KeyBanc Believes American Electric Power (NYSE: AEP) Won’t Stop Here

By Ryan Adsit

In a report issued on August 29, Paul Ridzon from KeyBanc reiterated a Buy rating on American Electric Power (NYSE: AEP), with a price target of $73. The company’s shares closed yesterday at $73.63, close to its 52-week high of $74.29.

According to TipRanks.com, Ridzon is a 5-star analyst with an average return of 14.8% and a 91.4% success rate. Ridzon covers the Utilities sector, focusing on stocks such as Pinnacle West Capital Corp, Great Plains Energy Inc, and Mdu Resources Group Inc.

American Electric Power has an analyst consensus of Moderate Buy, with a price target consensus of $73.

Based on American Electric Power’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $3.57 billion and quarterly net profit of $375 million. In comparison, last year the company earned revenue of $3.87 billion and had a net profit of $505 million.

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American Electric Power Co., Inc. is a public utility holding company that engages in the business of generation, transmission and distribution of electricity. It operates through the following segments: Vertically Integrated Utilities, Transmission & Distribution Utilities, AEP Transmission Holdco and Generation & Marketing.