Avista (NYSE:AVA) Issues FY24 Earnings Guidance

Avista (NYSE:AVA) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.26-2.46 for the period, compared to the consensus earnings per share estimate of $2.44. Avista also updated its FY 2024 guidance to 2.260-2.460 EPS.

Wall Street Analyst Weigh In

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

Avista Price Performance

Avista stock traded up $0.77 during midday trading on Friday, reaching $37.32. The company’s stock had a trading volume of 627,864 shares, compared to its average volume of 516,830. The firm has a market capitalization of $2.94 billion, a PE ratio of 14.56, a P/E/G ratio of 3.23 and a beta of 0.47. Avista has a fifty-two week low of $31.91 and a fifty-two week high of $39.99. The stock’s 50 day simple moving average is $38.07 and its 200 day simple moving average is $37.18. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.60 and a current ratio of 0.75.

Avista (NYSE:AVA) last released its quarterly earnings data on Wednesday, November 6th. The utilities provider reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.10. The firm had revenue of $383.70 million for the quarter, compared to the consensus estimate of $389.29 million. Avista had a net margin of 10.24% and a return on equity of 7.83%. The firm’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.19 earnings per share. On average, equities research analysts forecast that Avista will post 2.41 earnings per share for the current year.

Insider Activity

In other Avista news, VP David J. Meyer sold 2,400 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $38.32, for a total transaction of $91,968.00. Following the completion of the transaction, the vice president now owns 5,436 shares of the company’s stock, valued at approximately $208,307.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.96% of the company’s stock.

About Avista

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.