Algonquin Power & Utilities Corp. (NYSE:AQN) Announces Quarterly Dividend of $0.36

Algonquin Power & Utilities Corp. (NYSE:AQNGet Rating) announced a quarterly dividend on Thursday, May 12th, Zacks reports. Investors of record on Thursday, June 30th will be paid a dividend of 0.363 per share by the utilities provider on Friday, July 15th. This represents a $1.45 dividend on an annualized basis and a dividend yield of 10.30%. The ex-dividend date of this dividend is Wednesday, June 29th. This is a boost from Algonquin Power & Utilities’s previous quarterly dividend of $0.17.

Algonquin Power & Utilities has increased its dividend payment by an average of 10.0% annually over the last three years and has raised its dividend annually for the last 11 consecutive years. Algonquin Power & Utilities has a dividend payout ratio of 84.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Algonquin Power & Utilities to earn $0.81 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 84.0%.

Shares of Algonquin Power & Utilities stock opened at $14.10 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.56. The firm has a market cap of $9.50 billion, a P/E ratio of 27.65, a P/E/G ratio of 2.25 and a beta of 0.43. The firm has a 50 day simple moving average of $15.03 and a 200 day simple moving average of $14.43. Algonquin Power & Utilities has a fifty-two week low of $13.26 and a fifty-two week high of $16.25.

Algonquin Power & Utilities (NYSE:AQNGet Rating) last released its earnings results on Thursday, May 12th. The utilities provider reported $0.21 EPS for the quarter, hitting analysts’ consensus estimates of $0.21. Algonquin Power & Utilities had a net margin of 11.59% and a return on equity of 6.97%. The firm had revenue of $735.70 million during the quarter, compared to analyst estimates of $709.61 million. During the same quarter in the previous year, the business earned $0.20 EPS. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, sell-side analysts expect that Algonquin Power & Utilities will post 0.74 EPS for the current year.

A number of research firms have commented on AQN. StockNews.com began coverage on shares of Algonquin Power & Utilities in a report on Thursday, March 31st. They set a “sell” rating for the company. National Bank Financial lowered shares of Algonquin Power & Utilities from an “outperform” rating to a “sector perform” rating and set a $16.00 target price for the company. in a report on Wednesday, May 4th. National Bankshares lowered shares of Algonquin Power & Utilities from an “outperform” rating to a “sector perform” rating and set a $16.00 target price for the company. in a report on Wednesday, May 4th. Zacks Investment Research lowered shares of Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a report on Thursday, May 5th. Finally, Raymond James decreased their price target on shares of Algonquin Power & Utilities from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Friday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $16.56.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Comerica Bank lifted its position in Algonquin Power & Utilities by 9.8% during the 4th quarter. Comerica Bank now owns 12,696 shares of the utilities provider’s stock worth $174,000 after buying an additional 1,132 shares in the last quarter. Raymond James Trust N.A. lifted its position in Algonquin Power & Utilities by 12.9% during the 1st quarter. Raymond James Trust N.A. now owns 12,676 shares of the utilities provider’s stock worth $197,000 after buying an additional 1,450 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Algonquin Power & Utilities by 0.3% during the 1st quarter. Bank of New York Mellon Corp now owns 720,888 shares of the utilities provider’s stock worth $11,188,000 after buying an additional 1,979 shares in the last quarter. Sei Investments Co. lifted its position in Algonquin Power & Utilities by 16.5% during the 4th quarter. Sei Investments Co. now owns 29,526 shares of the utilities provider’s stock worth $437,000 after buying an additional 4,186 shares in the last quarter. Finally, Belpointe Asset Management LLC lifted its position in Algonquin Power & Utilities by 21.3% during the 4th quarter. Belpointe Asset Management LLC now owns 27,285 shares of the utilities provider’s stock worth $394,000 after buying an additional 4,785 shares in the last quarter. 45.25% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Company Profile (Get Rating)

Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in Canada, the United States, Chile, and Bermuda. It generates and sells electrical energy through renewable and clean energy power generation facilities.

Further Reading

Dividend History for Algonquin Power & Utilities (NYSE:AQN)

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