Algonquin Power & Utilities Corp. (NYSE:AQN) Forecasted to Earn Q1 2024 Earnings of $0.14 Per Share

Algonquin Power & Utilities Corp. (NYSE:AQN) – Equities researchers at Desjardins lowered their Q1 2024 earnings per share estimates for shares of Algonquin Power & Utilities in a research report issued on Tuesday, April 30th. Desjardins analyst B. Stadler now expects that the utilities provider will post earnings per share of $0.14 for the quarter, down from their previous 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.

A number of other analysts have also recently weighed in on AQN. StockNews.com raised shares of Algonquin Power & Utilities to a “sell” rating in a report on Wednesday, April 17th. TD Securities boosted their price objective on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “hold” rating in a research report on Monday, March 11th. National Bankshares lowered their target price on 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. CIBC boosted their price target on Algonquin Power & Utilities from $7.00 to $7.50 and gave the stock a “neutral” rating in a research report on Tuesday, January 9th. Finally, BMO Capital Markets raised Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $7.00 to $7.50 in a research note on Monday, January 8th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, Algonquin Power & Utilities currently has an average rating of “Hold” and a consensus target price of $7.67.

Algonquin Power & Utilities Price Performance

Shares of AQN opened at $6.11 on Wednesday. Algonquin Power & Utilities has a 12 month low of $4.90 and a 12 month high of $9.14. 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 fifty day moving average price of $6.06 and a 200 day moving average price of $6.00. The company has a market cap of $4.21 billion, a P/E ratio of 203.50 and a beta of 0.66.

Algonquin Power & Utilities (NYSE:AQN) last issued 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. Algonquin Power & Utilities had a net margin of 1.06% and a return on equity of 5.64%. The company 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 earned $0.22 earnings per share. The firm’s revenue was down 10.8% compared to the same quarter last year.

Algonquin Power & Utilities Cuts Dividend

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

Institutional Trading of Algonquin Power & Utilities

A number of large investors have recently added to or reduced their stakes in AQN. Commonwealth Equity Services LLC boosted its position in shares of Algonquin Power & Utilities by 63.0% in the 1st quarter. Commonwealth Equity Services LLC now owns 289,670 shares of the utilities provider’s stock valued at $1,831,000 after purchasing an additional 111,993 shares during the period. Krilogy Financial LLC lifted its stake in Algonquin Power & Utilities by 38.8% during the first quarter. Krilogy Financial LLC now owns 705,200 shares of the utilities provider’s stock valued at $4,457,000 after buying an additional 197,200 shares in the last quarter. Verity & Verity LLC acquired a new position in shares of Algonquin Power & Utilities in the first quarter worth about $115,000. PFG Investments LLC increased its position in shares of Algonquin Power & Utilities by 71.3% in the first quarter. PFG Investments LLC now owns 63,371 shares of the utilities provider’s stock worth $401,000 after acquiring an additional 26,369 shares in the last quarter. Finally, Alpha Omega Wealth Management LLC raised its holdings in shares of Algonquin Power & Utilities by 8.2% during the first quarter. Alpha Omega Wealth Management LLC now owns 592,430 shares of the utilities provider’s stock valued at $3,744,000 after acquiring an additional 44,714 shares during the period. 62.28% of the stock is currently 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.