Scotiabank Issues Pessimistic Estimate for AQN Earnings

Algonquin Power & Utilities Corp. (NYSE:AQN) – Investment analysts at Scotiabank lowered their FY2024 earnings per share (EPS) estimates for Algonquin Power & Utilities in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst R. Hope now anticipates that the utilities provider will earn $0.38 per share for the year, down from their prior estimate of $0.44. Scotiabank 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 announced its earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The company had revenue of $573.20 million during the quarter, compared to analyst estimates of $620.46 million. During the same quarter last year, the business earned $0.11 EPS. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year.

Other research analysts have also issued reports about the stock. CIBC decreased their target price on shares of Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $7.00 price objective on shares of Algonquin Power & Utilities in a research report on Thursday, December 12th. Wells Fargo & Company dropped 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. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $6.00 price target on shares of Algonquin Power & Utilities in a report on Friday, October 11th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $6.13.

Algonquin Power & Utilities Trading Up 0.4 %

Shares of AQN opened at $4.47 on Thursday. The firm’s fifty day moving average is $4.66 and its two-hundred day moving average is $5.25. The stock has a market cap of $3.43 billion, a PE ratio of -3.47 and a beta of 0.69. The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17. Algonquin Power & Utilities has a 52-week low of $4.25 and a 52-week high of $6.79.

Algonquin Power & Utilities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.065 per share. 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 5.82%. Algonquin Power & Utilities’s payout ratio is currently -20.16%.

Institutional Trading of Algonquin Power & Utilities

Several institutional investors have recently added to or reduced their stakes in AQN. Central Pacific Bank Trust Division purchased a new position in shares of Algonquin Power & Utilities in the third quarter valued at approximately $54,000. Capstone Investment Advisors LLC purchased a new position in Algonquin Power & Utilities in the 3rd quarter valued at approximately $58,000. Walleye Capital LLC purchased a new position in Algonquin Power & Utilities in the 3rd quarter valued at approximately $59,000. Verdence Capital Advisors LLC purchased a new position in Algonquin Power & Utilities in the third quarter valued at $61,000. Finally, Raymond James Trust N.A. grew its stake in 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 worth $73,000 after purchasing an additional 3,343 shares in the last quarter. Institutional investors and hedge funds own 62.28% of the company’s stock.

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.