Q3 2024 EPS Estimates for Algonquin Power & Utilities Corp. Boosted by Analyst (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN) – Investment analysts at National Bank Financial lifted their Q3 2024 earnings per share (EPS) estimates for shares of Algonquin Power & Utilities in a report released on Monday, July 8th. National Bank Financial analyst R. Merer now anticipates that the utilities provider will post earnings per share of $0.10 for the quarter, up from their previous estimate of $0.09. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.46 per share. National Bank Financial also issued estimates for Algonquin Power & Utilities’ Q4 2024 earnings at $0.13 EPS, FY2024 earnings at $0.46 EPS and FY2025 earnings at $0.51 EPS.

Algonquin Power & Utilities (NYSE:AQN) last posted its earnings results on Friday, May 10th. The utilities provider reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.01). Algonquin Power & Utilities had a positive return on equity of 5.39% and a negative net margin of 12.44%. The company had revenue of $737.10 million for the quarter, compared to analyst estimates of $813.38 million. During the same period last year, the business earned $0.17 earnings per share. The firm’s revenue was down 5.3% on a year-over-year basis.

Several other research firms have also commented on AQN. Royal Bank of Canada restated a “sector perform” rating and set a $7.00 price target on shares of Algonquin Power & Utilities in a research report on Wednesday. Scotiabank cut their price target on Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating for the company in a research note on Monday, April 22nd. Desjardins increased their price target on Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a “hold” rating in a research report on Thursday, June 6th. StockNews.com upgraded Algonquin Power & Utilities to a “sell” rating in a research report on Friday, May 10th. Finally, National Bankshares upped their target price on Algonquin Power & Utilities from $6.75 to $7.25 and gave the stock a “sector perform” rating in a research note on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $7.38.

Algonquin Power & Utilities Price Performance

NYSE:AQN opened at $6.29 on Thursday. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.98 and a quick ratio of 0.79. The company has a 50 day moving average price of $6.20 and a 200-day moving average price of $6.13. Algonquin Power & Utilities has a 1-year low of $4.90 and a 1-year high of $8.49. The firm has a market cap of $4.82 billion, a price-to-earnings ratio of -12.83 and a beta of 0.66.

Institutional Trading of Algonquin Power & Utilities

Hedge funds have recently bought and sold shares of the business. Phoenix Holdings Ltd. purchased a new position in Algonquin Power & Utilities during the third quarter worth approximately $158,000. Hudson Bay Capital Management LP acquired a new position in shares of Algonquin Power & Utilities during the 3rd quarter valued at about $8,936,000. Vanguard Group Inc. grew its holdings in shares of Algonquin Power & Utilities by 1.6% in the third quarter. Vanguard Group Inc. now owns 25,717,759 shares of the utilities provider’s stock valued at $152,249,000 after purchasing an additional 413,104 shares during the period. Pacifica Partners Inc. increased its position in Algonquin Power & Utilities by 1,975.0% during the fourth quarter. Pacifica Partners Inc. now owns 4,150 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 3,950 shares during the last quarter. Finally, Long Run Wealth Advisors LLC purchased a new position in Algonquin Power & Utilities during the fourth quarter worth about $158,000. Institutional investors and hedge funds own 62.28% of the company’s stock.

Algonquin Power & Utilities Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $0.108 dividend. This represents a $0.43 annualized dividend and a dividend yield of 6.87%. The ex-dividend date is Friday, June 28th. Algonquin Power & Utilities’s dividend payout ratio is currently -87.76%.

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.