National Bank Financial Analysts Cut Earnings Estimates for Algonquin Power & Utilities Corp. (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN) – Equities researchers at National Bank Financial decreased their FY2024 earnings estimates for Algonquin Power & Utilities in a report released on Sunday, April 14th. National Bank Financial analyst R. Merer now expects that the utilities provider will post earnings per share of $0.49 for the year, down from their previous forecast of $0.53. 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’ FY2025 earnings at $0.53 EPS.

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

Several other analysts also recently issued reports on AQN. Scotiabank increased their price objective on shares of 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. StockNews.com raised shares of Algonquin Power & Utilities to a “sell” rating in a research report on Wednesday. TD Securities raised their price target on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “hold” rating in a research report on Monday, March 11th. BMO Capital Markets raised shares of Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $7.00 to $7.50 in a research report on Monday, January 8th. Finally, Desjardins raised shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating and raised their price target for the stock from $4.75 to $5.75 in a research report on Monday, March 11th. One 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. According to MarketBeat, Algonquin Power & Utilities currently has an average rating of “Hold” and a consensus price target of $7.85.

Algonquin Power & Utilities Stock Up 1.5 %

Shares of NYSE:AQN opened at $5.76 on Wednesday. The company has a quick ratio of 0.50, a current ratio of 0.63 and a debt-to-equity ratio of 1.23. Algonquin Power & Utilities has a 52-week low of $4.90 and a 52-week high of $9.14. The company has a 50 day moving average of $6.02 and a two-hundred day moving average of $5.97. The company has a market capitalization of $3.97 billion, a price-to-earnings ratio of 191.83 and a beta of 0.66.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several large investors have recently added to or reduced their stakes in the company. SVB Wealth LLC lifted 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 worth $210,000 after purchasing an additional 704 shares during the last quarter. Captrust Financial Advisors lifted 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 worth $47,000 after purchasing an additional 1,407 shares during the last quarter. Raymond James Trust N.A. lifted 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 worth $197,000 after purchasing an additional 1,450 shares during the last quarter. Cerity Partners LLC lifted its stake in Algonquin Power & Utilities by 4.3% in the first quarter. Cerity Partners LLC now owns 43,960 shares of the utilities provider’s stock valued at $369,000 after buying an additional 1,831 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its stake in Algonquin Power & Utilities by 2.5% in the third quarter. Baird Financial Group Inc. now owns 77,088 shares of the utilities provider’s stock valued at $841,000 after buying an additional 1,848 shares during the last quarter. 62.28% of the stock is currently owned by institutional investors.

Algonquin Power & Utilities Cuts Dividend

The company also recently disclosed 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. This represents a $0.43 annualized dividend and a yield of 7.54%. The ex-dividend date of this dividend was Wednesday, March 27th. Algonquin Power & Utilities’s dividend payout ratio (DPR) 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.