Equities Analysts Set Expectations for AQN FY2024 Earnings

Algonquin Power & Utilities Corp. (NYSE:AQN) – Investment analysts at National Bank Financial reduced their FY2024 earnings per share (EPS) estimates for shares of Algonquin Power & Utilities in a note issued to investors on Tuesday, November 26th. National Bank Financial analyst R. Merer now expects that the utilities provider will post earnings of $0.37 per share for the year, down from their previous forecast 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.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.08 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $573.20 million for the quarter, compared to analyst estimates of $620.46 million. During the same period in the prior year, the firm posted $0.11 earnings per share. The business’s quarterly revenue was up 1.5% compared to the same quarter last year.

Several other equities research analysts have also recently issued reports on the stock. Janney Montgomery Scott assumed coverage on shares of Algonquin Power & Utilities in a research report on Thursday, September 5th. They set a “neutral” rating and a $6.00 price objective for the company. CIBC decreased 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. Desjardins dropped their price objective on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a report on Monday, August 12th. Scotiabank cut their target price on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 price target on shares of Algonquin Power & Utilities in a report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $6.18.

Algonquin Power & Utilities Trading Up 2.5 %

NYSE AQN opened at $4.88 on Thursday. Algonquin Power & Utilities has a 52 week low of $4.67 and a 52 week high of $6.79. The firm has a 50 day moving average of $5.04 and a two-hundred day moving average of $5.59. The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $3.74 billion, a PE ratio of -3.78 and a beta of 0.68.

Institutional Trading of Algonquin Power & Utilities

Large investors have recently bought and sold shares of the business. Central Pacific Bank Trust Division acquired a new position in Algonquin Power & Utilities in the third quarter valued at $54,000. Claro Advisors LLC purchased a new position in shares of Algonquin Power & Utilities during the second quarter worth about $61,000. Capstone Investment Advisors LLC acquired a new position in Algonquin Power & Utilities in the 3rd quarter valued at about $58,000. Walleye Capital LLC purchased a new stake in Algonquin Power & Utilities during the 3rd quarter valued at approximately $59,000. Finally, SeaCrest Wealth Management LLC purchased a new stake in Algonquin Power & Utilities during the 2nd quarter valued at approximately $66,000. Institutional investors and hedge funds own 62.28% of the company’s stock.

Algonquin Power & Utilities Dividend Announcement

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

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.