FY2023 EPS Estimates for Algonquin Power & Utilities Corp. Cut by Analyst (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQNGet Rating) – Stock analysts at National Bank Financial dropped their FY2023 EPS estimates for shares of Algonquin Power & Utilities in a note issued to investors on Monday, May 16th. National Bank Financial analyst R. Merer now expects that the utilities provider will post earnings of $0.73 per share for the year, down from their previous estimate of $0.74. National Bank Financial currently has a “Sector Perform” rating and a $16.00 price target on the stock.

Algonquin Power & Utilities (NYSE:AQNGet Rating) last issued its quarterly 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 14.33% and a return on equity of 6.88%. The firm had revenue of $735.70 million for the quarter, compared to analyst estimates of $709.61 million. During the same quarter in the prior year, the firm earned $0.20 EPS. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year.

AQN has been the subject of a number of other research reports. Raymond James cut their price objective on shares of Algonquin Power & Utilities from $20.00 to $18.00 and set an “outperform” rating for the company in a research note on Friday, May 13th. TD Securities dropped their price target on shares of Algonquin Power & Utilities from $17.00 to $16.50 and set a “buy” rating for the company in a research report on Monday. StockNews.com assumed coverage on shares of Algonquin Power & Utilities in a research report on Thursday, March 31st. They set a “sell” rating for the company. Zacks Investment Research cut shares of Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a research report on Thursday, May 5th. Finally, National Bankshares cut shares of Algonquin Power & Utilities from an “outperform” rating to a “sector perform” rating and set a $16.00 price target for the company. in a research report on Wednesday, May 4th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $16.50.

Shares of Algonquin Power & Utilities stock opened at $14.25 on Thursday. Algonquin Power & Utilities has a 52-week low of $13.26 and a 52-week high of $16.25. The stock has a market capitalization of $9.60 billion, a price-to-earnings ratio of 27.94, a price-to-earnings-growth ratio of 2.36 and a beta of 0.43. The company has a fifty day moving average of $14.98 and a 200-day moving average of $14.42. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.56 and a current ratio of 0.96.

Several large investors have recently bought and sold shares of AQN. Morgan Stanley lifted its position in shares of Algonquin Power & Utilities by 1.2% in the 2nd quarter. Morgan Stanley now owns 3,524,370 shares of the utilities provider’s stock worth $52,442,000 after purchasing an additional 42,596 shares during the period. Advisor Group Holdings Inc. lifted its position in shares of Algonquin Power & Utilities by 5.9% in the 3rd quarter. Advisor Group Holdings Inc. now owns 55,350 shares of the utilities provider’s stock worth $809,000 after purchasing an additional 3,108 shares during the period. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Algonquin Power & Utilities in the 3rd quarter worth about $27,000. Alliancebernstein L.P. lifted its position in shares of Algonquin Power & Utilities by 1.9% in the 3rd quarter. Alliancebernstein L.P. now owns 215,005 shares of the utilities provider’s stock worth $3,152,000 after purchasing an additional 4,091 shares during the period. Finally, Allianz Asset Management GmbH lifted its position in shares of Algonquin Power & Utilities by 2.0% in the 3rd quarter. Allianz Asset Management GmbH now owns 2,810,195 shares of the utilities provider’s stock worth $41,192,000 after purchasing an additional 54,795 shares during the period. 45.25% of the stock is owned by hedge funds and other institutional investors.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, June 30th will be given a $0.363 dividend. This represents a $1.45 annualized dividend and a dividend yield of 10.19%. This is a boost from Algonquin Power & Utilities’s previous quarterly dividend of $0.17. The ex-dividend date is Wednesday, June 29th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is currently 133.34%.

About Algonquin Power & Utilities (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.

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