The company released its quarterly results on Wednesday. Avista's return on equity was 6.10%, and its net margin was 8.04%. The company had revenue of $474.60 millions for the quarter compared with analyst estimates of $485.3 million. In the same quarter last year, the firm earned $0.99 per share. Revenue was up by 2.7% from the same quarter in 2017. Avista revised its FY23 guidance from $2.27-2.47 per share to $2.27-2.47 per share and updated its guidance for FY 2023 to $2.27-2.47 per share.
Avista Stock Performance
The price of the stock rose $0.29 at midday on Friday to $44.52. The company's shares were traded at a volume of 499,884 compared to the average of 830972. The 50-day moving average of the stock is $42.61, and its 200-day moving average is $40.56. The company has a $3.19 billion market cap, a 21.00 price-to earnings ratio, a 2.97 P/E/G and a beta value of 0.51 The debt-to equity ratio for the company is 1.00. Its quick ratio is 0.64, and its current ratio 0.75. In a report published on Wednesday, Avista shares were downgraded from a "hold" rating to a "sell". TheStreet upgraded Avista's rating from a "c+" to a "b-" in a report published on Wednesday, 22nd February. In a report published on Thursday, February 9, Mizuho downgraded Avista's rating from 'neutral to 'underperform.' They also lowered their target price from $45.00 to $35.00.
Avista: Insider Transactions
VP Bryan Alden Cox, in related news, sold 2,542 of the company's stock on Friday, 24th February. The stock was bought at a price of $41.30 on average, with a value of $104,984.60. The vice president owns 4,698 company shares, worth approximately $194 027 40. Corporate insiders own 1.00%.
Institutional Inflows & Outflows
Recently, several large investors bought and sold the stock. Millennium Management LLC increased its shares of Avista in the fourth quarter by 624.7%. Millennium Management LLC owns 2,945,495 of the utilities provider stock, worth $130.603,000, after adding 2,539,057 additional shares. State Street Corp increased their position in Avista during the first quarter by 27.0%. State Street Corp owns now 3,311,667 of the utilities provider’s stock valued at $149,522,000. This is after purchasing an additional 704,947 share during the period. Norges Bank purchased a stake in Avista worth $30,554,000 during the fourth quarter. Susquehanna International Group LLP increased its holdings in Avista shares by 2,186.8% during the fourth quarter. Susquehanna International Group LLP owns 534,545 of the utilities provider stock, valued at $23,702,000. This is after acquiring 5111,170 additional shares. Vanguard Group Inc. increased its holdings in Avista shares by 2.6% during the third quarter. Vanguard Group Inc. owns 8,839 530 shares of utilities provider's stocks valued at $327 504,000, after adding 228,077 additional shares during the last quarter. Institutional investors own 82.92% the stock.
Avista Company Profile
Avista Corp., a holding firm, is engaged in the business of providing electric and natural gas utilities. The company operates under the Avista Utilities and Alaska Electric Light and Power Company segments. Avista Utilities provides electric distribution, transmission and natural gas distribution in eastern Washington, Northern Idaho and Northeastern, Southwestern and Southwestern Oregon.
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