CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Sells 9,000 Shares of American Electric Power Company, Inc. (NASDAQ:AEP)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lessened its holdings in American Electric Power Company, Inc. (NASDAQ:AEP) by 34.6% during the fourth quarter, Holdings Channel reports. The fund owned 17,000 shares of the company’s stock after selling 9,000 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in American Electric Power were worth $1,568,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in AEP. Legacy Investment Solutions LLC acquired a new position in shares of American Electric Power in the third quarter valued at $25,000. Safe Harbor Fiduciary LLC bought a new stake in shares of American Electric Power during the 3rd quarter worth about $33,000. Reston Wealth Management LLC acquired a new position in American Electric Power in the 3rd quarter valued at about $48,000. Decker Retirement Planning Inc. bought a new position in American Electric Power in the 4th quarter valued at about $49,000. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of American Electric Power during the third quarter worth approximately $50,000. Institutional investors and hedge funds own 75.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on AEP. Wells Fargo & Company lowered their target price on American Electric Power from $104.00 to $102.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 7th. UBS Group increased their price objective on American Electric Power from $91.00 to $95.00 and gave the stock a “sell” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $102.00 price target (down from $109.00) on shares of American Electric Power in a research note on Thursday, December 12th. Bank of America raised shares of American Electric Power from an “underperform” rating to a “buy” rating and raised their price target for the stock from $98.00 to $104.00 in a research report on Monday, January 13th. Finally, Evercore ISI cut their price objective on shares of American Electric Power from $97.00 to $96.00 and set an “in-line” rating for the company in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $98.00.

American Electric Power Stock Up 0.7 %

NASDAQ AEP opened at $98.18 on Friday. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.57 and a quick ratio of 0.41. American Electric Power Company, Inc. has a fifty-two week low of $75.22 and a fifty-two week high of $105.18. The stock has a market capitalization of $52.24 billion, a PE ratio of 19.68, a PEG ratio of 2.77 and a beta of 0.56. The business has a fifty day moving average price of $94.83 and a two-hundred day moving average price of $97.12.

American Electric Power Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Monday, February 10th will be paid a dividend of $0.93 per share. This represents a $3.72 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend is Monday, February 10th. American Electric Power’s payout ratio is 74.55%.

American Electric Power Company Profile

American Electric Power Company, Inc, an electric public utility holding company, engages in the generation, transmission, and distribution of electricity for sale to retail and wholesale customers in the United States. It operates through Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation & Marketing segments.