NEW ORLEANS - Entergy Corporation (NYSE:ETR), a major energy company operating in the southern United States, has announced a quarterly dividend of $1.13 per share on its common stock. Shareholders of record by August 13, 2024, will be eligible for the dividend, which is slated for payment on September 3, 2024.
The company, which has been consistently paying dividends since 1988, provides electricity to approximately 3 million customers across Arkansas, Louisiana, Mississippi, and Texas. Entergy has a long-standing presence in the region, with over a century of service in the communities it operates in.
Entergy is recognized for its commitment to sustainability and corporate citizenship, with a focus on transitioning to cleaner energy solutions and enhancing the reliability and resilience of the energy system. The company has contributed more than $100 million annually in economic benefits to local communities since 2018 through various initiatives, including philanthropy, volunteerism, and advocacy.
With its headquarters in New Orleans, Louisiana, Entergy employs around 12,000 individuals and is a Fortune 500 company. The announcement of the dividend reflects Entergy's ongoing financial performance and its strategy to deliver value to its shareholders.
This dividend declaration is based on a press release statement from Entergy Corporation. The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol ETR.
In other recent news, BMO Capital Markets has adjusted its price target for Entergy Corp shares, revising it to $117 from the previous $120, while maintaining an Outperform rating. This change follows a quarterly evaluation, leading to a modified second quarter 2024 earnings estimate of $1.70 for Entergy.
The Electric Reliability Council of Texas (ERCOT) anticipates record-breaking electricity consumption due to a heatwave in Texas, with projections surpassing previous highs for June and July.
Entergy Corp has also been the focus of Wells Fargo and Mizuho, both firms maintaining positive ratings and raising their price targets to $125 and $114 respectively. Despite Entergy's first-quarter earnings falling short of estimates, the company's management reaffirmed their full-year guidance for 2024.
These recent developments highlight the ongoing attention of financial institutions to Entergy's performance and potential, with revised price targets and maintained positive ratings. The company's strategic focus on robust industrial load growth, investment in grid resiliency, and potential role in helping customers reduce carbon emissions through renewable energy projects have been noted by analysts.
InvestingPro Insights
Entergy Corporation (NYSE:ETR) continues to demonstrate financial resilience and shareholder commitment as reflected in its recent dividend announcement. With a market capitalization of $24.27 billion, the energy giant showcases a strong presence in the market. Notably, Entergy's dedication to increasing shareholder returns is evident with its dividend yield of 4.06%, which is particularly attractive to income-focused investors.
An InvestingPro Tip worth highlighting is that Entergy has raised its dividend for 9 consecutive years, underscoring the company's reliable dividend policy. This consistency is further reinforced by the fact that Entergy has maintained dividend payments for an impressive 37 consecutive years. For investors seeking stable income streams, Entergy's track record suggests a robust dividend-paying history.
Another compelling aspect of Entergy's financial health is its price-to-earnings (P/E) ratio. Currently, the company is trading at a P/E ratio of 11.37, which, when adjusted for the last twelve months as of Q1 2024, stands at an even more attractive 10.6. This low P/E ratio relative to near-term earnings growth indicates that the stock may be undervalued, presenting a potential opportunity for value investors.
For those interested in deeper financial analysis and additional InvestingPro Tips, Entergy Corporation has a total of 12 tips available on InvestingPro. Utilize the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, and gain access to exclusive insights that could further inform your investment decisions.
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