National Bank Financial Weighs in on Algonquin Power & Utilities Corp.'s FY2024 Earnings (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) - Equities researchers at National Bank Financial lowered their FY2024 EPS estimates for Algonquin Power & Utilities in a research note issued to investors on Sunday, April 14th. National Bank Financial analyst R. Merer now expects that the utilities provider will earn $0.49 per share for the year, down from their previous estimate of $0.53. 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' FY2025 earnings at $0.53 EPS.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its quarterly earnings results on Friday, March 8th. The utilities provider reported $0.16 EPS for the quarter, beating the consensus estimate of $0.14 by $0.02. Algonquin Power & Utilities had a net margin of 1.06% and a return on equity of 5.64%. The company had revenue of $666.90 million for the quarter, compared to analyst estimates of $661.73 million. During the same period in the prior year, the company earned $0.22 earnings per share. The firm's revenue was down 10.8% on a year-over-year basis.

Other equities research analysts have also issued reports about the stock. BMO Capital Markets raised shares of 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 report on Monday, January 8th. Desjardins raised shares of Algonquin Power & Utilities from a "sell" rating to a "hold" rating and increased their target price for the stock from $4.75 to $5.75 in a research note on Monday, March 11th. TD Securities increased their target price on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a "hold" rating in a research note on Monday, March 11th. National Bankshares lowered their target price on shares of 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. Finally, CIBC increased their target price on shares of Algonquin Power & Utilities from $7.00 to $7.50 and gave the stock a "neutral" rating in a research note on Tuesday, January 9th. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $7.85.

Algonquin Power & Utilities Stock Performance

NYSE:AQN traded up $0.08 during mid-day trading on Wednesday, hitting $5.76. The company's stock had a trading volume of 4,284,382 shares, compared to its average volume of 4,832,372. Algonquin Power & Utilities has a 1 year low of $4.90 and a 1 year high of $9.14. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.63 and a quick ratio of 0.50. The stock has a market cap of $3.97 billion, a price-to-earnings ratio of 191.83 and a beta of 0.66. The business's fifty day moving average is $6.02 and its two-hundred day moving average is $5.97.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings 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 acquiring an additional 268,800 shares during the last quarter. FIL Ltd raised its holdings in Algonquin Power & Utilities by 94.6% in the 4th quarter. FIL Ltd now owns 21,685,436 shares of the utilities provider's stock valued at $136,818,000 after acquiring an additional 10,541,240 shares during the last quarter. Norges Bank acquired a new stake in Algonquin Power & Utilities in the 4th quarter valued at about $107,390,000. Goldman Sachs Group Inc. raised its holdings 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 acquiring an additional 13,731,305 shares during the last quarter. Finally, Toronto Dominion Bank raised its holdings in Algonquin Power & Utilities by 7.9% in the 3rd quarter. Toronto Dominion Bank now owns 13,293,748 shares of the utilities provider's stock valued at $78,699,000 after acquiring an additional 978,758 shares during the last quarter. Institutional investors and hedge funds own 62.28% of the company's stock.

Algonquin Power & Utilities Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $0.1085 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.43 annualized dividend and a dividend yield of 7.54%. Algonquin Power & Utilities's dividend payout ratio (DPR) 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.