Raymond James Analysts Increase Earnings Estimates for Algonquin Power & Utilities Corp. (TSE:AQN)

Algonquin Power & Utilities Corp. (TSE:AQN) – Analysts at Raymond James raised their FY2024 earnings estimates for Algonquin Power & Utilities in a note issued to investors on Thursday, April 25th. Raymond James analyst D. Quezada now expects that the company will post earnings of $0.70 per share for the year, up from their previous forecast of $0.68. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.70 per share.

Algonquin Power & Utilities (TSE:AQN) last released its quarterly earnings data on Friday, March 8th. The company reported C$0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.19 by C$0.03. The business had revenue of C$908.00 million during the quarter, compared to analysts’ expectations of C$1 billion. Algonquin Power & Utilities had a net margin of 1.06% and a negative return on equity of 0.47%.

Separately, Desjardins raised shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a research report on Monday, March 11th.

Algonquin Power & Utilities Price Performance

Algonquin Power & Utilities stock opened at C$8.37 on Monday. The stock has a market cap of C$5.77 billion, a P/E ratio of 209.25, a price-to-earnings-growth ratio of 1.07 and a beta of 0.45. The company has a fifty day simple moving average of C$8.21 and a 200-day simple moving average of C$8.12. Algonquin Power & Utilities has a 12-month low of C$6.75 and a 12-month high of C$12.31. The company has a current ratio of 0.63, a quick ratio of 0.37 and a debt-to-equity ratio of 123.16.

Algonquin Power & Utilities Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a dividend of $0.294 per share. The ex-dividend date was Wednesday, March 27th. This represents a $1.18 annualized dividend and a yield of 14.05%. Algonquin Power & Utilities’s payout ratio is currently 1,475.00%.

About Algonquin Power & Utilities

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.