National Bank Financial Comments on Algonquin Power & Utilities Corp.’s Q1 2024 Earnings (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN) – Analysts at National Bank Financial issued their Q1 2024 earnings per share (EPS) estimates for Algonquin Power & Utilities in a report released on Sunday, April 14th. National Bank Financial analyst R. Merer forecasts that the utilities provider will earn $0.16 per share for the quarter. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.50 per share. National Bank Financial also issued estimates for Algonquin Power & Utilities’ Q2 2024 earnings at $0.10 EPS, Q3 2024 earnings at $0.11 EPS and Q4 2024 earnings at $0.13 EPS.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings data on Friday, March 8th. The utilities provider reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. Algonquin Power & Utilities had a return on equity of 5.64% and a net margin of 1.06%. The firm had revenue of $666.90 million for the quarter, compared to analyst estimates of $661.73 million. During the same quarter in the prior year, the company posted $0.22 earnings per share. Algonquin Power & Utilities’s quarterly revenue was down 10.8% on a year-over-year basis.

AQN has been the topic of several other research reports. CIBC upped their target price on Algonquin Power & Utilities from $7.00 to $7.50 and gave the company a “neutral” rating in a report on Tuesday, January 9th. Desjardins raised Algonquin Power & Utilities from a “sell” rating to a “hold” rating and upped their target price for the company from $4.75 to $5.75 in a report on Monday, March 11th. BMO Capital Markets raised Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and upped their target price for the company from $7.00 to $7.50 in a report on Monday, January 8th. Scotiabank upped their price objective on Algonquin Power & Utilities from $7.00 to $7.50 and gave the company a “sector perform” rating in a research report on Wednesday, January 24th. Finally, TD Securities upped their price objective on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a “hold” rating in a research report on Monday, March 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $7.85.

Algonquin Power & Utilities Stock Down 2.0 %

Algonquin Power & Utilities stock opened at $5.81 on Tuesday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.50 and a current ratio of 0.63. The firm has a market capitalization of $4.01 billion, a price-to-earnings ratio of 193.67 and a beta of 0.66. Algonquin Power & Utilities has a fifty-two week low of $4.90 and a fifty-two week high of $9.14. The stock’s fifty day moving average is $6.02 and its two-hundred day moving average is $5.98.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several large investors have recently added to or reduced their stakes in AQN. Pacifica Partners Inc. increased its stake in Algonquin Power & Utilities by 1,975.0% during the fourth quarter. Pacifica Partners Inc. now owns 4,150 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 3,950 shares during the last quarter. Parallel Advisors LLC increased its stake in Algonquin Power & Utilities by 76.3% during the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 1,882 shares during the last quarter. Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in Algonquin Power & Utilities during the third quarter worth about $28,000. Power Corp of Canada acquired a new stake in Algonquin Power & Utilities during the first quarter worth about $31,000. Finally, Tower Research Capital LLC TRC increased its stake in Algonquin Power & Utilities by 970.3% during the third quarter. Tower Research Capital LLC TRC now owns 7,535 shares of the utilities provider’s stock worth $45,000 after acquiring an additional 6,831 shares during the last quarter. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $0.1085 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.43 annualized dividend and a yield of 7.47%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently 1,433.33%.

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.