Raymond James Comments on Algonquin Power & Utilities Corp.’s FY2024 Earnings (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN) – Stock analysts at Raymond James increased their FY2024 EPS estimates for Algonquin Power & Utilities in a research report issued to clients and 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.

A number of other equities analysts also recently weighed in on AQN. Desjardins raised Algonquin Power & Utilities from a “sell” rating to a “hold” rating and upped their price target for the stock from $4.75 to $5.75 in a research report on Monday, March 11th. BMO Capital Markets upgraded shares of Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $7.00 to $7.50 in a report on Monday, January 8th. StockNews.com upgraded shares of Algonquin Power & Utilities to a “sell” rating in a research note on Wednesday, April 17th. Scotiabank cut their price target on shares of Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating on the stock in a research report on Monday, April 22nd. Finally, CIBC raised their price objective on Algonquin Power & Utilities from $7.00 to $7.50 and gave the company a “neutral” rating in a report on Tuesday, January 9th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Algonquin Power & Utilities presently has an average rating of “Hold” and an average target price of $7.67.

Algonquin Power & Utilities Stock Down 1.7 %

AQN stock opened at $6.11 on Monday. 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 capitalization of $4.21 billion, a P/E ratio of 203.50 and a beta of 0.66. Algonquin Power & Utilities has a fifty-two week low of $4.90 and a fifty-two week high of $9.14. The business has a 50-day moving average of $6.06 and a 200-day moving average of $6.00.

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 analysts’ consensus estimates of $0.14 by $0.02. The firm had revenue of $666.90 million during the quarter, compared to analyst estimates of $661.73 million. Algonquin Power & Utilities had a net margin of 1.06% and a return on equity of 5.64%. During the same period in the prior year, the business earned $0.22 EPS. The company’s revenue for the quarter was down 10.8% compared to the same quarter last year.

Algonquin Power & Utilities Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.1085 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.43 annualized dividend and a dividend yield of 7.11%. Algonquin Power & Utilities’s dividend payout ratio is presently 1,433.33%.

Institutional Investors Weigh In On Algonquin Power & Utilities

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Algonquin Power & Utilities by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 25,986,559 shares of the utilities provider’s stock worth $164,235,000 after purchasing an additional 268,800 shares during the period. Goldman Sachs Group Inc. lifted its position 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 buying an additional 13,731,305 shares during the last quarter. Toronto Dominion Bank boosted its stake in shares of 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 worth $78,699,000 after acquiring an additional 978,758 shares during the period. Bank of Nova Scotia increased its holdings in shares of Algonquin Power & Utilities by 5.6% during the 4th quarter. Bank of Nova Scotia now owns 10,226,131 shares of the utilities provider’s stock worth $64,521,000 after acquiring an additional 542,696 shares during the last quarter. Finally, Invesco Ltd. raised its stake in Algonquin Power & Utilities by 6.6% in 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 institutional investors.

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.