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 estimates for Algonquin Power & Utilities in a research note issued on Sunday, April 14th. National Bank Financial analyst R. Merer expects that the utilities provider will post earnings per share of $0.16 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.

A number of other analysts have also recently weighed in on the company. National Bankshares reduced their price target on 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. Desjardins raised Algonquin Power & Utilities from a “sell” rating to a “hold” rating and boosted their price target for the stock from $4.75 to $5.75 in a research report on Monday, March 11th. BMO Capital Markets raised Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $7.00 to $7.50 in a research report on Monday, January 8th. Scotiabank boosted their price target on Algonquin Power & Utilities from $7.00 to $7.50 and gave the stock a “sector perform” rating in a research report on Wednesday, January 24th. Finally, CIBC boosted their price target on Algonquin Power & Utilities from $7.00 to $7.50 and gave the stock a “neutral” rating in a research report on Tuesday, January 9th. One investment 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. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $7.85.

Algonquin Power & Utilities Price Performance

Shares of NYSE:AQN opened at $5.81 on Tuesday. Algonquin Power & Utilities has a fifty-two week low of $4.90 and a fifty-two week high of $9.14. The business has a 50-day moving average of $6.02 and a two-hundred day moving average of $5.98. The stock has a market capitalization of $4.01 billion, a P/E ratio of 193.67 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 (NYSE:AQN) last released its quarterly earnings data 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 analysts’ expectations of $661.73 million. Algonquin Power & Utilities had a return on equity of 5.64% and a net margin of 1.06%. The business’s revenue for the quarter was down 10.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.22 earnings per share.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. SVB Wealth LLC increased its stake in Algonquin Power & Utilities by 4.7% during the second quarter. SVB Wealth LLC now owns 15,683 shares of the utilities provider’s stock valued at $210,000 after acquiring an additional 704 shares during the period. Captrust Financial Advisors increased its stake in Algonquin Power & Utilities by 66.4% during the second quarter. Captrust Financial Advisors now owns 3,526 shares of the utilities provider’s stock valued at $47,000 after acquiring an additional 1,407 shares during the period. Raymond James Trust N.A. increased its stake in Algonquin Power & Utilities by 12.9% during the first quarter. Raymond James Trust N.A. now owns 12,676 shares of the utilities provider’s stock valued at $197,000 after acquiring an additional 1,450 shares during the period. Cerity Partners LLC increased its stake in Algonquin Power & Utilities by 4.3% during the first quarter. Cerity Partners LLC now owns 43,960 shares of the utilities provider’s stock valued at $369,000 after acquiring an additional 1,831 shares during the period. Finally, Baird Financial Group Inc. increased its stake in Algonquin Power & Utilities by 2.5% during the third quarter. Baird Financial Group Inc. now owns 77,088 shares of the utilities provider’s stock valued at $841,000 after acquiring an additional 1,848 shares during the period. 62.28% of the stock is currently owned by institutional investors.

Algonquin Power & Utilities Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid 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 is 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.