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Ameren Corporation (NYSE: AEE), headquartered in St. Louis, Missouri, is a Fortune 500 company that enhances the quality of life for millions of people throughout Illinois and Missouri. Ameren Illinois provides electric distribution and transmission services, as well as natural gas distribution services, while Ameren Missouri delivers vertically integrated electric services, boasting a generating capacity of over 10,200 megawatts, and natural gas distribution services. Together, they serve 2.4 million electric and over 900,000 natural gas customers across an expansive 64,000 square-mile area.
Ameren's core operations include owning rate-regulated generation, transmission, and distribution networks that deliver electricity and natural gas. They are the largest electric utility in Missouri and the second largest in Illinois, and rank among the nation’s largest investor-owned electric or gas utilities. Ameren’s infrastructure investments and strategic initiatives consistently aim to modernize the grid, integrate renewable energy, and enhance reliability and customer service.
Recent milestones include the pricing of $350 million aggregate principal amount of 5.25% first mortgage bonds due 2054 by Ameren Missouri to fund capital expenditures and refinance short-term debt. Ameren Missouri also announced future plans to allocate $205 million in rebates and incentives as part of their energy efficiency initiatives, aimed at making energy usage more efficient and cost-effective for customers.
Ameren is continually focused on financial growth and sustainability. The company reported 2023 diluted earnings per share (EPS) of $4.38, with a 2024 guidance range established at $4.52 to $4.72 per diluted share. Ameren aims to achieve a compound annual growth rate in EPS of 6% to 8% from 2024 through 2028. Their sustainability efforts are underscored by a commitment to a cleaner energy future, as highlighted in their 2024 Sustainability Report.
Ameren’s strategic grid modernization includes the development of an $800 million Castle Bluff Energy Center to bolster energy reliability, and the approval to build approximately 400 MW of solar energy capacity to enhance renewable energy generation. Their investments in advanced technologies and infrastructure are designed to ensure reliable, safe, affordable, and cleaner energy for their customers.
Ameren remains dedicated to corporate responsibility, evidenced by their recognition as a 2024 Tree Line USA utility for their urban forest management efforts. This commitment to the environment, combined with consistent financial performance and strategic growth initiatives, positions Ameren Corporation as a leader in the energy sector.
Ameren Illinois, a subsidiary of Ameren Corporation (NYSE: AEE), has priced a public offering of $350 million in 5.90% first mortgage bonds set to mature in 2052. The bonds will be sold at 99.691% of their principal value, with the expected closing date on November 22, 2022, pending customary conditions. Proceeds will be allocated to reduce short-term debt and fund sustainable projects. The offering is managed by BofA Securities, Goldman Sachs, RBC Capital Markets, TD Securities, and PNC Capital Markets.
Ameren Corporation (NYSE: AEE) reported third quarter 2022 net income of $452 million ($1.74 per diluted share), up from $425 million ($1.65 per diluted share) in Q3 2021. This increase was due to infrastructure investments and new electric service rates in Missouri. Year-to-date earnings for 2022 reached $911 million ($3.51 per diluted share), reflecting similar trends. The company narrowed its 2022 earnings guidance range to $4.00 to $4.15 per diluted share, driven by strong execution of its strategy but tempered by rising interest expenses and a higher effective tax rate.
The board of directors of Ameren Corporation has declared a quarterly cash dividend of 59 cents per share on its common stock. This dividend will be payable on December 30, 2022, to shareholders on record as of the close of business on December 7, 2022. Additionally, Union Electric Company and Ameren Illinois Company announced regular quarterly cash dividends on their preferred stock, payable on February 15, 2023 and February 1, 2023, respectively, to shareholders of record by January 20 and January 16, 2023.
Ameren Corp. (AEE) will discuss its third quarter 2022 earnings and guidance in a conference call on November 4, 2022, at 9 a.m. Central Time. The call will be led by CEO Martin J. Lyons Jr. and CFO Michael L. Moehn. Interested parties can listen live via AmerenInvestors.com, with a replay available for one year post-call. The company serves 2.4 million electric and 900,000 natural gas customers across a 64,000-square-mile area through its subsidiaries in Missouri and Illinois.
Ameren Illinois, a subsidiary of Ameren Corporation (NYSE: AEE), has priced a public offering of $500 million in 3.85% first mortgage bonds due 2032, priced at 99.827% of their principal amount. The deal's closing is set for Aug. 29, 2022, subject to standard conditions. The net proceeds will be used to repay $400 million in 2.70% senior secured notes due on Sept. 1, 2022, and reduce short-term debt. Major financial institutions are managing the offering.
The board of directors of Ameren Corporation (NYSE: AEE) has declared a quarterly cash dividend of 59 cents per share, payable on September 30, 2022, to shareholders of record as of the close of business on September 7, 2022. Additionally, Union Electric Company announced preferred stock dividends payable on November 15, 2022, and Ameren Illinois Company also declared preferred stock dividends due on November 1, 2022. Ameren Corporation serves approximately 2.4 million electric customers and over 900,000 natural gas customers in a 64,000-square-mile area.
Ameren Corporation (NYSE: AEE) reported second quarter 2022 net income of $207 million, or $0.80 per diluted share, unchanged from the same period in 2021. Increased infrastructure investments and higher electric retail sales, driven by warmer temperatures, positively impacted earnings. However, this was offset by increased operational costs and higher interest expenses. For the first half of 2022, net income rose to $459 million, or $1.77 per diluted share, compared to $440 million in the previous year. Ameren reaffirmed its 2022 earnings guidance at $3.95 to $4.15 per diluted share.
Ameren Missouri has filed a request with the Missouri Public Service Commission to adjust electric base rates, aiming for a mid-2023 implementation. This adjustment is to recover costs from significant upgrades for grid reliability and cleaner energy initiatives. If approved, average residential customers could see a rise of about $12 per month, equating to a 2.3% average yearly increase since 2017. The company claims its rates remain over 23% below national averages, emphasizing ongoing cost management amid economic challenges.
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