National Bank Financial Comments on Algonquin Power & Utilities Corp.’s Q1 2024 Earnings (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN) – Equities researchers at National Bank Financial issued their Q1 2024 earnings per share (EPS) estimates for shares of Algonquin Power & Utilities in a research report issued to clients and investors on Sunday, April 14th. National Bank Financial analyst R. Merer forecasts that the utilities provider will post earnings per share of $0.16 for the quarter. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.50 per share. National Bank Financial also issued estimates for Algonquin Power & Utilities’ Q2 2024 earnings at $0.10 EPS, Q3 2024 earnings at $0.11 EPS and Q4 2024 earnings at $0.13 EPS.

A number of other research analysts also recently weighed in on the company. Scotiabank raised their price objective on Algonquin Power & Utilities from $7.00 to $7.50 and gave the company a “sector perform” rating in a research note on Wednesday, January 24th. National Bankshares cut their price objective on Algonquin Power & Utilities from $7.50 to $7.25 and set a “sector perform” rating on the stock in a research note on Tuesday, January 9th. BMO Capital Markets raised Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and raised their target price for the company from $7.00 to $7.50 in a report on Monday, January 8th. Desjardins raised Algonquin Power & Utilities from a “sell” rating to a “hold” rating and raised their target price for the company from $4.75 to $5.75 in a report on Monday, March 11th. Finally, CIBC raised their target price on Algonquin Power & Utilities from $7.00 to $7.50 and gave the company a “neutral” rating in a report on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.85.

Algonquin Power & Utilities Stock Down 2.6 %

Shares of AQN stock opened at $5.67 on Tuesday. The stock’s 50 day simple moving average is $6.02 and its 200 day simple moving average is $5.97. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.50 and a current ratio of 0.63. Algonquin Power & Utilities has a twelve month low of $4.90 and a twelve month high of $9.14. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of 189.00 and a beta of 0.66.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings data on Friday, March 8th. The utilities provider reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.02. Algonquin Power & Utilities had a return on equity of 5.64% and a net margin of 1.06%. The business had revenue of $666.90 million for the quarter, compared to the consensus estimate of $661.73 million. During the same period last year, the business earned $0.22 EPS. The firm’s revenue was down 10.8% compared to the same quarter last year.

Institutional Trading of Algonquin Power & Utilities

Several institutional investors have recently modified their holdings of the company. DGS Capital Management LLC acquired a new stake in shares of Algonquin Power & Utilities during the 1st quarter worth approximately $169,000. Nomura Holdings Inc. acquired a new stake in Algonquin Power & Utilities in the 4th quarter valued at $318,000. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Algonquin Power & Utilities by 166.5% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,266,810 shares of the utilities provider’s stock valued at $7,997,000 after buying an additional 791,410 shares in the last quarter. Vanguard Group Inc. boosted its stake in Algonquin Power & Utilities by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 25,986,559 shares of the utilities provider’s stock valued at $164,235,000 after buying an additional 268,800 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Algonquin Power & Utilities by 754.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 15,552,484 shares of the utilities provider’s stock valued at $98,292,000 after buying an additional 13,731,305 shares in the last quarter. Institutional investors and hedge funds own 62.28% of the company’s stock.

Algonquin Power & Utilities Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a dividend of $0.1085 per share. This represents a $0.43 annualized dividend and a dividend yield of 7.65%. The ex-dividend date of this dividend was Wednesday, March 27th. Algonquin Power & Utilities’s payout ratio is presently 1,433.33%.

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.