Algonquin Power & Utilities (NYSE:AQN) Releases Earnings Results, Beats Estimates By $0.01 EPS

Algonquin Power & Utilities (NYSE:AQN) released its quarterly earnings data on Friday. The utilities provider reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01, Briefing.com reports. The company had revenue of $598.60 million for the quarter, compared to the consensus estimate of $635.95 million. Algonquin Power & Utilities had a positive return on equity of 5.39% and a negative net margin of 12.44%. Algonquin Power & Utilities’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same quarter last year, the business posted $0.08 EPS.

Algonquin Power & Utilities Trading Down 12.6 %

Shares of Algonquin Power & Utilities stock traded down $0.78 on Friday, hitting $5.41. 30,552,303 shares of the company’s stock traded hands, compared to its average volume of 5,459,924. The company has a fifty day moving average of $6.02 and a two-hundred day moving average of $6.10. Algonquin Power & Utilities has a one year low of $4.90 and a one year high of $7.95. The company has a market capitalization of $4.15 billion, a price-to-earnings ratio of -11.04 and a beta of 0.66. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.98 and a quick ratio of 0.79.

Algonquin Power & Utilities Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date of this dividend is Monday, September 30th. Algonquin Power & Utilities’s dividend payout ratio is -87.76%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on AQN. Royal Bank of Canada reissued a “sector perform” rating and set a $7.00 price target on shares of Algonquin Power & Utilities in a research note on Wednesday, July 10th. CIBC boosted their target price on shares of Algonquin Power & Utilities from $7.50 to $7.70 and gave the stock a “neutral” rating in a report on Tuesday, July 2nd. Wells Fargo & Company upped their price target on shares of Algonquin Power & Utilities from $8.00 to $8.50 and gave the company an “overweight” rating in a research report on Monday, May 13th. Scotiabank cut their price target on shares of Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating on the stock in a report on Monday, April 22nd. Finally, StockNews.com raised shares of Algonquin Power & Utilities to a “sell” rating in a research note on Friday, May 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $7.06.

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.