Raymond James Weighs in on Algonquin Power & Utilities Corp.’s FY2024 Earnings (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN) – Raymond James raised their FY2024 earnings per share (EPS) estimates for Algonquin Power & Utilities in a research note issued on Thursday, April 25th. Raymond James analyst D. Quezada now expects that the utilities provider will earn $0.51 per share for the year, up from their previous estimate of $0.50. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.49 per share.

A number of other analysts also recently commented on AQN. TD Securities boosted their price objective on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “hold” rating in a research note on Monday, March 11th. BMO Capital Markets upgraded shares of Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $7.00 to $7.50 in a research report on Monday, January 8th. CIBC lifted their price objective on shares of Algonquin Power & Utilities from $7.00 to $7.50 and gave the stock a “neutral” rating in a research note on Tuesday, January 9th. Desjardins raised shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating and increased their target price for the company from $4.75 to $5.75 in a research note on Monday, March 11th. Finally, StockNews.com upgraded shares of Algonquin Power & Utilities to a “sell” rating in a research report on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Algonquin Power & Utilities has a consensus rating of “Hold” and a consensus price target of $7.67.

Algonquin Power & Utilities Price Performance

NYSE AQN opened at $6.22 on Monday. The firm has a market capitalization of $4.29 billion, a PE ratio of 207.17 and a beta of 0.66. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.63 and a quick ratio of 0.50. Algonquin Power & Utilities has a 12 month low of $4.90 and a 12 month high of $9.14. The company’s 50 day simple moving average is $6.05 and its 200 day simple moving average is $5.99.

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

Algonquin Power & Utilities Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders 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 dividend on an annualized basis and a yield of 6.98%. Algonquin Power & Utilities’s payout ratio is presently 1,433.33%.

Hedge Funds Weigh In On Algonquin Power & Utilities

A number of large investors have recently made changes to their positions in the business. Commonwealth Equity Services LLC increased its stake in shares of Algonquin Power & Utilities by 9.5% in the third quarter. Commonwealth Equity Services LLC now owns 79,789 shares of the utilities provider’s stock worth $472,000 after acquiring an additional 6,931 shares during the last quarter. Kingswood Wealth Advisors LLC purchased a new position in Algonquin Power & Utilities in the third quarter valued at about $70,000. Ceredex Value Advisors LLC increased its position in Algonquin Power & Utilities by 7.9% in the 3rd quarter. Ceredex Value Advisors LLC now owns 2,042,100 shares of the utilities provider’s stock worth $12,313,000 after purchasing an additional 149,700 shares during the last quarter. Forsta AP Fonden raised its stake in shares of Algonquin Power & Utilities by 18.8% during the 3rd quarter. Forsta AP Fonden now owns 439,400 shares of the utilities provider’s stock worth $2,613,000 after purchasing an additional 69,500 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Algonquin Power & Utilities by 313.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 770,885 shares of the utilities provider’s stock valued at $4,584,000 after buying an additional 584,358 shares during the last quarter. Institutional investors and hedge funds own 62.28% of the company’s stock.

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.