Raymond James Has Pessimistic Outlook of AQN FY2024 Earnings

Algonquin Power & Utilities Corp. (NYSE:AQN) – Equities researchers at Raymond James cut their FY2024 EPS estimates for shares of Algonquin Power & Utilities in a research note issued to investors on Sunday, November 10th. Raymond James analyst D. Quezada now forecasts that the utilities provider will earn $0.40 per share for the year, down from their prior forecast of $0.44. Raymond James currently has a “Market Perform” rating and a $7.00 price target on the stock. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.40 per share. Raymond James also issued estimates for Algonquin Power & Utilities’ Q4 2024 earnings at $0.09 EPS and Q3 2025 earnings at $0.08 EPS.

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

Several other equities analysts have also commented on AQN. Royal Bank of Canada restated a “sector perform” rating and set a $6.00 price target on shares of Algonquin Power & Utilities in a research report on Friday, October 11th. Janney Montgomery Scott initiated coverage on Algonquin Power & Utilities in a research note on Thursday, September 5th. They set a “neutral” rating and a $6.00 target price on the stock. CIBC decreased their price target on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Desjardins cut their price objective on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a research note on Monday, August 12th. Finally, Scotiabank decreased their target price on shares of Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $6.18.

Algonquin Power & Utilities Price Performance

Shares of NYSE AQN opened at $4.74 on Tuesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73. The firm has a market capitalization of $3.63 billion, a PE ratio of -3.67 and a beta of 0.68. Algonquin Power & Utilities has a 1-year low of $4.67 and a 1-year high of $6.79. The business’s fifty day moving average price is $5.16 and its two-hundred day moving average price is $5.71.

Institutional Trading of Algonquin Power & Utilities

A number of large investors have recently added to or reduced their stakes in the business. Central Pacific Bank Trust Division bought a new position in shares of Algonquin Power & Utilities in the third quarter valued at $54,000. Claro Advisors LLC acquired a new stake in shares of Algonquin Power & Utilities during the second quarter worth $61,000. Verdence Capital Advisors LLC purchased a new stake in shares of Algonquin Power & Utilities during the third quarter valued at $61,000. SeaCrest Wealth Management LLC acquired a new position in shares of Algonquin Power & Utilities in the 2nd quarter valued at $66,000. Finally, Raymond James Trust N.A. increased its stake in Algonquin Power & Utilities by 33.4% in the 3rd quarter. Raymond James Trust N.A. now owns 13,343 shares of the utilities provider’s stock worth $73,000 after purchasing an additional 3,343 shares in the last quarter. 62.28% of the stock is currently owned by institutional investors.

Algonquin Power & Utilities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.065 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.26 dividend on an annualized basis and a dividend yield of 5.49%. Algonquin Power & Utilities’s payout ratio is currently -20.16%.

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.