National Bank Financial Brokers Boost Earnings Estimates for Algonquin Power & Utilities Corp. (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN) – National Bank Financial upped their Q3 2024 earnings per share (EPS) estimates for Algonquin Power & Utilities in a research report issued on Monday, July 8th. National Bank Financial analyst R. Merer now expects that the utilities provider will earn $0.10 per share for the quarter, up from their previous forecast 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.

A number of other equities research analysts also recently weighed in on the company. Wells Fargo & Company raised their price target on Algonquin Power & Utilities from $8.00 to $8.50 and gave the stock an “overweight” rating in a research note on Monday, May 13th. StockNews.com raised Algonquin Power & Utilities to a “sell” rating in a report on Friday, May 10th. CIBC increased their price objective on Algonquin Power & Utilities from $7.50 to $7.70 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. Royal Bank of Canada reissued a “sector perform” rating and set a $7.00 price objective on shares of Algonquin Power & Utilities in a report on Wednesday. Finally, Desjardins increased their price objective on Algonquin Power & Utilities from $5.25 to $5.50 and gave the company a “hold” rating in a report on Thursday, June 6th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Algonquin Power & Utilities currently has an average rating of “Hold” and an average price target of $7.38.

Algonquin Power & Utilities Stock Up 2.1 %

Shares of Algonquin Power & Utilities stock opened at $6.25 on Thursday. Algonquin Power & Utilities has a 1 year low of $4.90 and a 1 year high of $8.49. The stock has a 50-day moving average price of $6.21 and a 200 day moving average price of $6.14. The company has a current ratio of 0.98, a quick ratio of 0.79 and a debt-to-equity ratio of 1.42. The company has a market cap of $4.79 billion, a P/E ratio of -12.76 and a beta of 0.66.

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

Algonquin Power & Utilities Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a $0.108 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.43 dividend on an annualized basis and a dividend yield of 6.91%. Algonquin Power & Utilities’s dividend payout ratio is currently -87.76%.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Algonquin Power & Utilities by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock worth $165,893,000 after buying an additional 262,333 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Algonquin Power & Utilities by 754.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 15,552,484 shares of the utilities provider’s stock worth $98,292,000 after buying an additional 13,731,305 shares during the period. Bank of Nova Scotia lifted its position 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 buying an additional 542,696 shares during the period. National Bank of Canada FI lifted its position in shares of Algonquin Power & Utilities by 6.5% during the 1st quarter. National Bank of Canada FI now owns 10,223,412 shares of the utilities provider’s stock worth $67,050,000 after buying an additional 620,593 shares during the period. Finally, Intact Investment Management Inc. lifted its position in shares of Algonquin Power & Utilities by 2.4% during the 4th quarter. Intact Investment Management Inc. now owns 4,962,219 shares of the utilities provider’s stock worth $31,309,000 after buying an additional 114,060 shares during the period. Institutional investors own 62.28% of the company’s stock.

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.