Avista (NYSE:AVA) Issues Earnings Results

Avista (NYSE:AVA) released its quarterly earnings results on Wednesday. The utilities provider reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.09, Briefing.com reports. Avista had a net margin of 10.12% and a return on equity of 7.77%. The business had revenue of $383.70 million for the quarter, compared to the consensus estimate of $389.29 million. During the same period last year, the firm earned $0.19 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. Avista updated its FY 2024 guidance to 2.260-2.460 EPS and its FY24 guidance to $2.26-2.46 EPS.

Avista Price Performance

NYSE AVA traded down $0.87 on Thursday, reaching $36.55. The company had a trading volume of 860,482 shares, compared to its average volume of 515,493. The firm’s 50 day moving average price is $38.11 and its 200 day moving average price is $37.18. Avista has a 12 month low of $31.91 and a 12 month high of $39.99. The stock has a market capitalization of $2.88 billion, a PE ratio of 15.15, a price-to-earnings-growth ratio of 3.14 and a beta of 0.47. The company has a quick ratio of 0.60, a current ratio of 0.88 and a debt-to-equity ratio of 1.05.

Insider Activity

In related news, VP David J. Meyer sold 2,400 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $38.32, for a total value of $91,968.00. Following the sale, the vice president now directly owns 5,436 shares in the company, valued at approximately $208,307.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Bank of America started coverage on Avista in a research note on Thursday, September 12th. They issued an “underperform” rating and a $37.00 price objective on the 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.