Algonquin Power & Utilities (NYSE:AQN) Announces Quarterly Earnings Results

Key Points

• Algonquin Power & Utilities reported earnings of $0.04 per share, matching analyst expectations, with total revenue for the quarter at $535.59 million.
• The company also announced a quarterly dividend of $0.065, yielding 4.6%, with a negative payout ratio of -16.77%.
• Stock performance showed a decline of $0.24, with a trading value of $5.68 and a market capitalization of $4.36 billion.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) posted its quarterly earnings results on Friday. The utilities provider reported $0.04 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.04, Zacks reports. The company had revenue of $535.59 million for the quarter, compared to analyst estimates of $535.64 million. Algonquin Power & Utilities had a positive return on equity of 4.76% and a negative net margin of 57.66%. During the same quarter last year, the company earned $0.09 EPS.

Algonquin Power & Utilities Stock Performance

Algonquin Power & Utilities stock traded up $0.05 during mid-day trading on Thursday, reaching $5.87. 7,794,911 shares of the company were exchanged, compared to its average volume of 6,597,587. Algonquin Power & Utilities has a twelve month low of $4.19 and a twelve month high of $6.24. The firm's 50-day simple moving average is $5.84 and its two-hundred day simple moving average is $5.36. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.94 and a current ratio of 1.09. The firm has a market cap of $4.50 billion, a PE ratio of -3.26 and a beta of 0.67.

Algonquin Power & Utilities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Algonquin Power & Utilities's dividend payout ratio (DPR) is presently -14.44%.

Institutional Trading of Algonquin Power & Utilities

A number of hedge funds have recently added to or reduced their stakes in AQN. Goldman Sachs Group Inc. raised its holdings in Algonquin Power & Utilities by 65.0% during the first quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider's stock worth $62,738,000 after purchasing an additional 4,808,539 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in Algonquin Power & Utilities during the second quarter worth $4,007,000. Marshall Wace LLP raised its holdings in Algonquin Power & Utilities by 465.0% during the second quarter. Marshall Wace LLP now owns 106,046 shares of the utilities provider's stock worth $608,000 after purchasing an additional 87,276 shares during the last quarter. AXA S.A. purchased a new position in Algonquin Power & Utilities during the second quarter worth $462,000. Finally, Nebula Research & Development LLC increased its position in Algonquin Power & Utilities by 14.6% during the second quarter. Nebula Research & Development LLC now owns 235,283 shares of the utilities provider's stock worth $1,348,000 after buying an additional 29,897 shares in the last quarter. 62.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Raymond James Financial increased their price objective on Algonquin Power & Utilities from $5.00 to $6.00 and gave the company a "market perform" rating in a report on Wednesday, June 4th. National Bankshares downgraded Algonquin Power & Utilities from an "outperform" rating to a "sector perform" rating and set a $6.75 price objective on the stock. in a report on Wednesday, June 4th. Wall Street Zen downgraded Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. TD Securities upgraded Algonquin Power & Utilities to a "hold" rating in a report on Monday. Finally, BMO Capital Markets reiterated a "market perform" rating and issued a $6.00 price objective (up previously from $5.00) on shares of Algonquin Power & Utilities in a report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating and twelve have assigned a hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $6.31.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.