Q2 2024 EPS Estimates for Algonquin Power & Utilities Corp. Decreased by National Bank Financial (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN) – Investment analysts at National Bank Financial decreased their Q2 2024 earnings per share (EPS) estimates for Algonquin Power & Utilities in a research report issued on Monday, July 8th. National Bank Financial analyst R. Merer now anticipates that the utilities provider will post earnings per share of $0.09 for the quarter, down from their prior forecast of $0.10. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.46 per share.

Other analysts have also issued reports about the company. Scotiabank decreased their price target on Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating on the stock in a research note on Monday, April 22nd. StockNews.com raised Algonquin Power & Utilities to a “sell” rating in a research note on Friday, May 10th. Wells Fargo & Company raised their price target on Algonquin Power & Utilities from $8.00 to $8.50 and gave the stock an “overweight” rating in a research note on Monday, May 13th. Desjardins raised their price target on Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a “hold” rating in a research note on Thursday, June 6th. Finally, CIBC raised their price target on Algonquin Power & Utilities from $7.50 to $7.70 and gave the stock a “neutral” rating in a research note on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Algonquin Power & Utilities presently has an average rating of “Hold” and a consensus target price of $7.38.

Algonquin Power & Utilities Stock Up 2.1 %

AQN opened at $6.25 on Wednesday. The business’s fifty day simple moving average is $6.21 and its 200 day simple moving average is $6.14. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.42. Algonquin Power & Utilities has a 52 week low of $4.90 and a 52 week high of $8.49. The firm has a market cap of $4.79 billion, a P/E ratio of -12.76 and a beta of 0.66.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Friday, May 10th. The utilities provider reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The company had revenue of $737.10 million for the quarter, compared to analyst estimates of $813.38 million. Algonquin Power & Utilities had a negative net margin of 12.44% and a positive return on equity of 5.39%. The firm’s revenue was down 5.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.17 EPS.

Hedge Funds Weigh In On Algonquin Power & Utilities

Hedge funds and other institutional investors have recently modified their holdings of the company. Pacifica Partners Inc. raised its holdings in shares of Algonquin Power & Utilities by 1,975.0% during the 4th quarter. Pacifica Partners Inc. now owns 4,150 shares of the utilities provider’s stock valued at $26,000 after buying an additional 3,950 shares during the period. Parallel Advisors LLC raised its holdings in shares of Algonquin Power & Utilities by 76.3% during the 4th quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock valued at $27,000 after buying an additional 1,882 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Algonquin Power & Utilities during the 4th quarter valued at about $64,000. Seven Mile Advisory purchased a new stake in shares of Algonquin Power & Utilities during the 4th quarter valued at about $67,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Algonquin Power & Utilities during the 4th quarter valued at about $70,000. 62.28% of the stock is owned by institutional investors and hedge funds.

Algonquin Power & Utilities Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $0.108 dividend. This represents a $0.43 annualized dividend and a dividend yield of 6.91%. The ex-dividend date of this dividend is Friday, June 28th. Algonquin Power & Utilities’s dividend payout ratio is currently -87.76%.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.