Q2 2024 EPS Estimates for Algonquin Power & Utilities Corp. Decreased by National Bank Financial (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN) – Research analysts at National Bank Financial decreased their Q2 2024 earnings estimates for shares of Algonquin Power & Utilities in a research note issued on Monday, July 8th. National Bank Financial analyst R. Merer now forecasts that the utilities provider will post earnings per share of $0.09 for the quarter, down from their prior forecast of $0.10. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.46 per share.

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

A number of other equities analysts have also recently issued reports on the stock. CIBC boosted their price objective on shares of Algonquin Power & Utilities from $7.50 to $7.70 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. National Bankshares lifted their target price on shares of Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a “sector perform” rating in a research note on Tuesday, May 28th. Wells Fargo & Company lifted their target price on shares of Algonquin Power & Utilities from $8.00 to $8.50 and gave the company an “overweight” rating in a research note on Monday, May 13th. StockNews.com raised shares of Algonquin Power & Utilities to a “sell” rating in a research note on Friday, May 10th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $7.00 price objective on shares of Algonquin Power & Utilities in a research note on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $7.38.

Algonquin Power & Utilities Price Performance

AQN stock opened at $6.25 on Wednesday. The firm’s 50-day moving average price is $6.21 and its two-hundred day moving average price is $6.14. Algonquin Power & Utilities has a 12-month low of $4.90 and a 12-month high of $8.49. The stock has a market capitalization of $4.79 billion, a price-to-earnings ratio of -12.76 and a beta of 0.66. The company has a current ratio of 0.98, a quick ratio of 0.79 and a debt-to-equity ratio of 1.42.

Algonquin Power & Utilities Cuts Dividend

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AQN. Vanguard Group Inc. raised its holdings in shares of Algonquin Power & Utilities by 1.6% during the third quarter. Vanguard Group Inc. now owns 25,717,759 shares of the utilities provider’s stock valued at $152,249,000 after purchasing an additional 413,104 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Algonquin Power & Utilities by 754.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 15,552,484 shares of the utilities provider’s stock valued at $98,292,000 after purchasing an additional 13,731,305 shares during the last quarter. Nomura Holdings Inc. purchased a new position in shares of Algonquin Power & Utilities during the fourth quarter valued at approximately $318,000. 13D Management LLC raised its holdings in shares of Algonquin Power & Utilities by 76.3% during the fourth quarter. 13D Management LLC now owns 845,814 shares of the utilities provider’s stock valued at $5,346,000 after purchasing an additional 366,088 shares during the last quarter. Finally, Troluce Capital Advisors LLC raised its holdings in shares of Algonquin Power & Utilities by 55.8% during the fourth quarter. Troluce Capital Advisors LLC now owns 1,500,000 shares of the utilities provider’s stock valued at $9,480,000 after purchasing an additional 537,325 shares during the last quarter. 62.28% of the stock is owned by hedge funds and other institutional investors.

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.