FY2024 EPS Estimates for Algonquin Power & Utilities Corp. (NYSE:AQN) Cut by Analyst

Algonquin Power & Utilities Corp. (NYSE:AQN) – Equities research analysts at National Bank Financial dropped their FY2024 earnings per share estimates for Algonquin Power & Utilities in a research report issued on Sunday, November 12th. National Bank Financial analyst R. Merer now anticipates that the utilities provider will post earnings of $0.57 per share for the year, down from their prior forecast of $0.59. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.52 per share.

Several other analysts also recently commented on the stock. CIBC reduced their price objective on shares of Algonquin Power & Utilities from $7.50 to $7.00 and set a “neutral” rating for the company in a research report on Monday. CSFB decreased their price target on shares of Algonquin Power & Utilities from $10.50 to $10.00 and set an “outperform” rating for the company in a research note on Monday, July 24th. Desjardins dropped their price objective on shares of Algonquin Power & Utilities from $6.50 to $4.75 and set a “sell” rating on the stock in a report on Wednesday, October 25th. BMO Capital Markets reduced their target price on Algonquin Power & Utilities from $8.50 to $8.00 and set a “market perform” rating for the company in a research note on Friday, September 8th. Finally, Scotiabank dropped their price target on Algonquin Power & Utilities from $8.00 to $7.00 and set a “sector perform” rating on the stock in a research note on Monday, October 16th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Algonquin Power & Utilities presently has an average rating of “Hold” and an average target price of $8.19.

Algonquin Power & Utilities Stock Down 2.1 %

Shares of Algonquin Power & Utilities stock opened at $5.49 on Tuesday. The stock’s 50-day moving average is $6.02 and its 200 day moving average is $7.41. Algonquin Power & Utilities has a one year low of $4.90 and a one year high of $9.25. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of -15.69 and a beta of 0.59. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.71 and a quick ratio of 0.56.

Algonquin Power & Utilities (NYSE:AQN) last announced its earnings results on Friday, November 10th. The utilities provider reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). The firm had revenue of $624.70 million for the quarter, compared to the consensus estimate of $643.87 million. Algonquin Power & Utilities had a positive return on equity of 6.04% and a negative net margin of 8.35%. Algonquin Power & Utilities’s quarterly revenue was down 6.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.11 EPS.

Algonquin Power & Utilities Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Friday, December 29th will be issued a dividend of $0.216 per share. This represents a $0.86 dividend on an annualized basis and a yield of 15.74%. This is an increase from Algonquin Power & Utilities’s previous quarterly dividend of $0.11. The ex-dividend date is Thursday, December 28th. Algonquin Power & Utilities’s payout ratio is currently -122.85%.

Institutional Trading of Algonquin Power & Utilities

Several institutional investors and hedge funds have recently made changes to their positions in the company. Signaturefd LLC increased its stake in Algonquin Power & Utilities by 8.9% in the 2nd quarter. Signaturefd LLC now owns 70,125 shares of the utilities provider’s stock valued at $579,000 after buying an additional 5,710 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in Algonquin Power & Utilities by 63.8% during the first quarter. Vanguard Personalized Indexing Management LLC now owns 67,931 shares of the utilities provider’s stock worth $571,000 after acquiring an additional 26,458 shares during the period. Korea Investment CORP grew its stake in Algonquin Power & Utilities by 9.8% in the 1st quarter. Korea Investment CORP now owns 151,997 shares of the utilities provider’s stock valued at $1,274,000 after purchasing an additional 13,617 shares during the period. Parallel Advisors LLC purchased a new stake in shares of Algonquin Power & Utilities during the 1st quarter valued at $64,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Algonquin Power & Utilities by 65.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 13,486 shares of the utilities provider’s stock worth $113,000 after buying an additional 5,350 shares during the last quarter. Hedge funds and other institutional investors own 52.12% of the company’s stock.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp., a renewable energy and utility company, that provides energy and water solutions and services in North America and internationally. The company operates through two segments, Regulated Services Group and Renewable Energy Group. The Regulated Services Group segment provides a portfolio of rate-regulated water, electricity, and gas utility services.