Desjardins Trims Algonquin Power & Utilities (TSE:AQN) Target Price to C$5.50

Algonquin Power & Utilities (TSE:AQN) had its price objective lowered by Desjardins from C$5.75 to C$5.50 in a research report report published on Tuesday, BayStreet.CA reports. The firm currently has a hold rating on the stock. Desjardins also issued estimates for Algonquin Power & Utilities’ Q1 2024 earnings at $0.19 EPS and FY2024 earnings at $0.59 EPS.

Algonquin Power & Utilities Trading Up 3.5 %

Shares of Algonquin Power & Utilities stock opened at C$8.90 on Tuesday. The stock has a market cap of C$6.14 billion, a P/E ratio of 222.50, a P/E/G ratio of 1.07 and a beta of 0.45. The business’s 50 day moving average is C$8.24 and its 200-day moving average is C$8.13. Algonquin Power & Utilities has a 12-month low of C$6.75 and a 12-month high of C$12.31. The company has a quick ratio of 0.37, a current ratio of 0.63 and a debt-to-equity ratio of 123.16.

Algonquin Power & Utilities (TSE:AQN) last issued its quarterly earnings data on Friday, March 8th. The company reported C$0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.19 by C$0.03. Algonquin Power & Utilities had a negative return on equity of 0.47% and a net margin of 1.06%. The company had revenue of C$908.00 million during the quarter, compared to analysts’ expectations of C$1 billion. Equities research analysts predict that Algonquin Power & Utilities will post 0.6970954 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a dividend of $0.294 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 13.21%. The ex-dividend date was Wednesday, March 27th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently 1,475.00%.

About Algonquin Power & Utilities

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.