Research Analysts Offer Predictions for AQN Q3 Earnings

Algonquin Power & Utilities Corp. (NYSE:AQN) – Equities researchers at Desjardins decreased their Q3 2024 earnings estimates for Algonquin Power & Utilities in a research report issued to clients and investors on Tuesday, November 5th. Desjardins analyst B. Stadler now forecasts that the utilities provider will post earnings of $0.06 per share for the quarter, down from their prior forecast of $0.07. Desjardins currently has a “Hold” rating and a $5.25 target price on the stock. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.43 per share. Desjardins also issued estimates for Algonquin Power & Utilities’ Q4 2024 earnings at $0.05 EPS, FY2025 earnings at $0.28 EPS and FY2026 earnings at $0.34 EPS.

Algonquin Power & Utilities (NYSE:AQN) last announced its earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. The business had revenue of $573.20 million during the quarter, compared to analyst estimates of $620.46 million. Algonquin Power & Utilities had a net margin of 4.70% and a return on equity of 5.36%. The company’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.11 EPS.

A number of other equities analysts also recently issued reports on the stock. Raymond James downgraded shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $7.75 to $7.00 in a report on Monday, August 12th. National Bank Financial upgraded shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Scotiabank reduced their price objective on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a research note on Friday. CIBC lowered their target price on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Finally, Janney Montgomery Scott assumed coverage on Algonquin Power & Utilities in a research report on Thursday, September 5th. They issued a “neutral” rating and a $6.00 price target for the company. One analyst has rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Algonquin Power & Utilities has an average rating of “Hold” and an average price target of $6.18.

Algonquin Power & Utilities Stock Down 0.2 %

Algonquin Power & Utilities stock opened at $4.80 on Thursday. The stock has a fifty day moving average of $5.19 and a 200 day moving average of $5.74. The stock has a market cap of $3.68 billion, a PE ratio of 30.00 and a beta of 0.68. Algonquin Power & Utilities has a one year low of $4.67 and a one year high of $6.79. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.78 and a current ratio of 0.97.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several institutional investors have recently bought and sold shares of the stock. Advisors Asset Management Inc. boosted its holdings in shares of Algonquin Power & Utilities by 14.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 163,335 shares of the utilities provider’s stock valued at $890,000 after purchasing an additional 20,731 shares during the last quarter. Swiss National Bank boosted its stake in Algonquin Power & Utilities by 10.4% during the third quarter. Swiss National Bank now owns 1,433,000 shares of the utilities provider’s stock valued at $7,843,000 after buying an additional 135,400 shares during the last quarter. CIBC Asset Management Inc grew its holdings in Algonquin Power & Utilities by 8.6% during the 3rd quarter. CIBC Asset Management Inc now owns 931,474 shares of the utilities provider’s stock valued at $5,092,000 after buying an additional 73,587 shares in the last quarter. Entropy Technologies LP bought a new stake in Algonquin Power & Utilities in the 3rd quarter worth approximately $1,034,000. Finally, Verdence Capital Advisors LLC purchased a new stake in shares of Algonquin Power & Utilities during the 3rd quarter worth approximately $61,000. 62.28% of the stock is owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.065 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.26 annualized dividend and a yield of 5.42%. Algonquin Power & Utilities’s payout ratio is 162.50%.

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.