share. "The increase is in line with the company's 6% to 7% operating earnings growth range," the company stated. The dividend is payable Dec. 9 to shareholders of record as of Nov. 10.
American Electric price target lowered to $93 from $109 at Guggenheim » 09:2910/2410/24/22
Guggenheim analyst Shahriar Pourreza lowered the firm's price target on American Electric to $93 from $109 and keeps a Buy rating on the shares. The analyst is refreshing select estimates ahead of Q3 earnings season from the Power and Utilities group to reflect "known and measurable year-over-year items," to adjust for seasonality, and to re-mark to the latest commodity curves. Pourreza is also lowering the baseline utility valuation, largely driven by a steep rise in interest rates and forward yield expectations.
American Electric price target lowered to $95 from $105 at Credit Suisse » 06:5410/1010/10/22
Credit Suisse analyst…
Credit Suisse analyst Nicholas Campanella lowered the firm's price target on American Electric to $95 from $105 and keeps an Outperform rating on the shares following the NYC Analyst Day on Oct 4th. Key updates include narrowed 2022 EPS guidance, 2023 guidance of $5.19-$5.39/share, refreshed 2023-2027 five-year capital plan to $40B, refreshed KY sale close to Jan 2023 and updated sales proceeds, updated projected closing for unregulated contracted renewable sale to Q2 2023, and announced strategic review of competitive business platform.
American Electric offered 'positive update' at analyst day, says Evercore ISI » 08:5010/0510/05/22
Evercore ISI analyst…
Evercore ISI analyst Durgesh Chopra said he views American Electric's analyst day as "a positive update," noting that the company raised the low end of its 2022 operating EPS guidance range by 10c and issued 2023 operating EPS guidance in line with consensus and his estimate at the midpoint. In addition to rolling forward and raising its capital program to $40B for the 2023-2027 period, American announced that it will initiate a strategic review of its retail business as part of its ongoing strategy to de-risk, noted Chopra, who estimates the company could generate $220-$260M in net proceeds. These planned asset sales, along with incoming CEO Julie Sloat's focus on actively managing the portfolio, could "materially lower" the equity needs through 2027, added Chopra. He keeps a $107 price target and Outperform rating on American Electric, his top pick among regulated utilities.