National Bank Financial Comments on Algonquin Power & Utilities Corp.’s Q4 2023 Earnings (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN) – National Bank Financial decreased their Q4 2023 EPS estimates for Algonquin Power & Utilities in a report issued on Sunday, November 12th. National Bank Financial analyst R. Merer now anticipates that the utilities provider will post earnings per share of $0.15 for the quarter, down from their prior forecast of $0.16. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.52 per share.

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

Several other research firms also recently issued reports on AQN. CIBC decreased 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 note on Monday. BMO Capital Markets decreased their price target on shares of Algonquin Power & Utilities from $8.50 to $8.00 and set a “market perform” rating for the company in a research report on Friday, September 8th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $8.00 price target on shares of Algonquin Power & Utilities in a report on Tuesday, October 10th. Scotiabank reduced their price objective 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. Finally, CSFB lowered their target price on 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. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Algonquin Power & Utilities presently has a consensus rating of “Hold” and a consensus target price of $8.19.

Algonquin Power & Utilities Trading Up 5.7 %

Shares of NYSE:AQN opened at $5.81 on Wednesday. Algonquin Power & Utilities has a 1 year low of $4.90 and a 1 year high of $9.14. The stock has a 50-day simple moving average of $5.99 and a 200-day simple moving average of $7.39. The company has a current ratio of 0.71, a quick ratio of 0.56 and a debt-to-equity ratio of 1.14.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several institutional investors and hedge funds have recently made changes to their positions in AQN. Bank of Montreal Can bought a new position in shares of Algonquin Power & Utilities during the second quarter worth about $336,911,000. Starboard Value LP bought a new position in Algonquin Power & Utilities during the 2nd quarter worth approximately $281,985,000. Vanguard Group Inc. grew its position in shares of Algonquin Power & Utilities by 3.7% in the 3rd quarter. Vanguard Group Inc. now owns 23,806,124 shares of the utilities provider’s stock worth $259,726,000 after acquiring an additional 856,114 shares in the last quarter. Norges Bank acquired a new position in shares of Algonquin Power & Utilities in the 4th quarter worth approximately $107,390,000. Finally, Bank of Nova Scotia increased its holdings in shares of Algonquin Power & Utilities by 1.9% in the 2nd quarter. Bank of Nova Scotia now owns 14,633,130 shares of the utilities provider’s stock valued at $120,978,000 after acquiring an additional 279,460 shares during the last quarter. 52.12% of the stock is currently owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Increases Dividend

The firm 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. The ex-dividend date of this dividend is Thursday, December 28th. This is an increase from Algonquin Power & Utilities’s previous quarterly dividend of $0.11. This represents a $0.86 annualized dividend and a yield of 14.88%. Algonquin Power & Utilities’s payout ratio is currently -122.85%.

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.