Desjardins Analysts Decrease Earnings Estimates for Algonquin Power & Utilities Corp. (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) - Stock analysts at Desjardins cut their Q1 2024 EPS estimates for shares of Algonquin Power & Utilities in a research note issued to investors on Tuesday, April 30th. Desjardins analyst B. Stadler now anticipates that the utilities provider will earn $0.14 per share for the quarter, down from their prior estimate of $0.18. Desjardins currently has a "Hold" rating and a $5.75 target price on the stock. The consensus estimate for Algonquin Power & Utilities' current full-year earnings is $0.49 per share. Desjardins also issued estimates for Algonquin Power & Utilities' FY2024 earnings at $0.43 EPS.

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

AQN has been the topic of a number of other reports. BMO Capital Markets raised Algonquin Power & Utilities from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $7.00 to $7.50 in a research report on Monday, January 8th. Scotiabank dropped their price objective on shares of Algonquin Power & Utilities from $7.50 to $6.50 and set a "sector perform" rating on the stock in a research note on Monday, April 22nd. TD Securities boosted 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 report on Monday, March 11th. CIBC raised their price target on shares of Algonquin Power & Utilities from $7.00 to $7.50 and gave the company a "neutral" rating in a research report on Tuesday, January 9th. Finally, StockNews.com raised Algonquin Power & Utilities to a "sell" rating in a report on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $7.67.

Algonquin Power & Utilities Stock Up 2.2 %

Algonquin Power & Utilities stock traded up $0.13 during midday trading on Wednesday, reaching $6.25. The stock had a trading volume of 6,343,896 shares, compared to its average volume of 4,765,639. The company has a fifty day moving average price of $6.06 and a two-hundred day moving average price of $6.00. The company has a market capitalization of $4.31 billion, a P/E ratio of 203.67 and a beta of 0.66. 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 has a 12 month low of $4.90 and a 12 month high of $9.14.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several institutional investors have recently added to or reduced their stakes in 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. increased 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 acquiring an additional 13,731,305 shares during the last quarter. Toronto Dominion Bank raised its stake 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 period. Bank of Nova Scotia lifted its holdings in Algonquin Power & Utilities by 5.6% during the fourth quarter. Bank of Nova Scotia now owns 10,226,131 shares of the utilities provider's stock valued at $64,521,000 after purchasing an additional 542,696 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Algonquin Power & Utilities by 6.6% during the third quarter. Invesco Ltd. now owns 9,881,130 shares of the utilities provider's stock worth $58,496,000 after purchasing an additional 616,049 shares during the period. Institutional investors own 62.28% of the company's stock.

Algonquin Power & Utilities Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a dividend of $0.1085 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.43 dividend on an annualized basis and a yield of 6.95%. Algonquin Power & Utilities's dividend payout ratio (DPR) is currently 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.