Scotiabank Has Optimistic Outlook of Entergy FY2024 Earnings

Entergy Corporation (NYSE:ETR) – Investment analysts at Scotiabank raised their FY2024 earnings per share estimates for shares of Entergy in a research note issued on Wednesday, January 8th. Scotiabank analyst A. Weisel now anticipates that the utilities provider will post earnings of $3.63 per share for the year, up from their prior estimate of $3.58. Scotiabank currently has a “Sector Perform” rating and a $82.00 target price on the stock. The consensus estimate for Entergy’s current full-year earnings is $3.61 per share. Scotiabank also issued estimates for Entergy’s FY2025 earnings at $3.87 EPS.

Entergy (NYSE:ETR) last announced its earnings results on Thursday, October 31st. The utilities provider reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.04. Entergy had a return on equity of 9.53% and a net margin of 14.83%. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.46 billion. During the same period in the prior year, the company posted $1.64 EPS.

Other equities research analysts have also issued reports about the company. Morgan Stanley raised Entergy from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $58.00 to $75.00 in a research report on Monday, November 4th. Barclays increased their target price on Entergy from $68.50 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Royal Bank of Canada increased their target price on Entergy from $68.50 to $70.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. KeyCorp lowered Entergy from an “overweight” rating to a “sector weight” rating in a research report on Wednesday, December 4th. Finally, Guggenheim increased their target price on Entergy from $72.50 to $82.50 and gave the stock a “buy” rating in a research report on Friday, November 1st. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $77.37.

Entergy Stock Performance

ETR stock opened at $76.18 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 1.77. The firm has a market cap of $32.67 billion, a P/E ratio of 18.56, a P/E/G ratio of 2.48 and a beta of 0.71. Entergy has a 12-month low of $48.08 and a 12-month high of $79.04. The stock’s 50 day simple moving average is $75.32 and its 200 day simple moving average is $65.85.

Institutional Investors Weigh In On Entergy

Large investors have recently modified their holdings of the business. OneDigital Investment Advisors LLC boosted its position in Entergy by 2.1% during the third quarter. OneDigital Investment Advisors LLC now owns 3,427 shares of the utilities provider’s stock valued at $451,000 after purchasing an additional 69 shares during the last quarter. Acropolis Investment Management LLC boosted its position in Entergy by 0.8% during the third quarter. Acropolis Investment Management LLC now owns 8,836 shares of the utilities provider’s stock valued at $1,163,000 after purchasing an additional 69 shares during the last quarter. Great Valley Advisor Group Inc. boosted its position in Entergy by 0.9% during the third quarter. Great Valley Advisor Group Inc. now owns 8,087 shares of the utilities provider’s stock valued at $1,065,000 after purchasing an additional 74 shares during the last quarter. Bank & Trust Co boosted its position in Entergy by 12.8% during the third quarter. Bank & Trust Co now owns 795 shares of the utilities provider’s stock valued at $105,000 after purchasing an additional 90 shares during the last quarter. Finally, Prossimo Advisors LLC boosted its position in Entergy by 1.5% during the third quarter. Prossimo Advisors LLC now owns 5,971 shares of the utilities provider’s stock valued at $786,000 after purchasing an additional 90 shares during the last quarter. 88.07% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Entergy

In other news, insider Haley Fisackerly sold 8,268 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $74.52, for a total transaction of $616,090.02. Following the completion of the sale, the insider now owns 4,032 shares in the company, valued at $300,444.48. The trade was a 67.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Eliecer Viamontes sold 400 shares of Entergy stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $73.50, for a total value of $29,400.00. Following the sale, the insider now directly owns 8,346 shares of the company’s stock, valued at approximately $613,431. This trade represents a 4.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,756 shares of company stock worth $1,095,637. 0.39% of the stock is currently owned by insiders.

Entergy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Wednesday, November 13th were given a $0.60 dividend. The ex-dividend date of this dividend was Wednesday, November 13th. This represents a $2.40 annualized dividend and a yield of 3.15%. Entergy’s payout ratio is 58.39%.

About Entergy

Entergy Corporation, together with its subsidiaries, engages in the production and retail distribution of electricity in the United States. It generates, transmits, distributes, and sells electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, including the City of New Orleans; and distributes natural gas.