FY2024 EPS Estimates for AQN Cut by National Bank Financial

Algonquin Power & Utilities Corp. (NYSE:AQN) – Stock analysts at National Bank Financial decreased their FY2024 earnings estimates for Algonquin Power & Utilities in a report released on Tuesday, November 26th. National Bank Financial analyst R. Merer now forecasts that the utilities provider will earn $0.37 per share for the year, down from their prior estimate of $0.38. National Bank Financial has a “Strong-Buy” rating on the stock. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.40 per share.

A number of other equities research analysts have also issued reports on the stock. Raymond James lowered shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $7.75 to $7.00 in a report on Monday, August 12th. Wells Fargo & Company dropped their price objective on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Wednesday, October 16th. Janney Montgomery Scott started coverage on shares of Algonquin Power & Utilities in a research note on Thursday, September 5th. They issued a “neutral” rating and a $6.00 target price on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $6.00 price target on shares of Algonquin Power & Utilities in a research report on Friday, October 11th. Finally, CIBC cut their price target on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $6.18.

Algonquin Power & Utilities Stock Up 2.5 %

Shares of AQN opened at $4.88 on Thursday. The stock has a 50 day moving average price of $5.04 and a 200 day moving average price of $5.59. Algonquin Power & Utilities has a one year low of $4.67 and a one year high of $6.79. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of -3.78 and a beta of 0.68.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The firm had revenue of $573.20 million during the quarter, compared to analyst estimates of $620.46 million. During the same quarter in the previous year, the firm posted $0.11 earnings per share. The company’s quarterly revenue was up 1.5% on a year-over-year basis.

Hedge Funds Weigh In On Algonquin Power & Utilities

Large investors have recently made changes to their positions in the stock. Central Pacific Bank Trust Division purchased a new stake in Algonquin Power & Utilities in the third quarter valued at approximately $54,000. Capstone Investment Advisors LLC acquired a new position in Algonquin Power & Utilities during the 3rd quarter worth about $58,000. Walleye Capital LLC purchased a new position in Algonquin Power & Utilities during the 3rd quarter valued at about $59,000. Claro Advisors LLC acquired a new position in Algonquin Power & Utilities in the 2nd quarter valued at about $61,000. Finally, Verdence Capital Advisors LLC purchased a new stake in Algonquin Power & Utilities during the third quarter worth about $61,000. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.065 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.26 dividend on an annualized basis and a yield of 5.33%. Algonquin Power & Utilities’s payout ratio is currently -20.15%.

About Algonquin Power & Utilities

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.