Algonquin Power & Utilities (NYSE:AQN) Updates FY23 Earnings Guidance

Algonquin Power & Utilities (NYSE:AQN – Get Rating) issued an update on its FY23 earnings guidance on Friday morning. The company provided earnings per share guidance of $0.55-0.61 for the period, compared to the consensus earnings per share estimate of $0.58. Algonquin Power & Utilities also updated its FY 2023 guidance to $0.55-$0.61 EPS.

Algonquin Power & Utilities Trading Down 2.1 %

Shares of AQN traded down $0.17 during mid-day trading on Monday, reaching $7.79. The company had a trading volume of 4,849,401 shares, compared to its average volume of 5,378,625. The stock has a market cap of $5.36 billion, a price-to-earnings ratio of -24.34, a price-to-earnings-growth ratio of 4.39 and a beta of 0.49. The firm has a fifty day simple moving average of $7.45 and a 200-day simple moving average of $8.93. Algonquin Power & Utilities has a fifty-two week low of $6.41 and a fifty-two week high of $16.01. The company has a current ratio of 0.72, a quick ratio of 0.56 and a debt-to-equity ratio of 1.10.

Algonquin Power & Utilities (NYSE:AQN – Get Rating) last announced its quarterly earnings results on Friday, March 17th. The utilities provider reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The company had revenue of $748.00 million for the quarter, compared to analyst estimates of $703.54 million. Algonquin Power & Utilities had a net margin of 1.45% and a return on equity of 6.65%. Algonquin Power & Utilities’s revenue for the quarter was up 26.4% on a year-over-year basis. During the same quarter last year, the business earned $0.21 EPS. On average, sell-side analysts anticipate that Algonquin Power & Utilities will post 0.6 EPS for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Friday, March 31st will be issued a dividend of $0.1085 per share. The ex-dividend date is Thursday, March 30th. This represents a $0.43 annualized dividend and a dividend yield of 5.57%. Algonquin Power & Utilities’s payout ratio is -225.00%.

Wall Street Analysts Forecast Growth

AQN has been the topic of several recent research reports. Wells Fargo & Company upgraded shares of Algonquin Power & Utilities from an equal weight rating to an overweight rating and set a $9.00 target price on the stock in a report on Thursday, January 5th. Credit Suisse Group reduced their target price on shares of Algonquin Power & Utilities from $11.00 to $10.50 and set an outperform rating on the stock in a report on Friday, January 13th. Bank of America upgraded shares of Algonquin Power & Utilities from an underperform rating to a buy rating and lifted their target price for the company from $7.00 to $9.00 in a report on Thursday, February 16th. BMO Capital Markets lifted their target price on shares of Algonquin Power & Utilities from C$7.00 to C$7.50 and gave the company a market perform rating in a report on Friday, January 13th. Finally, TD Securities lifted their price target on shares of Algonquin Power & Utilities from $7.50 to $8.00 and gave the stock a hold rating in a research note on Monday. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Algonquin Power & Utilities has an average rating of Hold and a consensus price target of $9.86.

Institutional Investors Weigh In On Algonquin Power & Utilities

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Alliancebernstein L.P. increased its position in shares of Algonquin Power & Utilities by 62.0% in the 4th quarter. Alliancebernstein L.P. now owns 170,268 shares of the utilities provider’s stock worth $1,110,000 after purchasing an additional 65,188 shares during the last quarter. Cerity Partners LLC bought a new stake in shares of Algonquin Power & Utilities in the 4th quarter worth about $275,000. Virtu Financial LLC bought a new stake in shares of Algonquin Power & Utilities in the 4th quarter worth about $359,000. Toroso Investments LLC increased its position in shares of Algonquin Power & Utilities by 104.4% in the 4th quarter. Toroso Investments LLC now owns 85,154 shares of the utilities provider’s stock worth $555,000 after purchasing an additional 43,486 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC bought a new stake in shares of Algonquin Power & Utilities in the 4th quarter worth about $878,000. Institutional investors own 41.26% of the company’s stock.

Algonquin Power & Utilities Company Profile

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Algonquin Power & Utilities Corp. operates as a diversified utility company. The firm engages in the ownership and operation of a portfolio of regulated and non-regulated generation, distribution and transmission utility assets. It operates through the following segments: Regulated Services Group, and Renewable Energy Group.