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4-Traders Homepage  >  Equities  >  Nyse  >  American Electric Power Company Inc    AEP

Delayed Quote. Delayed  - 07/29 10:04:05 pm
69.3 USD   +0.55%
07/29 AMERICAN ELECTR : earnings report for 2Q beats predictions
07/28 AMERICAN ELECTR : AEP beats 2Q profit forecasts
07/28 AMERICAN ELECTR : AEP Reports Strong 2016 Second-Quarter GAAP and Op..
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AMERICAN ELECTRIC POWER CO INC : Changes in Registrant's Certifying Accountant (form 8-K)

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07/29/2016 | 10:33pm CEST

Item 4.01 Changes in Registrant's Certifying Accountant.

On July 26, 2016, the Audit Committee of the Board of Directors (the "Audit Committee") of American Electric Power Company, Inc. ("AEP" or the "Company") determined not to renew the engagement of Deloitte & Touche LLP, the independent registered public accounting firm, for the audits of the consolidated financial statements as of and for the fiscal year ending December 31, 2017 of AEP and its subsidiary registrants: Appalachian Power Company, Indiana Michigan Power Company, Ohio Power Company, Public Service Company of Oklahoma and Southwestern Electric Power Company. On July 26, 2016, the Audit Committee appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm to audit the financial statements of AEP and its subsidiary registrants for the fiscal year ending December 31, 2017. The Audit Committee invited several accounting firms to participate in a competitive bidding process, including Deloitte & Touche LLP. The decision to retain PricewaterhouseCoopers LLP was made by the Audit Committee. This action effectively dismisses Deloitte & Touche LLP as the independent registered public accounting firm of AEP and its subsidiary registrants and will become effective upon Deloitte & Touche LLP's completion of its procedures on the financial statements of AEP and its subsidiary registrants as of and for the year ending December 31, 2016 and the filing of the related Annual Report on Form 10-K, except with respect to certain other audit and audit-related services pertaining to the year ending December 31, 2016, as required by AEP.

The audit reports of Deloitte & Touche LLP on the consolidated financial statements of AEP and its subsidiary registrants as of and for the fiscal years ended December 31, 2014 and 2015 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. During AEP's and its subsidiary registrants' two most recent fiscal years ended December 31, 2015, and the subsequent interim period through July 26, 2016, there were no disagreements between AEP or its subsidiary registrants and Deloitte & Touche LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure (within the meaning of Item 304(a)(1)(iv) of Regulation S-K) and there were no reportable events (as defined by Item 304(a)(1)(v) of Regulation S-K). AEP and its subsidiary registrants have requested that Deloitte & Touche LLP furnish a letter addressed to the SEC stating whether or not it agrees with the above statements. A copy of such letter, dated July 29, 2016, is filed as Exhibit 16.1 to this Form 8-K.

During the fiscal years ended December 31, 2014 and 2015 and through the subsequent interim period July 26, 2016, AEP and its subsidiary registrants did not consult with PricewaterhouseCoopers LLP regarding any of the matters or events set forth in Item 304(a)(2)(i) or (ii) of Regulation S-K.

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© Edgar Online, source Glimpses

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Financials ($)
Sales 2016 16 564 M
EBIT 2016 3 435 M
Net income 2016 1 814 M
Debt 2016 21 297 M
Yield 2016 3,26%
P/E ratio 2016 18,85
P/E ratio 2017 18,10
EV / Sales 2016 3,34x
EV / Sales 2017 3,25x
Capitalization 34 075 M
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American Electric Power Co Technical Analysis Chart | AEP | US0255371017 | 4-Traders
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 72,2 $
Spread / Average Target 4,2%
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Managers
NameTitle
Nicholas K. Akins Chairman, President & Chief Executive Officer
Robert P. Powers Chief Operating Officer & Executive Vice President
Brian X. Tierney Chief Financial Officer & Executive Vice President
Alberto G. Ruocco Chief Information Officer & Vice President
Lionel L. Nowell Independent Director
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