American Electric Power Co., Inc. participates in the generation, transmission, and distribution of energy. It operates by the following segments: Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation and Marketing.
The Vertically Integrated Utilities segment covers the generation, transmission, and distribution of electricity on the market to retail and wholesale customers. The Transmission and Distribution Utilities section represents the transmission and distribution of electricity for sale to retail and wholesale clients.
The Generation and Marketing section consists of non-regulated technology and advertising, hazard management, and retail activities. The organization became based on December 20, 1906, and is situated in Columbus, OH.
AEP stock’s market price increased by 0.61% and last traded at $79.72 in the previous session. It had a trading volume of 4.15 Million shares, which exceeds its 10-day average of 3.952 Million shares. Meanwhile, the company had a market value of $41.07 Billion and a shares float is 514.802 Million.
Moreover, AEP stock has been performing well lately. It has surged by 5.59% this week and by 9.39% in the last month. However, the stock fell by 16.00%, since the start of the year and by 9.17% in the past 52 weeks.
AEP stock’s latest quarterly balance sheet for the period ending September 2023 reported total assets of $95.13 Billion and total liabilities of $69.70 Billion. The debt-to-assets ratio is at 73.27%. The DTA is down from the last quarter, which is a good sign.
The latest quarterly earnings report for the period ending September 2023 displayed a revenue of $5.35 Billion, with a net income of $953.70 Million, and a gain in profit margin from the last quarter of 17.82%.
The stock reported an EPS of $1.77 for the period ending September 2023, beating the analysts’ estimate of $1.701 by 4.03%. The next quarter’s revenue is estimated to be $5.174 Billion with an estimated EPS of $1.249, the report will be released on February 22nd, 2024.
In addition, the stock ratings for AEP stock are rated ‘buy’ and highly recommended based on 20 analysts who evaluated stock for the last three months. The 1-year price forecast for the stock by 15 analysts range between $75 to $100.
AEP Chart Analysis: 1-D Time Frame
According to American Electric Power Company (NASDAQ: AEP), the stock price has been rising since March 2020, when AEP rallied from the $65 support level by making higher highs and lows and reached $105 in September 2022.
However, the stock has shown a recovery sign as the AEP price took support at a crucial level of around $70 on the charts in the first week of October 2023.
Therefore, if buyers boost more the AEP stock might surge strongly from the current level and surge above. The possible targets are between $88 and $96.
On the contrary, if AEP stock fails to hold its grip and breaches below $74, it may hit $69.
Currently, AEP stock is trading above the 20 and 50-day exponential moving averages, which are supporting the price momentum. However, it is below 100 and 200-day EMAs which are rejecting the trend.
Nevertheless, if buying volume adds up, then the price might support bullish momentum by making higher highs and new highs and conquering rejecting MAs and levels.
Summary
The technical analysis tools of the AEP stock price highlight upward signals and support bullishness. AEP chart indicates that the traders and investors of the share price are bullish and positive on the 1-day time frame. The price action shows a higher highs and lows formation suggesting a bullish outlook.
Technical Levels
Support Levels: $74 and $69
Resistance Levels: $88 and $96
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/11/05/aep-stock-price-prediction-will-aep-stock-reach-100-by-2024/