Research Analysts Issue Forecasts for Algonquin Power & Utilities Corp.'s Q1 2024 Earnings (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) - Investment analysts at National Bank Financial issued their Q1 2024 earnings per share estimates for shares of Algonquin Power & Utilities in a research note issued to investors on Sunday, April 14th. National Bank Financial analyst R. Merer anticipates that the utilities provider will post earnings of $0.16 per share 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 - Get Free Report) last posted its quarterly earnings data on Friday, March 8th. The utilities provider reported $0.16 EPS for the quarter, topping the consensus estimate 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 company had revenue of $666.90 million during the quarter, compared to analyst estimates of $661.73 million. During the same period in the previous year, the business earned $0.22 EPS. Algonquin Power & Utilities's quarterly revenue was down 10.8% on a year-over-year basis.

AQN has been the subject of a number of other reports. BMO Capital Markets upgraded Algonquin Power & Utilities from a "market perform" rating to an "outperform" rating and upped their price target for the company from $7.00 to $7.50 in a research report on Monday, January 8th. National Bankshares decreased their price objective on Algonquin Power & Utilities from $7.50 to $7.25 and set a "sector perform" rating on the stock in a report on Tuesday, January 9th. TD Securities upped their price objective on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "hold" rating in a report on Monday, March 11th. CIBC upped their price objective on Algonquin Power & Utilities from $7.00 to $7.50 and gave the company a "neutral" rating in a report on Tuesday, January 9th. Finally, Scotiabank upped their price objective on Algonquin Power & Utilities from $7.00 to $7.50 and gave the company a "sector perform" rating in a report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Algonquin Power & Utilities currently has an average rating of "Hold" and an average price target of $7.85.

Algonquin Power & Utilities Price Performance

Shares of AQN stock traded down $0.15 during trading hours on Tuesday, reaching $5.67. The company had a trading volume of 5,335,479 shares, compared to its average volume of 4,837,650. 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 stock has a fifty day moving average of $6.02 and a 200-day moving average of $5.97. 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 has a 12-month low of $4.90 and a 12-month high of $9.14.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Pacifica Partners Inc. raised its stake in shares of Algonquin Power & Utilities by 1,975.0% in the fourth 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 in the last quarter. Parallel Advisors LLC raised its stake in shares of Algonquin Power & Utilities by 76.3% in the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider's stock valued at $27,000 after acquiring an additional 1,882 shares in the last quarter. Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in shares of Algonquin Power & Utilities in the third quarter valued at $28,000. Power Corp of Canada acquired a new stake in shares of Algonquin Power & Utilities in the first quarter valued at $31,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Algonquin Power & Utilities by 970.3% in the third quarter. Tower Research Capital LLC TRC now owns 7,535 shares of the utilities provider's stock valued at $45,000 after acquiring an additional 6,831 shares in the last quarter. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.1085 per share. This represents a $0.43 dividend on an annualized basis and a yield of 7.65%. The ex-dividend date of this dividend was Wednesday, March 27th. Algonquin Power & Utilities's dividend payout ratio (DPR) is 1,433.33%.

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.