National Bank Financial Weighs in on Algonquin Power & Utilities Corp.’s Q1 2024 Earnings (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN) – Research analysts at National Bank Financial issued their Q1 2024 EPS estimates for shares of Algonquin Power & Utilities in a research note issued on Sunday, April 14th. National Bank Financial analyst R. Merer anticipates that the utilities provider will earn $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) last announced its earnings results on Friday, March 8th. The utilities provider reported $0.16 earnings per share for the quarter, topping 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 firm had revenue of $666.90 million for the quarter, compared to the consensus estimate of $661.73 million. During the same period in the prior year, the firm earned $0.22 EPS. The firm’s revenue for the quarter was down 10.8% on a year-over-year basis.

Several other equities research analysts also recently weighed in on AQN. CIBC upped 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. BMO Capital Markets raised shares of 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 note on Monday, January 8th. National Bankshares dropped their price objective on shares of Algonquin Power & Utilities from $7.50 to $7.25 and set a “sector perform” rating on the stock in a research report on Tuesday, January 9th. 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. Finally, Desjardins raised shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating and increased their price objective for the company from $4.75 to $5.75 in a research report on Monday, March 11th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $7.85.

Algonquin Power & Utilities Price Performance

Shares of AQN opened at $5.76 on Tuesday. Algonquin Power & Utilities has a fifty-two week low of $4.90 and a fifty-two week high of $9.14. The firm’s 50 day moving average price is $6.02 and its 200 day moving average price is $5.97. The company has a market cap of $3.97 billion, a P/E ratio of 191.83 and a beta of 0.66. The company has a quick ratio of 0.50, a current ratio of 0.63 and a debt-to-equity ratio of 1.23.

Algonquin Power & Utilities Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a $0.1085 dividend. This represents a $0.43 dividend on an annualized basis and a dividend yield of 7.54%. The ex-dividend date was Wednesday, March 27th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is 1,433.33%.

Institutional Trading of Algonquin Power & Utilities

Large investors have recently bought and sold shares of the business. Norges Bank purchased a new position in Algonquin Power & Utilities during the 4th quarter worth $107,390,000. Goldman Sachs Group Inc. boosted its holdings in shares of Algonquin Power & Utilities by 754.0% in the fourth 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 in the last quarter. FIL Ltd boosted its holdings in shares of Algonquin Power & Utilities by 94.6% in the fourth 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 in the last quarter. Bank of America Corp DE boosted its holdings in shares of Algonquin Power & Utilities by 100.1% in the first quarter. Bank of America Corp DE now owns 9,214,388 shares of the utilities provider’s stock valued at $77,401,000 after acquiring an additional 4,608,458 shares in the last quarter. Finally, Davidson Kempner Capital Management LP purchased a new stake in shares of Algonquin Power & Utilities in the first quarter valued at about $33,638,000. Institutional investors and hedge funds own 62.28% of the company’s stock.

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.