AQN FY2024 EPS Forecast Cut by National Bank Financial

Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) - Analysts at National Bank Financial decreased their FY2024 earnings per share estimates for Algonquin Power & Utilities in a research report issued on Tuesday, November 26th. National Bank Financial analyst R. Merer now forecasts that the utilities provider will post earnings per share of $0.37 for the year, down from their prior forecast of $0.38. National Bank Financial currently has a "Strong-Buy" rating on the stock. The consensus estimate for Algonquin Power & Utilities' current full-year earnings is $0.40 per share.

Other equities research analysts have also issued reports about the company. Raymond James lowered Algonquin Power & Utilities from an "outperform" rating to a "market perform" rating and decreased their target price for the company from $7.75 to $7.00 in a research report on Monday, August 12th. Janney Montgomery Scott started coverage on Algonquin Power & Utilities in a research note on Thursday, September 5th. They issued a "neutral" rating and a $6.00 price objective on the stock. CIBC decreased their target price on Algonquin Power & Utilities from $5.75 to $5.50 and set a "neutral" rating for the company in a research report on Tuesday, October 22nd. Desjardins dropped their price target on Algonquin Power & Utilities from $5.50 to $5.25 and set a "hold" rating on the stock in a research report on Monday, August 12th. Finally, 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 note on Friday, October 11th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Algonquin Power & Utilities currently has an average rating of "Hold" and an average target price of $6.18.

Algonquin Power & Utilities Stock Up 2.5 %

Algonquin Power & Utilities stock traded up $0.12 during midday trading on Thursday, hitting $4.88. 4,380,635 shares of the stock were exchanged, compared to its average volume of 5,593,146. Algonquin Power & Utilities has a 52-week low of $4.67 and a 52-week high of $6.79. 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 business's 50-day moving average price is $5.04 and its 200-day moving average price is $5.59. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of -3.78 and a beta of 0.68.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). The firm had revenue of $573.20 million for the quarter, compared to analysts' expectations of $620.46 million. Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. Algonquin Power & Utilities's revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.11 earnings per share.

Algonquin Power & Utilities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 5.33%. The ex-dividend date of this dividend is Tuesday, December 31st. Algonquin Power & Utilities's dividend payout ratio is presently -20.15%.

Hedge Funds Weigh In On Algonquin Power & Utilities

Hedge funds have recently bought and sold shares of the company. Central Pacific Bank Trust Division bought a new position in Algonquin Power & Utilities in the 3rd quarter valued at $54,000. Claro Advisors LLC bought a new stake in Algonquin Power & Utilities during the second quarter valued at $61,000. Capstone Investment Advisors LLC purchased a new position in Algonquin Power & Utilities during the third quarter worth about $58,000. Walleye Capital LLC bought a new position in Algonquin Power & Utilities in the 3rd quarter worth about $59,000. Finally, SeaCrest Wealth Management LLC purchased a new stake in shares of Algonquin Power & Utilities in the 2nd quarter valued at about $66,000. Hedge funds and other institutional investors own 62.28% of the company's stock.

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.