Algonquin Power & Utilities (NYSE:AQN) Shares Gap Down on Disappointing Earnings

Algonquin Power & Utilities Corp. (NYSE:AQN - Get Free Report)'s share price gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $4.79, but opened at $4.61. Algonquin Power & Utilities shares last traded at $4.47, with a volume of 2,055,085 shares changing hands.

The utilities provider reported $0.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.10 by ($0.04). The firm had revenue of $584.80 million during the quarter, compared to analysts' expectations of $644.73 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%.

Algonquin Power & Utilities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 5.52%. The ex-dividend date of this dividend is Monday, March 31st. Algonquin Power & Utilities's dividend payout ratio (DPR) is -14.44%.

Wall Street Analyst Weigh In

AQN has been the subject of a number of research analyst reports. Scotiabank raised their target price on Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a "sector perform" rating in a research note on Thursday, February 13th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $7.00 price objective on shares of Algonquin Power & Utilities in a research note on Thursday, December 12th. National Bankshares dropped their target price on Algonquin Power & Utilities from $6.75 to $6.25 and set an "outperform" rating on the stock in a research report on Tuesday, February 11th. Finally, Royal Bank of Canada reduced their price target on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set a "sector perform" rating for the company in a research report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $6.00.

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Institutional Investors Weigh In On Algonquin Power & Utilities

Institutional investors have recently modified their holdings of the business. Polar Asset Management Partners Inc. acquired a new stake in Algonquin Power & Utilities in the 4th quarter valued at $954,000. LM Asset IM Inc. purchased a new position in Algonquin Power & Utilities in the 4th quarter valued at about $8,455,000. Public Employees Retirement System of Ohio acquired a new stake in Algonquin Power & Utilities in the 4th quarter worth about $1,226,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Algonquin Power & Utilities by 0.7% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 13,051,123 shares of the utilities provider's stock worth $57,852,000 after buying an additional 91,353 shares during the last quarter. Finally, Squarepoint Ops LLC raised its holdings in shares of Algonquin Power & Utilities by 451.9% during the fourth quarter. Squarepoint Ops LLC now owns 73,040 shares of the utilities provider's stock valued at $325,000 after acquiring an additional 59,806 shares during the last quarter. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Stock Performance

The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17. The firm has a market cap of $3.62 billion, a PE ratio of -3.65 and a beta of 0.71. The firm has a 50-day moving average price of $4.60 and a two-hundred day moving average price of $4.86.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.