Algonquin Power & Utilities Corp. to Post Q3 2024 Earnings of $0.07 Per Share, Desjardins Forecasts (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN) – Stock analysts at Desjardins dropped their Q3 2024 earnings per share estimates for Algonquin Power & Utilities in a research report issued on Sunday, August 11th. Desjardins analyst B. Stadler now anticipates that the utilities provider will post earnings per share of $0.07 for the quarter, down from their previous forecast of $0.08. Desjardins has a “Hold” rating and a $5.25 price target on the stock. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.46 per share. Desjardins also issued estimates for Algonquin Power & Utilities’ FY2024 earnings at $0.41 EPS, FY2025 earnings at $0.30 EPS and FY2026 earnings at $0.37 EPS.

Several other equities analysts have also recently issued reports on AQN. StockNews.com upgraded Algonquin Power & Utilities to a “sell” rating in a report on Friday, May 10th. National Bankshares raised their price objective on shares of Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a “sector perform” rating in a research note on Tuesday, May 28th. National Bank Financial upgraded shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research report on Monday. Scotiabank decreased their price objective on Algonquin Power & Utilities from $6.50 to $5.75 and set a “sector perform” rating for the company in a research note on Tuesday. Finally, Wells Fargo & Company lowered Algonquin Power & Utilities from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $8.50 to $6.00 in a research note on Monday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $6.36.

Algonquin Power & Utilities Stock Performance

AQN stock opened at $5.20 on Wednesday. The company has a 50 day moving average price of $5.95 and a 200 day moving average price of $6.08. Algonquin Power & Utilities has a fifty-two week low of $4.90 and a fifty-two week high of $7.67. 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 stock has a market capitalization of $3.99 billion, a PE ratio of -10.61 and a beta of 0.66.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. Algonquin Power & Utilities had a positive return on equity of 5.39% and a negative net margin of 12.44%. The business had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $635.95 million. During the same period in the previous year, the business posted $0.08 earnings per share. The firm’s revenue for the quarter was down 4.7% compared to the same quarter last year.

Hedge Funds Weigh In On Algonquin Power & Utilities

Institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. boosted its position in 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 in the last quarter. The Manufacturers Life Insurance Company raised its stake in Algonquin Power & Utilities by 320.6% during the second quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider’s stock worth $42,633,000 after buying an additional 5,544,063 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in Algonquin Power & Utilities by 156.0% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock valued at $52,341,000 after acquiring an additional 5,426,523 shares during the last quarter. Norges Bank acquired a new stake in Algonquin Power & Utilities during the 4th quarter worth about $28,322,000. Finally, Jane Street Group LLC raised its position in shares of Algonquin Power & Utilities by 851.0% in the 1st quarter. Jane Street Group LLC now owns 3,765,026 shares of the utilities provider’s stock worth $23,797,000 after acquiring an additional 3,369,124 shares in the last quarter. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.065 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 5.00%. Algonquin Power & Utilities’s payout ratio is currently -53.06%.

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.