The Southern Company (NYSE:SO) Forecasted to Earn FY2023 Earnings of $3.70 Per Share

The Southern Company (NYSE:SOGet Rating) – Equities research analysts at Seaport Res Ptn lowered their FY2023 earnings per share estimates for shares of Southern in a report released on Monday, November 21st. Seaport Res Ptn analyst A. Storozynski now forecasts that the utilities provider will earn $3.70 per share for the year, down from their previous estimate of $3.80. The consensus estimate for Southern’s current full-year earnings is $3.60 per share. Seaport Res Ptn also issued estimates for Southern’s FY2024 earnings at $4.07 EPS.

A number of other research analysts have also issued reports on SO. UBS Group decreased their target price on Southern to $80.00 in a research report on Monday. Bank of America downgraded Southern from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $63.00 to $59.00 in a research note on Monday, October 24th. Guggenheim reduced their price objective on Southern from $80.00 to $69.00 in a research note on Monday, October 24th. Bank Of America (Bofa) downgraded Southern to an “underperform” rating in a research note on Monday, October 24th. Finally, Argus increased their price objective on Southern from $83.00 to $87.00 and gave the company a “buy” rating in a research note on Wednesday, September 14th. Five research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $71.42.

Southern Trading Up 0.3 %

Shares of NYSE:SO opened at $65.95 on Tuesday. Southern has a 1 year low of $60.71 and a 1 year high of $80.57. The firm has a market capitalization of $71.80 billion, a price-to-earnings ratio of 20.87, a price-to-earnings-growth ratio of 4.55 and a beta of 0.51. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.81 and a quick ratio of 0.64. The business’s 50 day moving average price is $67.65 and its 200-day moving average price is $72.04.

Hedge Funds Weigh In On Southern

Several institutional investors have recently added to or reduced their stakes in SO. IndexIQ Advisors LLC acquired a new stake in Southern during the first quarter worth about $25,000. Johnson Midwest Financial LLC purchased a new stake in shares of Southern in the second quarter worth about $25,000. Chilton Capital Management LLC purchased a new stake in shares of Southern in the second quarter worth about $25,000. Crewe Advisors LLC boosted its position in shares of Southern by 93.6% in the second quarter. Crewe Advisors LLC now owns 484 shares of the utilities provider’s stock worth $35,000 after buying an additional 234 shares during the period. Finally, CNB Bank boosted its position in shares of Southern by 186.2% in the second quarter. CNB Bank now owns 498 shares of the utilities provider’s stock worth $35,000 after buying an additional 324 shares during the period. 62.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Stephen E. Kuczynski sold 14,500 shares of the business’s stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $79.47, for a total value of $1,152,315.00. Following the transaction, the chief executive officer now owns 115,284 shares of the company’s stock, valued at $9,161,619.48. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Stephen E. Kuczynski sold 14,500 shares of Southern stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $79.47, for a total value of $1,152,315.00. Following the sale, the chief executive officer now directly owns 115,284 shares in the company, valued at $9,161,619.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Martin Bernard Davis sold 3,050 shares of Southern stock in a transaction that occurred on Friday, October 28th. The shares were sold at an average price of $65.80, for a total value of $200,690.00. Following the completion of the sale, the executive vice president now owns 39,916 shares in the company, valued at $2,626,472.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,050 shares of company stock valued at $2,288,545. Company insiders own 0.37% of the company’s stock.

Southern Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 6th. Stockholders of record on Monday, November 21st will be issued a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date is Friday, November 18th. Southern’s payout ratio is currently 86.08%.

Southern Company Profile

(Get Rating)

The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. It operates through Gas Distribution Operations, Gas Pipeline Investments, Wholesale Gas Services, and Gas Marketing Services segments. The company also develops, constructs, acquires, owns, and manages power generation assets, including renewable energy projects and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, as well as provides gas marketing services, wholesale gas services, and gas pipeline investments operations.

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Earnings History and Estimates for Southern (NYSE:SO)

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