Raymond James Comments on Algonquin Power & Utilities Corp.’s FY2024 Earnings (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN) – Equities researchers at Raymond James raised their FY2024 earnings per share (EPS) estimates for Algonquin Power & Utilities in a report released on Thursday, April 25th. Raymond James analyst D. Quezada now forecasts that the utilities provider will post earnings of $0.51 per share for the year, up from their prior forecast of $0.50. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.49 per share.

Several other research analysts also recently issued reports on the stock. CIBC upped their price target on shares of Algonquin Power & Utilities from $7.00 to $7.50 and gave the stock a “neutral” rating in a report on Tuesday, January 9th. StockNews.com upgraded Algonquin Power & Utilities to a “sell” rating in a report on Wednesday, April 17th. TD Securities increased their price target on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “hold” rating in a report on Monday, March 11th. BMO Capital Markets upgraded Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $7.00 to $7.50 in a report on Monday, January 8th. Finally, Desjardins upgraded Algonquin Power & Utilities from a “sell” rating to a “hold” rating and increased their price target for the stock from $4.75 to $5.75 in a report on Monday, March 11th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.67.

Algonquin Power & Utilities Stock Down 0.8 %

NYSE AQN opened at $6.12 on Monday. The business has a fifty day moving average price of $6.05 and a two-hundred day moving average price of $5.99. 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 has a fifty-two week low of $4.90 and a fifty-two week high of $9.14. The stock has a market capitalization of $4.22 billion, a PE ratio of 204.00 and a beta of 0.66.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings results 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 return on equity of 5.64% and a net margin of 1.06%. The business had revenue of $666.90 million during the quarter, compared to analysts’ expectations of $661.73 million. During the same period in the previous year, the company posted $0.22 earnings per share. The firm’s revenue for the quarter was down 10.8% compared to the same quarter last year.

Algonquin Power & Utilities Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a $0.1085 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.43 dividend on an annualized basis and a dividend yield of 7.09%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently 1,433.33%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in AQN. Pacifica Partners Inc. grew its stake in shares of Algonquin Power & Utilities by 1,975.0% in the fourth quarter. Pacifica Partners Inc. now owns 4,150 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 3,950 shares during the last quarter. Parallel Advisors LLC lifted its holdings in Algonquin Power & Utilities by 76.3% in the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock worth $27,000 after buying an additional 1,882 shares during the period. Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in Algonquin Power & Utilities in the third quarter worth about $28,000. CTC Alternative Strategies Ltd. purchased a new stake in Algonquin Power & Utilities in the third quarter worth about $62,000. Finally, SG Americas Securities LLC purchased a new stake in Algonquin Power & Utilities in the fourth quarter worth about $64,000. 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.