Scotiabank Has Bearish Estimate for AQN FY2024 Earnings

Algonquin Power & Utilities Corp. (NYSE:AQN) – Equities research analysts at Scotiabank dropped their FY2024 earnings per share estimates for Algonquin Power & Utilities in a research note issued on Wednesday, January 8th. Scotiabank analyst R. Hope now forecasts that the utilities provider will post earnings of $0.38 per share for the year, down from their prior forecast of $0.44. Scotiabank currently has a “Sector Perform” rating and a $5.25 price objective on the stock. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.39 per share. Scotiabank also issued estimates for Algonquin Power & Utilities’ FY2025 earnings at $0.28 EPS and FY2026 earnings at $0.35 EPS.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). The business had revenue of $573.20 million during the quarter, compared to analyst estimates of $620.46 million. Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The company’s revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.11 EPS.

Several other analysts have also weighed in on the company. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $7.00 price objective on shares of Algonquin Power & Utilities in a report on Thursday, December 12th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $6.00 target price on shares of Algonquin Power & Utilities in a report on Friday, October 11th. CIBC lowered their target price on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Finally, Wells Fargo & Company lowered their target price on Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Algonquin Power & Utilities has a consensus rating of “Hold” and an average target price of $6.13.

Algonquin Power & Utilities Stock Down 4.0 %

Shares of Algonquin Power & Utilities stock opened at $4.29 on Thursday. The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17. The firm has a market cap of $3.29 billion, a P/E ratio of -3.33 and a beta of 0.69. Algonquin Power & Utilities has a fifty-two week low of $4.25 and a fifty-two week high of $6.79. The business has a 50-day moving average price of $4.65 and a 200 day moving average price of $5.24.

Algonquin Power & Utilities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.065 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.26 dividend on an annualized basis and a yield of 6.06%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is -20.16%.

Institutional Investors Weigh In On Algonquin Power & Utilities

A number of institutional investors and hedge funds have recently modified their holdings of AQN. Central Pacific Bank Trust Division acquired a new stake in shares of Algonquin Power & Utilities during the 3rd quarter valued at $54,000. Capstone Investment Advisors LLC acquired a new stake in shares of Algonquin Power & Utilities during the 3rd quarter valued at $58,000. Walleye Capital LLC acquired a new stake in shares of Algonquin Power & Utilities during the 3rd quarter valued at $59,000. Verdence Capital Advisors LLC acquired a new stake in shares of Algonquin Power & Utilities during the 3rd quarter valued at $61,000. Finally, Raymond James Trust N.A. lifted its position in shares of Algonquin Power & Utilities by 33.4% during the 3rd quarter. Raymond James Trust N.A. now owns 13,343 shares of the utilities provider’s stock valued at $73,000 after acquiring an additional 3,343 shares during the last quarter. Institutional investors and hedge funds 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.