Algonquin Power & Utilities Corp. Declares Quarterly Dividend of $0.11 (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQNGet Free Report) announced a quarterly dividend on Friday, March 8th, NASDAQ reports. Stockholders of record on Thursday, March 28th will be given a dividend of 0.1085 per share by the utilities provider on Monday, April 15th. This represents a $0.43 annualized dividend and a dividend yield of 7.09%. The ex-dividend date of this dividend is Wednesday, March 27th.

Algonquin Power & Utilities has decreased its dividend payment by an average of 10.6% per year over the last three years. Algonquin Power & Utilities has a dividend payout ratio of 82.7% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Analysts expect Algonquin Power & Utilities to earn $0.52 per share next year, which means the company should continue to be able to cover its $0.43 annual dividend with an expected future payout ratio of 82.7%.

Algonquin Power & Utilities Trading Up 0.5 %

AQN stock opened at $6.12 on Monday. Algonquin Power & Utilities has a 52-week low of $4.90 and a 52-week high of $9.14. The company has a quick ratio of 0.50, a current ratio of 0.63 and a debt-to-equity ratio of 1.23. The company’s 50-day simple moving average is $5.98 and its 200-day simple moving average is $6.06. The firm has a market cap of $4.22 billion, a P/E ratio of 204.00, a PEG ratio of 4.86 and a beta of 0.66.

Algonquin Power & Utilities (NYSE:AQNGet Free Report) last released its quarterly earnings results on Friday, March 8th. The utilities provider reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.02. Algonquin Power & Utilities had a net margin of 1.06% and a return on equity of 5.64%. The firm had revenue of $666.90 million during the quarter, compared to the consensus estimate of $661.73 million. During the same quarter in the prior year, the firm earned $0.22 EPS. The company’s revenue for the quarter was down 10.8% on a year-over-year basis. As a group, equities analysts forecast that Algonquin Power & Utilities will post 0.5 EPS for the current fiscal year.

Institutional Trading of Algonquin Power & Utilities

Hedge funds and other institutional investors have recently made changes to their positions in the company. Power Corp of Canada acquired a new stake in shares of Algonquin Power & Utilities during the 1st quarter worth approximately $31,000. Captrust Financial Advisors boosted its position in shares of Algonquin Power & Utilities by 66.4% during the 2nd quarter. Captrust Financial Advisors now owns 3,526 shares of the utilities provider’s stock worth $47,000 after purchasing an additional 1,407 shares during the period. BNP Paribas Arbitrage SA purchased a new position in shares of Algonquin Power & Utilities during the 2nd quarter worth approximately $88,000. Tower Research Capital LLC TRC boosted its position in shares of Algonquin Power & Utilities by 970.3% during the 3rd quarter. Tower Research Capital LLC TRC now owns 7,535 shares of the utilities provider’s stock worth $45,000 after purchasing an additional 6,831 shares during the period. Finally, Atria Wealth Solutions Inc. purchased a new position in shares of Algonquin Power & Utilities during the 1st quarter worth approximately $157,000. Institutional investors and hedge funds own 62.28% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. National Bankshares reduced their price target on shares of Algonquin Power & Utilities from $7.50 to $7.25 and set a “sector perform” rating for the company in a research report on Tuesday, January 9th. CIBC increased their price objective on shares of Algonquin Power & Utilities from $7.00 to $7.50 and gave the company a “neutral” rating in a report on Tuesday, January 9th. TD Securities increased their price objective on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a “hold” rating in a report on Monday, March 11th. Scotiabank increased their price objective on shares of Algonquin Power & Utilities from $7.00 to $7.50 and gave the company a “sector perform” rating in a report on Wednesday, January 24th. Finally, BMO Capital Markets upgraded shares of Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $7.00 to $7.50 in a report on Monday, January 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $7.85.

Read Our Latest Research Report on AQN

About Algonquin Power & Utilities

(Get Free Report)

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.

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Dividend History for Algonquin Power & Utilities (NYSE:AQN)

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