PALO ALTO, CA, Aug. 15, 2024 (GLOBE NEWSWIRE) -- EverCharge, a leading provider of large-scale electric vehicle (EV) charging solutions, and part of SK Group, today announced a strategic collaboration with Public Service Company of Oklahoma (PSO), owned and operated by American Electric Power (AEP). PSO serves over 575,000 Oklahoma customers, providing them with a system of reliable electric services across a variety of needs. In responding to customers’ needs for EV charging options, PSO's objective of wor ...

A view of an electric power line. energyy As a dividend growth investor, I like to invest in companies with proven business models, growth tailwinds, and investment-grade balance sheets. This is because an established business model conveys a sense of reliability and predictability. That usually translates into a consistent dividend, which is important to me. Growth catalysts are also critical to me because I need my income to at least keep up with inflation for me to achieve and sustain financial indepen ...

Economic Overview - The Federal Reserve has been slow to ease monetary policy, maintaining high benchmark interest rates to combat inflation, but recent labor market weakness has raised recession fears [1] - Nonfarm payrolls increased by 114,000 in July, significantly below the expected 175,000, while the unemployment rate rose to 4.3%, a nearly three-year high, strengthening the case for interest rate cuts [1] Federal Reserve Actions - Fed Chair Jerome Powell indicated that the central bank is likely to lower borrowing costs as inflationary pressures are easing, with the personal consumption expenditure index rising 2.5% year-over-year in June, down from 2.6% in May and 2.7% in April [2] - Market participants are anticipating potential interest rate cuts before the scheduled September meeting, with 53.5% expecting a 25 basis point cut [2] Company Insights - American Electric Power Company, Inc. (AEP) is expected to benefit from the Fed's interest rate cuts, with a projected earnings growth of 6.5% for the current year and a 0.4% increase in earnings estimates over the past 60 days [4] - Micron Technology, Inc. (MU) stands to gain from lower borrowing costs, with a significant expected earnings growth of 126.1% for the current year and a 26.1% increase in earnings estimates over the past 60 days [5] - Barrick Gold Corporation (GOLD) is likely to see improved profit margins due to anticipated increases in gold prices in a low interest rate environment, with a 9.4% increase in earnings estimates and expected earnings growth of 38.1% [6][7] - PulteGroup, Inc. (PHM) is positioned to benefit from falling mortgage rates, which are expected to boost housing demand, with nearly 14% expected earnings growth and a 4% increase in earnings estimates over the past 60 days [8] Stock Performance - Over the past year, shares of American Electric Power, Micron, Barrick Gold, and PulteGroup have gained 21.9%, 36.3%, 4.4%, and 46.4%, respectively [3]

Markets continued to fall today as Friday’s jobs report showed the US labor force continued to cool while the unemployment rate rose to 4.3%, its highest peak since 2021.Also extending this week’s selloff was underwhelming Q3 guidance from several big tech firms. However, the utility sector may be one to consider amid heightened market volatility and the potential resurgence of broader economic fears.That said, here are three top utility stocks that have essential services and generous dividends to support ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even though momentum is a popular stock char ...

COLUMBUS, Ohio, July 31, 2024 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) was named first in the utility industry on Forbes magazine's America's Best Employers for Women 2024 list. This is the fifth year in a row AEP was named to the list."AEP is committed to creating an inclusive work environment that supports women and ensures our colleagues can excel," said Phil Ulrich, executive vice president and chief human resources officer. "It's an honor to receive this award for the fifth consecutive yea ...

News from AEP MEDIA CONTACT: ANALYSTS CONTACT: Tammy Ridout Darcy Reese Managing Director, External Communications Vice President, Investor Relations 614/716-2347 614/716-2614 FOR IMMEDIATE RELEASE AEP Reports Second-Quarter 2024 Earnings, Reaffirms Guidance • Second-quarter 2024 GAAP earnings of $0.64 per share; operating earnings of $1.25 per share • Company reaffirms 2024 operating earnings (non-GAAP) guidance of $5.53 to $5.73 per share and long-term growth rate of 6% to 7% • Strong data processing load ...

Financial Data and Key Metrics - Q2 2024 operating earnings were $1.25 per share, a $0.12 increase YoY [7] - Full-year 2024 operating earnings guidance reaffirmed at $5.53 to $5.73 per share, with a long-term earnings growth rate of 6% to 7% [7] - GAAP earnings for Q2 2024 were $0.64 per share compared to $1.01 per share in 2023 [19] - Year-to-date GAAP earnings are $2.55 per share for 2024 versus $1.78 per share in 2023 [19] - FFO to debt metric stands at 14.6% for the 12 months ended June 30th, a 40 basis point increase from the prior quarter [25] Business Line Performance - Commercial load grew 12.4% YoY in Q2 2024, driven by data center demand [9] - Transmission and distribution utility segment earned $0.41 per share, up $0.11 YoY [22] - Vertically integrated utilities segment earned $0.46 per share, down $0.05 YoY [21] - AEP transmission Holdco segment contributed $0.39 per share, up $0.01 YoY [22] - Generation and marketing produced $0.12 per share, down $0.01 YoY [22] Market Performance - Data center commitments exceed 15 gigawatts of incremental load by the end of the decade, primarily in Ohio and Texas [8][9] - Industrial sales remained resilient, particularly in Texas, driven by new customers in energy, steel, renewable energy, and semiconductors [24] - Residential load growth was weak in most territories due to inflation, except in Texas where customer count and load increased [24] Strategic Direction and Industry Competition - Focus on executing strategic priorities, including capturing growth, responding to regulators, and using innovation to mitigate inflationary pressures [6] - Filed new data center tariffs in Ohio and large load tariff modifications in Indiana and West Virginia to ensure fair cost allocation [9] - PSO announced an agreement to purchase a 795-megawatt natural gas generation facility in Oklahoma, pending regulatory approval [10] - Evaluating the impact of the EPA's Coal Combustion Residual Rule and seeking cost recovery through regulatory mechanisms [11] Management Commentary on Operating Environment and Future Outlook - Management emphasized the importance of fair cost allocation for large loads and the need for long-term grid investments [8] - Expect continued growth in data center and industrial loads, particularly in Ohio, Texas, and Indiana [9][24] - Reaffirmed commitment to maintaining a strong balance sheet to support growth initiatives and capital spending [10] Other Important Information - Sale of AEP on-site partners remains on track to close in Q3 2024, with expected net proceeds of $315 million [27] - Voluntary severance program completed in Q2 2024, resulting in a $94 million expense [20] - $111 million accrual recorded for compliance costs related to the EPA's CCR rule, primarily in Ohio [20] Q&A Session Summary Question: Strategic changes under new CEO Bill Furman - Bill Furman is expected to focus on execution rather than significant strategic changes, with continuity in the current strategic direction [32] Question: Incremental CapEx and funding sources - Company plans to update CapEx and funding plans in the fall, with a focus on equity and equity-like tools, including portfolio optimization [34][35] Question: Data center load commitments and tariffs - 15 gigawatts of data center load commitments are firm, with customers required to pay for initial work under letters of agreement [51][53] - New tariffs will apply to future customers, ensuring fair cost allocation [53] Question: Residential sales trends and inflation impact - Residential sales remain weak in most territories due to inflation, with Texas being an exception due to customer growth [83][85] Question: Impact of Chevron decision on EPA and FERC regulation - Management believes the Chevron decision could be helpful in challenging EPA rules, but its impact on FERC remains uncertain [94][95] Question: Generation needs and resource adequacy - Company is proactively addressing generation needs, including the purchase of a natural gas facility in Oklahoma and ongoing RFPs for renewable and dispatchable resources [44][80]

American Electric Power Company, Inc. (AEP) reported second-quarter 2024 adjusted earnings per share (EPS) of $1.25, which beat the Zacks Consensus Estimate of $1.23 by 1.6%. The bottom line also improved 10.6% from $1.13 recorded in the year-ago quarter.The company reported GAAP earnings of 64 cents per share compared with the year-ago quarter’s figure of $1.01.Total RevenuesOperating revenues of $4.73 billion rose 5.6% from the year-ago quarter’s level of $4.48 billion.The company reported GAAP revenues o ...

American Electric Power (AEP) came out with quarterly earnings of $1.25 per share, beating the Zacks Consensus Estimate of $1.23 per share. This compares to earnings of $1.13 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.63%. A quarter ago, it was expected that this utility would post earnings of $1.30 per share when it actually produced earnings of $1.27, delivering a surprise of -2.31%.Over the last four quarters, the co ...