Scotiabank Has Negative Estimate for AQN FY2024 Earnings

Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) - Investment analysts at Scotiabank dropped their FY2024 earnings per share estimates for shares of Algonquin Power & Utilities in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst R. Hope now anticipates that the utilities provider will post earnings per share of $0.38 for the year, down from their previous forecast of $0.44. Scotiabank currently has a "Sector Perform" rating and a $5.25 target price on the stock. The consensus estimate for Algonquin Power & Utilities' current full-year earnings is $0.39 per share. Scotiabank also issued estimates for Algonquin Power & Utilities' FY2025 earnings at $0.28 EPS and FY2026 earnings at $0.35 EPS.

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

AQN has been the subject of several other research reports. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $7.00 price target on shares of Algonquin Power & Utilities in a report on Thursday, December 12th. Royal Bank of Canada reissued a "sector perform" rating and issued a $6.00 target price on shares of Algonquin Power & Utilities in a research note on Friday, October 11th. CIBC dropped their price target on Algonquin Power & Utilities from $5.75 to $5.50 and set a "neutral" rating on the stock in a research report on Tuesday, October 22nd. Finally, Wells Fargo & Company decreased their price objective 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 investment analyst has rated the stock with a sell rating, ten have given a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $6.13.

Algonquin Power & Utilities Trading Up 0.4 %

NYSE:AQN traded up $0.02 during trading hours on Thursday, hitting $4.47. The stock had a trading volume of 10,149,970 shares, compared to its average volume of 7,831,790. The business's 50 day moving average is $4.66 and its 200-day moving average is $5.25. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92. The company has a market cap of $3.43 billion, a price-to-earnings ratio of -3.47 and a beta of 0.69. Algonquin Power & Utilities has a one year low of $4.25 and a one year high of $6.79.

Institutional Trading of Algonquin Power & Utilities

Institutional investors have recently made changes to their positions in the business. Bank of Montreal Can increased its stake in Algonquin Power & Utilities by 6.0% in the 3rd quarter. Bank of Montreal Can now owns 20,882,966 shares of the utilities provider's stock valued at $115,175,000 after buying an additional 1,190,236 shares during the last quarter. EdgePoint Investment Group Inc. increased its position in shares of Algonquin Power & Utilities by 5.1% in the third quarter. EdgePoint Investment Group Inc. now owns 17,190,084 shares of the utilities provider's stock valued at $93,918,000 after acquiring an additional 832,739 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Algonquin Power & Utilities by 45.5% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 12,959,770 shares of the utilities provider's stock worth $70,806,000 after acquiring an additional 4,054,711 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Algonquin Power & Utilities by 6.1% during the third quarter. The Manufacturers Life Insurance Company now owns 7,720,474 shares of the utilities provider's stock valued at $42,105,000 after purchasing an additional 447,246 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its stake in 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 valued at $34,989,000 after purchasing an additional 1,415,889 shares in the last quarter. Institutional investors own 62.28% of the company's stock.

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 issued a $0.065 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.26 dividend on an annualized basis and a dividend yield of 5.82%. Algonquin Power & Utilities's dividend payout ratio (DPR) is presently -20.16%.

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.