Algonquin Power & Utilities Corp. (NYSE:AQN) Plans Quarterly Dividend of $0.36

Algonquin Power & Utilities Corp. (NYSE:AQNGet Rating) declared a quarterly dividend on Thursday, May 12th, Zacks reports. Stockholders of record on Thursday, June 30th will be given a dividend of 0.363 per share by the utilities provider on Friday, July 15th. This represents a $1.45 annualized dividend and a dividend yield of 10.30%. The ex-dividend date of this dividend is Wednesday, June 29th. This is a boost from Algonquin Power & Utilities’s previous quarterly dividend of $0.17.

Algonquin Power & Utilities has raised its dividend by an average of 10.0% annually over the last three years and has raised its dividend annually for the last 11 consecutive years. Algonquin Power & Utilities has a dividend payout ratio of 84.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities research analysts expect Algonquin Power & Utilities to earn $0.81 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 84.0%.

Algonquin Power & Utilities stock opened at $14.10 on Friday. Algonquin Power & Utilities has a fifty-two week low of $13.26 and a fifty-two week high of $16.25. The firm’s 50 day simple moving average is $15.03 and its 200-day simple moving average is $14.43. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.56. The company has a market cap of $9.50 billion, a P/E ratio of 27.65, a price-to-earnings-growth ratio of 2.25 and a beta of 0.43.

Algonquin Power & Utilities (NYSE:AQNGet Rating) last announced its earnings results on Thursday, May 12th. The utilities provider reported $0.21 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.21. The company had revenue of $735.70 million for the quarter, compared to the consensus estimate of $709.61 million. Algonquin Power & Utilities had a net margin of 11.59% and a return on equity of 6.97%. The company’s revenue was up 15.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.20 EPS. On average, analysts expect that Algonquin Power & Utilities will post 0.74 EPS for the current fiscal year.

A number of analysts have recently issued reports on the company. Raymond James reduced their target price on Algonquin Power & Utilities from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Friday. StockNews.com assumed coverage on Algonquin Power & Utilities in a report on Thursday, March 31st. They issued a “sell” rating for the company. Zacks Investment Research lowered Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a report on Thursday, May 5th. National Bankshares lowered Algonquin Power & Utilities from an “outperform” rating to a “sector perform” rating and set a $16.00 price objective for the company. in a report on Wednesday, May 4th. Finally, National Bank Financial lowered Algonquin Power & Utilities from an “outperform” rating to a “sector perform” rating and set a $16.00 price objective for the company. in a report on Wednesday, May 4th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.56.

A number of institutional investors have recently bought and sold shares of AQN. Morgan Stanley increased its position in Algonquin Power & Utilities by 1.2% during the second quarter. Morgan Stanley now owns 3,524,370 shares of the utilities provider’s stock worth $52,442,000 after buying an additional 42,596 shares during the last quarter. LPL Financial LLC acquired a new stake in shares of Algonquin Power & Utilities in the third quarter valued at about $180,000. Geode Capital Management LLC grew its position in shares of Algonquin Power & Utilities by 14.0% in the fourth quarter. Geode Capital Management LLC now owns 1,964,222 shares of the utilities provider’s stock valued at $28,977,000 after purchasing an additional 241,803 shares during the last quarter. State Street Corp grew its position in shares of Algonquin Power & Utilities by 43.5% in the fourth quarter. State Street Corp now owns 1,090,932 shares of the utilities provider’s stock valued at $15,950,000 after purchasing an additional 330,894 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Algonquin Power & Utilities by 20.1% in the fourth quarter. Alliancebernstein L.P. now owns 258,195 shares of the utilities provider’s stock valued at $3,731,000 after purchasing an additional 43,190 shares during the last quarter. 45.25% of the stock is currently owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Company Profile (Get Rating)

Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in Canada, the United States, Chile, and Bermuda. It generates and sells electrical energy through renewable and clean energy power generation facilities.

Further Reading

Dividend History for Algonquin Power & Utilities (NYSE:AQN)

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