FY2024 Earnings Forecast for AQN Issued By Desjardins

Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) - Equities research analysts at Desjardins cut their FY2024 earnings per share (EPS) estimates for Algonquin Power & Utilities in a research report issued to clients and investors on Tuesday, November 5th. Desjardins analyst B. Stadler now forecasts that the utilities provider will post earnings per share of $0.35 for the year, down from their previous estimate of $0.41. Desjardins has a "Hold" rating and a $5.25 price objective on the stock. The consensus estimate for Algonquin Power & Utilities' current full-year earnings is $0.43 per share.

Several other brokerages have also recently issued reports on AQN. Raymond James cut Algonquin Power & Utilities from an "outperform" rating to a "market perform" rating and reduced their price objective for the stock from $7.75 to $7.00 in a research note on Monday, August 12th. Janney Montgomery Scott began coverage on Algonquin Power & Utilities in a research report on Thursday, September 5th. They set a "neutral" rating and a $6.00 price target for the company. National Bank Financial upgraded Algonquin Power & Utilities from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 12th. Royal Bank of Canada reiterated a "sector perform" rating and set a $6.00 price target on shares of Algonquin Power & Utilities in a research report on Friday, October 11th. Finally, Wells Fargo & Company reduced their price target on Algonquin Power & Utilities from $6.00 to $5.50 and set an "equal weight" rating for the company in a research report on Wednesday, October 16th. One 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 given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $6.18.

Algonquin Power & Utilities Stock Performance

Shares of NYSE:AQN traded down $0.01 during trading on Friday, hitting $4.80. The stock had a trading volume of 4,814,254 shares, compared to its average volume of 5,643,672. Algonquin Power & Utilities has a 12-month low of $4.67 and a 12-month high of $6.79. The stock has a market capitalization of $3.68 billion, a price-to-earnings ratio of 30.06 and a beta of 0.68. The company has a quick ratio of 0.78, a current ratio of 0.97 and a debt-to-equity ratio of 1.08. The stock has a 50-day simple moving average of $5.20 and a two-hundred day simple moving average of $5.75.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.08. Algonquin Power & Utilities had a return on equity of 5.36% and a net margin of 4.70%. The firm had revenue of $573.20 million during the quarter, compared to analysts' expectations of $620.46 million. During the same period last year, the business posted $0.11 earnings per share. The company's revenue for the quarter was up 1.5% compared to the same quarter last year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 5.42%. The ex-dividend date of this dividend is Tuesday, December 31st. Algonquin Power & Utilities's dividend payout ratio (DPR) is presently 162.50%.

Institutional Trading of Algonquin Power & Utilities

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Algonquin Power & Utilities by 1.0% in the first quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider's stock worth $165,893,000 after acquiring an additional 262,333 shares during the last quarter. National Bank of Canada FI boosted its stake in shares of Algonquin Power & Utilities by 3.4% in the second quarter. National Bank of Canada FI now owns 10,565,940 shares of the utilities provider's stock worth $61,759,000 after acquiring an additional 342,528 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Algonquin Power & Utilities by 156.0% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider's stock worth $52,341,000 after acquiring an additional 5,426,523 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Algonquin Power & Utilities by 320.6% in the second quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider's stock worth $42,633,000 after acquiring an additional 5,544,063 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in shares of Algonquin Power & Utilities by 31.2% in the second quarter. Point72 Asset Management L.P. now owns 5,956,389 shares of the utilities provider's stock worth $34,989,000 after acquiring an additional 1,415,889 shares during the last quarter. 62.28% of the stock is owned by institutional investors and hedge funds.

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.