American Electric Power (NYSE:AEP) Price Target Cut to $91.00 by Analysts at Morgan Stanley

American Electric Power (NYSE:AEP) had its price target decreased by Morgan Stanley from $93.00 to $91.00 in a report released on Friday, BenzingaRatingsTable reports. Morgan Stanley currently has an equal weight rating on the utilities provider’s stock.

Other equities analysts have also recently issued reports about the company. KeyCorp initiated coverage on American Electric Power in a report on Tuesday, June 4th. They set a sector weight rating on the stock. Zacks Investment Research raised American Electric Power from a sell rating to a hold rating and set a $96.00 price target on the stock in a research note on Thursday, July 11th. Wolfe Research set a $89.00 price target on American Electric Power and gave the stock a buy rating in a research note on Friday, April 26th. SunTrust Banks lifted their price target on American Electric Power from $98.00 to $99.00 and gave the stock a buy rating in a research note on Monday, August 12th. Finally, Wells Fargo & Co lifted their price target on American Electric Power from $89.00 to $93.00 and gave the stock an outperform rating in a research note on Friday, April 26th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. American Electric Power currently has a consensus rating of Buy and an average price target of $88.33.

Shares of NYSE AEP opened at $90.55 on Friday. The stock has a market cap of $44.62 billion, a price-to-earnings ratio of 22.92, a P/E/G ratio of 3.86 and a beta of 0.13. The company has a current ratio of 0.49, a quick ratio of 0.36 and a debt-to-equity ratio of 1.29. American Electric Power has a 1-year low of $68.92 and a 1-year high of $91.99. The stock’s 50-day moving average is $89.77 and its 200 day moving average is $85.77.

American Electric Power (NYSE:AEP) last announced its quarterly earnings data on Thursday, July 25th. The utilities provider reported $1.00 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.02. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $4.13 billion. American Electric Power had a return on equity of 10.69% and a net margin of 12.53%. American Electric Power’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same period last year, the firm posted $1.01 EPS. On average, analysts forecast that American Electric Power will post 4.13 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th will be paid a $0.67 dividend. The ex-dividend date is Thursday, August 8th. This represents a $2.68 dividend on an annualized basis and a yield of 2.96%. American Electric Power’s dividend payout ratio (DPR) is currently 67.85%.

In other American Electric Power news, EVP Paul Chodak III sold 1,303 shares of American Electric Power stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $86.52, for a total value of $112,735.56. Following the transaction, the executive vice president now directly owns 8,152 shares of the company’s stock, valued at approximately $705,311.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Brian X. Tierney sold 4,458 shares of American Electric Power stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $89.73, for a total value of $400,016.34. Following the completion of the sale, the vice president now owns 39,745 shares in the company, valued at $3,566,318.85. The disclosure for this sale can be found here. Insiders sold a total of 7,513 shares of company stock worth $669,398 over the last ninety days. Insiders own 0.16% of the company’s stock.

Hedge funds have recently modified their holdings of the company. IMA Wealth Inc. bought a new stake in shares of American Electric Power in the 2nd quarter worth approximately $30,000. JJJ Advisors Inc. bought a new stake in shares of American Electric Power in the 2nd quarter worth approximately $31,000. Glassman Wealth Services grew its position in shares of American Electric Power by 138.0% in the 1st quarter. Glassman Wealth Services now owns 388 shares of the utilities provider’s stock worth $32,000 after buying an additional 225 shares during the last quarter. Weaver Consulting Group bought a new stake in shares of American Electric Power in the 1st quarter worth approximately $32,000. Finally, Osborn Williams & Donohoe LLC bought a new stake in shares of American Electric Power in the 1st quarter worth approximately $38,000. Hedge funds and other institutional investors own 74.54% of the company’s stock.

About American Electric Power

American Electric Power Company, Inc, an electric public utility holding company, engages in the generation, transmission, and distribution of electricity for sale to retail and wholesale customers in the United States. The company generates electricity using coal and lignite, natural gas, nuclear, hydroelectric, solar, wind, and other energy sources.

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Analyst Recommendations for American Electric Power (NYSE:AEP)

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