AES Corp. Stock Rating Reaffirmed by Zacks (AES)
AES Corp. (NYSE:AES)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued to investors on Friday. They currently have a $15.00 price objective on the stock. Zacks‘s target price indicates a potential upside of 5.04% from the stock’s previous close.
Zacks’ analyst wrote, “The AES Corp. posted mixed financial results in the first quarter of 2014 with earnings trailing the Zacks Consensus Estimate while revenues beating the same. Poor hydrology conditions, lack of gas availability and forced outages proved to be a drag on the company’s earnings. AES Corp.’s strategic exits from non-core markets and subsequent focus on high-return assets will act as tailwinds. The company benefited from its cost-saving initiatives and will continue to move ahead with the measures which will lend stability to its margin. The bullish power demand from the international markets will further support the company’s series of utility-scale projects. In addition, effective share repurchase program and attractive dividend growth will retain investors’ confidence on the stock. However, strict environmental mandates and rise in corporate income tax by foreign countries could act as growth deterrents. Thus, we maintained our Neutral recommendation on the stock”
AES Corp. (NYSE:AES) traded up 1.40% on Friday, hitting $14.48. The stock had a trading volume of 3,429,647 shares. AES Corp. has a 1-year low of $11.17 and a 1-year high of $15.54. The stock has a 50-day moving average of $14.13 and a 200-day moving average of $14.21. The company’s market cap is $10.503 billion. AES Corp. also was the recipient of a large increase in short interest during the month of May. As of May 15th, there was short interest totalling 11,016,537 shares, an increase of 37.4% from the April 30th total of 8,016,737 shares. Based on an average trading volume of 4,194,166 shares, the days-to-cover ratio is presently 2.6 days. Currently, 1.5% of the company’s shares are sold short.
AES Corp. (NYSE:AES) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.24 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.27 by $0.03. The company had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.37 billion. During the same quarter in the prior year, the company posted $0.26 earnings per share. The company’s quarterly revenue was up 2.7% on a year-over-year basis. On average, analysts predict that AES Corp. will post $1.33 earnings per share for the current fiscal year.
Separately, analysts at Morgan Stanley initiated coverage on shares of AES Corp. in a research note on Thursday, May 22nd. They set an “equal weight” rating and a $15.00 price target on the stock. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $15.90.
The AES Corporation (NYSE:AES) owns a portfolio of electricity generation and distribution businesses on five continents in 27 countries, with total capacity of approximately 44,200 megawatts and distribution networks.
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