FY2024 Earnings Estimate for Algonquin Power & Utilities Corp. (NYSE:AQN) Issued By National Bank Financial

Algonquin Power & Utilities Corp. (NYSE:AQN) – Equities researchers at National Bank Financial lowered their FY2024 EPS estimates for Algonquin Power & Utilities in a research note issued to investors on Sunday, April 14th. National Bank Financial analyst R. Merer now forecasts that the utilities provider will post earnings per share of $0.49 for the year, down from their previous estimate of $0.53. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.49 per share. National Bank Financial also issued estimates for Algonquin Power & Utilities’ FY2025 earnings at $0.53 EPS.

AQN has been the topic of a number of other research reports. BMO Capital Markets raised Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and raised their target price for the company from $7.00 to $7.50 in a report on Monday, January 8th. Scotiabank increased their target price on shares of Algonquin Power & Utilities from $7.00 to $7.50 and gave the stock a “sector perform” rating in a report on Wednesday, January 24th. Desjardins raised shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating and lifted their price target for the company from $4.75 to $5.75 in a report on Monday, March 11th. TD Securities raised their price objective on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a “hold” rating in a report on Monday, March 11th. Finally, StockNews.com upgraded shares of Algonquin Power & Utilities to a “sell” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Algonquin Power & Utilities presently has a consensus rating of “Hold” and a consensus price target of $7.78.

Algonquin Power & Utilities Price Performance

Shares of NYSE:AQN opened at $5.84 on Wednesday. The company has a current ratio of 0.63, a quick ratio of 0.50 and a debt-to-equity ratio of 1.23. The stock has a market capitalization of $4.02 billion, a PE ratio of 194.50 and a beta of 0.66. The firm has a 50 day moving average of $6.02 and a 200-day moving average of $5.97. Algonquin Power & Utilities has a 12 month low of $4.90 and a 12 month high of $9.14.

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

Hedge Funds Weigh In On Algonquin Power & Utilities

Hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its stake in shares of Algonquin Power & Utilities by 0.3% during the 1st quarter. Bank of New York Mellon Corp now owns 720,888 shares of the utilities provider’s stock valued at $11,188,000 after purchasing an additional 1,979 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in Algonquin Power & Utilities by 31.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 42,274 shares of the utilities provider’s stock valued at $656,000 after acquiring an additional 10,029 shares in the last quarter. Private Advisor Group LLC purchased a new position in shares of Algonquin Power & Utilities during the 1st quarter worth approximately $250,000. Natixis Advisors L.P. grew its holdings in shares of Algonquin Power & Utilities by 39.8% during the 1st quarter. Natixis Advisors L.P. now owns 19,708 shares of the utilities provider’s stock worth $306,000 after acquiring an additional 5,608 shares during the period. Finally, BlackRock Inc. raised its position in shares of Algonquin Power & Utilities by 57,813.0% in the 1st quarter. BlackRock Inc. now owns 422,186 shares of the utilities provider’s stock worth $6,552,000 after acquiring an additional 421,457 shares in the last quarter. 62.28% of the stock is 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 paid a $0.1085 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.43 annualized dividend and a dividend yield of 7.44%. Algonquin Power & Utilities’s payout ratio is presently 1,433.33%.

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.