Algonquin Power & Utilities (NYSE:AQN) Releases FY 2023 Earnings Guidance

Algonquin Power & Utilities (NYSE:AQN – Get Rating) issued an update on its FY 2023 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $0.55-$0.61 for the period, compared to the consensus estimate of $0.59. The company issued revenue guidance of -. Algonquin Power & Utilities also updated its FY23 guidance to $0.55-0.61 EPS.

Algonquin Power & Utilities Stock Down 2.1 %

Shares of NYSE:AQN traded down $0.17 during midday trading on Monday, hitting $7.79. 4,849,401 shares of the stock were exchanged, compared to its average volume of 5,378,625. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.56 and a current ratio of 0.72. Algonquin Power & Utilities has a 52-week low of $6.41 and a 52-week high of $16.01. The business’s fifty day simple moving average is $7.45 and its two-hundred day simple moving average is $8.93. The company has a market capitalization of $5.36 billion, a PE ratio of -24.34, a P/E/G ratio of 4.39 and a beta of 0.49.

Algonquin Power & Utilities (NYSE:AQN – Get Rating) last posted its earnings results on Friday, March 17th. The utilities provider reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.03. Algonquin Power & Utilities had a return on equity of 6.65% and a net margin of 1.45%. The company had revenue of $748.00 million for the quarter, compared to analyst estimates of $703.54 million. During the same period last year, the company earned $0.21 earnings per share. The business’s revenue was up 26.4% compared to the same quarter last year. As a group, research analysts predict that Algonquin Power & Utilities will post 0.6 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 14th. Shareholders of record on Friday, March 31st will be issued a dividend of $0.1085 per share. The ex-dividend date of this dividend is Thursday, March 30th. This represents a $0.43 annualized dividend and a yield of 5.57%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is currently -225.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Royal Bank of Canada decreased their target price on Algonquin Power & Utilities from $12.00 to $8.00 and set a sector perform rating on the stock in a research report on Wednesday, December 21st. Raymond James cut their target price on shares of Algonquin Power & Utilities from $11.50 to $10.00 and set an outperform rating for the company in a research note on Friday, January 13th. Bank of America upgraded shares of Algonquin Power & Utilities from an underperform rating to a buy rating and lifted their target price for the company from $7.00 to $9.00 in a research note on Thursday, February 16th. Wells Fargo & Company upgraded shares of Algonquin Power & Utilities from an equal weight rating to an overweight rating and set a $9.00 price objective for the company in a research report on Thursday, January 5th. Finally, Desjardins lowered shares of Algonquin Power & Utilities from a hold rating to a sell rating in a report on Friday, January 13th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and an average target price of $9.86.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. SVB Wealth LLC boosted its holdings in Algonquin Power & Utilities by 4.7% during the second quarter. SVB Wealth LLC now owns 15,683 shares of the utilities provider’s stock worth $210,000 after purchasing an additional 704 shares during the last quarter. Captrust Financial Advisors raised its position in shares of Algonquin Power & Utilities by 66.4% in the second quarter. Captrust Financial Advisors now owns 3,526 shares of the utilities provider’s stock valued at $47,000 after purchasing an additional 1,407 shares during the period. Raymond James Trust N.A. raised its position in shares of Algonquin Power & Utilities by 12.9% in the first quarter. Raymond James Trust N.A. now owns 12,676 shares of the utilities provider’s stock valued at $197,000 after purchasing an additional 1,450 shares during the period. Baird Financial Group Inc. raised its position in shares of Algonquin Power & Utilities by 2.5% in the third quarter. Baird Financial Group Inc. now owns 77,088 shares of the utilities provider’s stock valued at $841,000 after purchasing an additional 1,848 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Algonquin Power & Utilities by 0.3% in the first quarter. Bank of New York Mellon Corp now owns 720,888 shares of the utilities provider’s stock valued at $11,188,000 after purchasing an additional 1,979 shares during the period. 41.26% of the stock is currently owned by institutional investors and hedge funds.

About Algonquin Power & Utilities

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Algonquin Power & Utilities Corp. operates as a diversified utility company. The firm engages in the ownership and operation of a portfolio of regulated and non-regulated generation, distribution and transmission utility assets. It operates through the following segments: Regulated Services Group, and Renewable Energy Group.