Otter Tail (NASDAQ:OTTR) Issues FY24 Earnings Guidance

Otter Tail (NASDAQ:OTTR) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $6.97-7.17 for the period, compared to the consensus EPS estimate of $7.10.

Analysts Set New Price Targets

Separately, StockNews.com lowered Otter Tail from a “hold” rating to a “sell” rating in a report on Wednesday.

Otter Tail Stock Performance

NASDAQ OTTR traded down $3.03 on Thursday, hitting $82.49. 372,109 shares of the company’s stock traded hands, compared to its average volume of 233,663. The firm has a market capitalization of $3.45 billion, a PE ratio of 11.39 and a beta of 0.52. Otter Tail has a 1-year low of $73.43 and a 1-year high of $100.84. The firm’s 50-day moving average price is $78.73 and its two-hundred day moving average price is $85.67. The company has a current ratio of 2.27, a quick ratio of 1.67 and a debt-to-equity ratio of 0.60.

Otter Tail (NASDAQ:OTTR) last posted its earnings results on Monday, November 4th. The utilities provider reported $2.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.97 by $0.06. The company had revenue of $338.03 million during the quarter, compared to the consensus estimate of $362.20 million. Otter Tail had a net margin of 22.70% and a return on equity of 20.28%. During the same period in the previous year, the firm posted $2.19 earnings per share. As a group, analysts expect that Otter Tail will post 7.01 EPS for the current year.

Otter Tail Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be issued a $0.468 dividend. This represents a $1.87 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend is Friday, November 15th. Otter Tail’s payout ratio is presently 25.83%.

Insiders Place Their Bets

In other news, VP Jennifer O. Smestad sold 4,000 shares of Otter Tail stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $88.74, for a total transaction of $354,960.00. Following the completion of the transaction, the vice president now directly owns 12,300 shares of the company’s stock, valued at $1,091,502. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.30% of the company’s stock.

About Otter Tail

Otter Tail Corporation, together with its subsidiaries, engages in electric utility, manufacturing, and plastic pipe businesses in the United States. It operates through three segments: Electric, Manufacturing, and Plastics. The Electric segment produces, transmits, distributes, and sells electric energy in Minnesota, North Dakota, and South Dakota; and operates as a participant in the Midcontinent Independent System Operator markets.