Aerial base stations (BSs) attached to unmanned aerial vehicles (UAVs) constitute a new paradigm for next-generation cellular communications. However, the flight range and communication capacity of aerial BSs are usually limited due to the UAVs' size, weight, and power (SWAP) constraints. To address this challenge, in this paper, we consider dynamic cooperative transmission among multiple aerial BSs for power-efficient aerial communications. Thereby, a central controller intelligently selects the aerial BSs navigating in the air for cooperation. Consequently, the large virtual array of moving antennas formed by the cooperating aerial BSs can be exploited for low-power information transmission and navigation, taking into account the channel conditions, energy availability, and user demands. Considering both the fronthauling and the data transmission links, we jointly optimize the trajectories, cooperation decisions, and transmit beamformers of the aerial BSs for minimization of the weighted sum of the power consumptions required by all BSs. Since obtaining the global optimal solution of the formulated problem is difficult, we propose a low-complexity iterative algorithm that can efficiently find a Karush-Kuhn-Tucker (KKT) solution to the problem. Simulation results show that, compared with several baseline schemes, dynamic multi-UAV cooperation can significantly reduce the communication and navigation powers of the UAVs to overcome the SWAP limitations, while requiring only a small increase of the transmit power over the fronthauling links.