FY2024 Earnings Forecast for Algonquin Power & Utilities Corp. (NYSE:AQN) Issued By Raymond James

Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) - Research analysts at Raymond James increased their FY2024 earnings estimates for shares of Algonquin Power & Utilities in a research note issued to investors on Thursday, April 25th. Raymond James analyst D. Quezada now expects that the utilities provider will earn $0.51 per share for the year, up from their previous forecast of $0.50. The consensus estimate for Algonquin Power & Utilities' current full-year earnings is $0.49 per share.

AQN has been the topic of several other reports. Desjardins raised shares of Algonquin Power & Utilities from a "sell" rating to a "hold" rating and raised their price target for the stock from $4.75 to $5.75 in a research note 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 company 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 raised their price target for the stock from $7.00 to $7.50 in a research report on Monday, January 8th. StockNews.com raised shares of Algonquin Power & Utilities to a "sell" rating in a report on Wednesday, April 17th. Finally, Scotiabank decreased their price objective on shares of Algonquin Power & Utilities from $7.50 to $6.50 and set a "sector perform" rating for the company in a report on Monday, April 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $7.67.

Algonquin Power & Utilities Price Performance

Shares of NYSE:AQN traded up $0.09 on Monday, reaching $6.22. 2,909,643 shares of the company were exchanged, compared to its average volume of 4,758,944. The firm has a market cap of $4.29 billion, a price-to-earnings ratio of 204.00 and a beta of 0.66. Algonquin Power & Utilities has a 1-year low of $4.90 and a 1-year high of $9.14. The company has a 50-day moving average of $6.05 and a 200-day moving average of $5.99. The company has a current ratio of 0.63, a quick ratio of 0.50 and a debt-to-equity ratio of 1.23.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its quarterly earnings results on Friday, March 8th. The utilities provider reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $666.90 million for the quarter, compared to analysts' expectations of $661.73 million. During the same period in the prior year, the company posted $0.22 EPS. The business's revenue for the quarter was down 10.8% on a year-over-year basis.

Institutional Trading of Algonquin Power & Utilities

Several institutional investors and hedge funds have recently modified their holdings of AQN. Vanguard Group Inc. increased its position in Algonquin Power & Utilities by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 25,986,559 shares of the utilities provider's stock worth $164,235,000 after buying an additional 268,800 shares during the last quarter. Goldman Sachs Group Inc. boosted 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 worth $98,292,000 after buying an additional 13,731,305 shares during the period. Toronto Dominion Bank grew its holdings in Algonquin Power & Utilities by 7.9% during the 3rd quarter. Toronto Dominion Bank now owns 13,293,748 shares of the utilities provider's stock valued at $78,699,000 after buying an additional 978,758 shares in the last quarter. Bank of Nova Scotia boosted its holdings in shares of Algonquin Power & Utilities by 5.6% in the 4th quarter. Bank of Nova Scotia now owns 10,226,131 shares of the utilities provider's stock worth $64,521,000 after purchasing an additional 542,696 shares during the period. Finally, Invesco Ltd. boosted its holdings in Algonquin Power & Utilities by 6.6% during the 3rd quarter. Invesco Ltd. now owns 9,881,130 shares of the utilities provider's stock valued at $58,496,000 after acquiring an additional 616,049 shares during the period. 62.28% of the stock is owned by hedge funds and other institutional investors.

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 issued a $0.1085 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.43 annualized dividend and a yield of 6.98%. Algonquin Power & Utilities's payout ratio is currently 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.