National Bank Financial Comments on Algonquin Power & Utilities Corp.’s Q1 2024 Earnings (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN) – Stock analysts at National Bank Financial issued their Q1 2024 earnings per share (EPS) estimates for Algonquin Power & Utilities in a research report issued on Sunday, April 14th. National Bank Financial analyst R. Merer anticipates 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.

Other equities research analysts also recently issued research reports about the company. Desjardins raised Algonquin Power & Utilities from a “sell” rating to a “hold” rating and raised their target price for the company from $4.75 to $5.75 in a report on Monday, March 11th. Scotiabank lifted their price target on Algonquin Power & Utilities from $7.00 to $7.50 and gave the stock a “sector perform” rating in a research note on Wednesday, January 24th. TD Securities lifted their price target on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “hold” rating in a research note on Monday, March 11th. CIBC lifted their price target on Algonquin Power & Utilities from $7.00 to $7.50 and gave the stock a “neutral” rating in a research note on Tuesday, January 9th. Finally, National Bankshares cut 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 note on Tuesday, January 9th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Algonquin Power & Utilities currently has a consensus rating of “Hold” and an average target price of $7.85.

Algonquin Power & Utilities Price Performance

Algonquin Power & Utilities stock opened at $5.67 on Tuesday. Algonquin Power & Utilities has a one year low of $4.90 and a one year high of $9.14. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.50 and a current ratio of 0.63. The business has a fifty day moving average of $6.02 and a two-hundred day moving average of $5.97. The company has a market cap of $3.91 billion, a P/E ratio of 189.00 and a beta of 0.66.

Algonquin Power & Utilities (NYSE:AQN) last released its earnings results on Friday, March 8th. The utilities provider reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.02. Algonquin Power & Utilities had a return on equity of 5.64% and a net margin of 1.06%. 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 quarterly revenue was down 10.8% compared to the same quarter last year.

Algonquin Power & Utilities Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $0.1085 per share. This represents a $0.43 dividend on an annualized basis and a yield of 7.65%. The ex-dividend date was Wednesday, March 27th. Algonquin Power & Utilities’s dividend payout ratio is presently 1,433.33%.

Institutional Trading of Algonquin Power & Utilities

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. DGS Capital Management LLC purchased a new stake in Algonquin Power & Utilities in the 1st quarter valued at about $169,000. Nomura Holdings Inc. purchased a new stake in Algonquin Power & Utilities in the 4th quarter valued at about $318,000. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Algonquin Power & Utilities by 166.5% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,266,810 shares of the utilities provider’s stock valued at $7,997,000 after buying an additional 791,410 shares during the period. Vanguard Group Inc. grew its holdings in Algonquin Power & Utilities by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 25,986,559 shares of the utilities provider’s stock valued at $164,235,000 after buying an additional 268,800 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in Algonquin Power & Utilities by 754.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 15,552,484 shares of the utilities provider’s stock valued at $98,292,000 after buying an additional 13,731,305 shares during the period. Hedge funds and other institutional investors own 62.28% of the company’s stock.

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.