Algonquin Power & Utilities Corp. to Post Q1 2024 Earnings of $0.14 Per Share, Desjardins Forecasts (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN) – Analysts at Desjardins cut their Q1 2024 earnings per share (EPS) estimates for shares of Algonquin Power & Utilities in a research note issued on Tuesday, April 30th. Desjardins analyst B. Stadler now expects that the utilities provider will post earnings of $0.14 per share for the quarter, down from their prior forecast of $0.18. Desjardins has a “Hold” rating and a $5.75 price objective 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) last posted its earnings results on Friday, March 8th. The utilities provider reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. Algonquin Power & Utilities had a return on equity of 5.64% and a net margin of 1.06%. The business had revenue of $666.90 million for the quarter, compared to analysts’ expectations of $661.73 million. During the same quarter in the previous year, the firm earned $0.22 earnings per share. The business’s revenue was down 10.8% compared to the same quarter last year.

Other equities research analysts have also issued research reports about the company. Scotiabank decreased their price target on 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 price target on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “hold” rating in a research note on Monday, March 11th. StockNews.com raised Algonquin Power & Utilities to a “sell” rating in a research note on Wednesday, April 17th. National Bankshares decreased their price target on Algonquin Power & Utilities from $7.50 to $7.25 and set a “sector perform” rating on the stock in a research note on Tuesday, January 9th. Finally, BMO Capital Markets raised Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and upped their target price for the company from $7.00 to $7.50 in a research note on Monday, January 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $7.67.

Algonquin Power & Utilities Price Performance

Shares of NYSE:AQN opened at $6.25 on Wednesday. The business’s 50 day simple moving average is $6.06 and its 200-day simple moving average is $6.00. The firm has a market capitalization of $4.31 billion, a price-to-earnings ratio of 208.17 and a beta of 0.66. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.63 and a quick ratio of 0.50. Algonquin Power & Utilities has a 12 month low of $4.90 and a 12 month high of $9.14.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of AQN. Pacifica Partners Inc. raised its holdings in Algonquin Power & Utilities by 1,975.0% in the 4th quarter. Pacifica Partners Inc. now owns 4,150 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 3,950 shares during the last quarter. Parallel Advisors LLC raised its holdings in Algonquin Power & Utilities by 76.3% in the 4th quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 1,882 shares during the last quarter. Stonehage Fleming Financial Services Holdings Ltd acquired a new position in Algonquin Power & Utilities in the 3rd quarter valued at $28,000. CTC Alternative Strategies Ltd. acquired a new position in Algonquin Power & Utilities in the 3rd quarter valued at $62,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Algonquin Power & Utilities during the 4th quarter worth $64,000. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $0.1085 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.43 annualized dividend and a yield of 6.95%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently 1,433.33%.

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.