Algonquin Power & Utilities (NYSE:AQN) Price Target Cut to $5.25 by Analysts at Desjardins

Algonquin Power & Utilities (NYSE:AQN) had its price objective cut by Desjardins from $5.50 to $5.25 in a report issued on Monday morning, BayStreet.CA reports. They currently have a hold rating on the utilities provider’s stock. Desjardins also issued estimates for Algonquin Power & Utilities’ Q3 2024 earnings at $0.07 EPS, FY2024 earnings at $0.41 EPS, FY2025 earnings at $0.30 EPS and FY2026 earnings at $0.37 EPS.

A number of other equities research analysts have also recently weighed in on the stock. National Bankshares boosted their price target on shares of Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a sector perform rating in a research report on Tuesday, May 28th. StockNews.com raised Algonquin Power & Utilities to a sell rating in a report on Friday, May 10th. Scotiabank dropped their price target on Algonquin Power & Utilities from $7.50 to $6.50 and set a sector perform rating on the stock in a research note on Monday, April 22nd. CIBC cut their price target on Algonquin Power & Utilities from $7.00 to $6.00 and set a neutral rating on the stock in a research report on Monday. Finally, Royal Bank of Canada reissued a sector perform rating and issued a $7.00 price objective on shares of Algonquin Power & Utilities in a report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $6.36.

Algonquin Power & Utilities Stock Up 1.6 %

Shares of Algonquin Power & Utilities stock opened at $5.20 on Monday. Algonquin Power & Utilities has a 52-week low of $4.90 and a 52-week high of $7.67. The company has a 50 day moving average of $5.95 and a 200 day moving average of $6.08. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.42. The company has a market capitalization of $3.99 billion, a P/E ratio of -10.61 and a beta of 0.66.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. The business had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $635.95 million. Algonquin Power & Utilities had a positive return on equity of 5.39% and a negative net margin of 12.44%. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.08 EPS. As a group, research analysts forecast that Algonquin Power & Utilities will post 0.46 EPS for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 5.00%. The ex-dividend date of this dividend is Monday, September 30th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -53.06%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC lifted its position in Algonquin Power & Utilities by 76.3% in the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 1,882 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Algonquin Power & Utilities in the 4th quarter valued at approximately $64,000. Claro Advisors LLC purchased a new stake in shares of Algonquin Power & Utilities in the second quarter valued at approximately $61,000. Seven Mile Advisory acquired a new position in Algonquin Power & Utilities during the fourth quarter worth $67,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Algonquin Power & Utilities in the fourth quarter worth $70,000. 62.28% of the stock is currently owned by institutional investors and hedge funds.

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.