Avista Corp. (NYSE:AVA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm currently has a $44.00 price target on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 10.75% from the company’s previous close.
According to Zacks, “Avista Corp. is a diversified energy company with utility and subsidiary operations located throughout North America. Avista Corp. also operates Avista Capital, which owns all the company’s non-regulated energy and non-energy businesses. Avista Capital companies include Avista Energy, Avista Energy Canada, Ltd., Avista Power, Avista Advantage, Avista Labs, Avista Fiber, Avista Communiations, Avista Development and Pentzer Corporation. (PRESS RELEASE) “
Several other research firms also recently commented on AVA. Williams Capital increased their target price on shares of Avista Corp. from $38.00 to $40.00 and gave the stock a “hold” rating in a research report on Thursday, September 22nd. BMO Capital Markets reissued a “hold” rating and set a $42.00 target price on shares of Avista Corp. in a research report on Wednesday, June 22nd.
Shares of Avista Corp. (NYSE:AVA) traded down 3.43% during mid-day trading on Tuesday, reaching $39.73. The company had a trading volume of 282,415 shares. The company has a market capitalization of $2.53 billion, a PE ratio of 18.29 and a beta of 0.40. Avista Corp. has a 52-week low of $32.61 and a 52-week high of $45.22. The company’s 50-day moving average price is $41.64 and its 200-day moving average price is $41.64.
Avista Corp. (NYSE:AVA) last posted its earnings results on Wednesday, August 3rd. The company reported $0.43 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by $0.02. The business had revenue of $234.79 million for the quarter, compared to analyst estimates of $316.24 million. Avista Corp. had a return on equity of 8.32% and a net margin of 9.38%. The company’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.40 earnings per share. On average, analysts forecast that Avista Corp. will post $2.08 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were issued a dividend of $0.3425 per share. This represents a $1.37 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date was Tuesday, August 30th. Avista Corp.’s dividend payout ratio (DPR) is 64.02%.
In other Avista Corp. news, insider Marian M. Durkin sold 3,500 shares of the company’s stock in a transaction dated Friday, August 12th. The shares were sold at an average price of $42.56, for a total transaction of $148,960.00. Following the completion of the sale, the insider now directly owns 67,245 shares in the company, valued at $2,861,947.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jason R. Thackston sold 950 shares of the company’s stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $40.90, for a total transaction of $38,855.00. Following the sale, the senior vice president now owns 17,232 shares of the company’s stock, valued at $704,788.80. The disclosure for this sale can be found here. Company insiders own 1.07% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Institutional Trust Company N.A. boosted its stake in Avista Corp. by 6.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,692,007 shares of the company’s stock worth $69,000,000 after buying an additional 95,891 shares during the period. Global X Management Co. LLC boosted its stake in Avista Corp. by 10.8% in the second quarter. Global X Management Co. LLC now owns 155,170 shares of the company’s stock valued at $6,952,000 after buying an additional 15,124 shares during the last quarter. First Trust Advisors LP boosted its stake in Avista Corp. by 31.6% in the second quarter. First Trust Advisors LP now owns 422,174 shares of the company’s stock valued at $18,913,000 after buying an additional 101,326 shares during the last quarter. PineBridge Investments L.P. boosted its stake in Avista Corp. by 5.0% in the second quarter. PineBridge Investments L.P. now owns 8,016 shares of the company’s stock valued at $359,000 after buying an additional 380 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its stake in Avista Corp. by 6.2% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 17,001 shares of the company’s stock valued at $693,000 after buying an additional 995 shares during the last quarter. Institutional investors own 68.07% of the company’s stock.
Avista Corp. Company Profile
Avista Corporation is an electric and natural gas utility with certain other business ventures. The Company operates through two business segments: Avista Utilities, and Alaska Electric Light and Power Company (AEL&P). Avista Utilities segment generates, transmits and distributes electricity, and distributes natural gas serving electric and natural gas customers in eastern Washington and northern Idaho and natural gas customers in parts of Oregon.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Avista Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avista Corp. and related companies with MarketBeat.com's FREE daily email newsletter.