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

Algonquin Power & Utilities Corp. (NYSE:AQN) – Research analysts at National Bank Financial issued their Q1 2024 EPS estimates for 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.

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

Several other research firms have also weighed in on AQN. StockNews.com upgraded shares of Algonquin Power & Utilities to a “sell” rating in a report on Wednesday. Desjardins raised shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating and increased their price objective for the stock from $4.75 to $5.75 in a research report on Monday, March 11th. TD Securities increased their price objective on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “hold” rating in a research report on Monday, March 11th. BMO Capital Markets raised shares of Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $7.00 to $7.50 in a research report on Monday, January 8th. Finally, CIBC increased their price objective on shares of Algonquin Power & Utilities from $7.00 to $7.50 and gave the stock a “neutral” rating in a research report on Tuesday, January 9th. One 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 data from MarketBeat.com, Algonquin Power & Utilities currently has an average rating of “Hold” and a consensus price target of $7.85.

Algonquin Power & Utilities Trading Up 1.5 %

AQN opened at $5.76 on Tuesday. The firm’s fifty day moving average is $6.02 and its two-hundred day 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. The firm has a market cap of $3.97 billion, a PE ratio of 191.83 and a beta of 0.66. Algonquin Power & Utilities has a twelve month low of $4.90 and a twelve month high of $9.14.

Algonquin Power & Utilities Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a $0.1085 dividend. This represents a $0.43 dividend on an annualized basis and a yield of 7.54%. The ex-dividend date was Wednesday, March 27th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is currently 1,433.33%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in AQN. Pacifica Partners Inc. grew its position in shares of Algonquin Power & Utilities by 1,975.0% in the 4th quarter. Pacifica Partners Inc. now owns 4,150 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 3,950 shares during the period. Parallel Advisors LLC lifted its stake in shares of Algonquin Power & Utilities by 76.3% during the 4th quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock worth $27,000 after buying an additional 1,882 shares during the last quarter. Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in shares of Algonquin Power & Utilities during the 3rd quarter worth about $28,000. Power Corp of Canada acquired a new stake in shares of Algonquin Power & Utilities during the 1st quarter worth about $31,000. Finally, Tower Research Capital LLC TRC raised its stake in Algonquin Power & Utilities by 970.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 7,535 shares of the utilities provider’s stock worth $45,000 after purchasing an additional 6,831 shares in the last quarter. Institutional investors own 62.28% of the company’s stock.

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.