FY2024 Earnings Estimate for AQN Issued By Raymond James

Algonquin Power & Utilities Corp. (NYSE:AQN) – Analysts at Raymond James dropped their FY2024 earnings estimates for Algonquin Power & Utilities in a report issued on Sunday, November 10th. Raymond James analyst D. Quezada now expects that the utilities provider will earn $0.40 per share for the year, down from their prior forecast of $0.44. Raymond James 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 $0.41 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 issued its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Algonquin Power & Utilities had a positive return on equity of 5.11% and a negative net margin of 39.12%. The company had revenue of $573.20 million during the quarter, compared to analysts’ expectations of $620.46 million. During the same quarter in the previous year, the company earned $0.11 EPS. The business’s quarterly revenue was up 1.5% compared to the same quarter last year.

Several other equities analysts also recently commented on AQN. Janney Montgomery Scott began coverage on shares of Algonquin Power & Utilities in a report on Thursday, September 5th. They issued a “neutral” rating and a $6.00 target price on the stock. Scotiabank reduced their target price on shares of Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating on the stock in a report on Friday. Wells Fargo & Company lowered their price objective on Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Wednesday, October 16th. Royal Bank of Canada restated a “sector perform” rating and set a $6.00 price target on shares of Algonquin Power & Utilities in a report on Friday, October 11th. Finally, National Bank Financial raised shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $6.18.

Algonquin Power & Utilities Stock Performance

Shares of NYSE AQN opened at $4.91 on Tuesday. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.97 and a quick ratio of 0.78. Algonquin Power & Utilities has a 1 year low of $4.67 and a 1 year high of $6.79. The firm has a fifty day moving average price of $5.18 and a 200-day moving average price of $5.73. The stock has a market cap of $3.77 billion, a PE ratio of -3.81 and a beta of 0.68.

Algonquin Power & Utilities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.065 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.26 annualized dividend and a dividend yield of 5.30%. Algonquin Power & Utilities’s payout ratio is presently -20.15%.

Hedge Funds Weigh In On Algonquin Power & Utilities

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Algonquin Power & Utilities by 1.0% in the first quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock worth $165,893,000 after purchasing an additional 262,333 shares in the last quarter. National Bank of Canada FI raised its stake in Algonquin Power & Utilities by 3.4% in the second quarter. National Bank of Canada FI now owns 10,565,940 shares of the utilities provider’s stock valued at $61,759,000 after buying an additional 342,528 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Algonquin Power & Utilities by 156.0% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock worth $52,341,000 after acquiring an additional 5,426,523 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Algonquin Power & Utilities by 320.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider’s stock valued at $42,633,000 after purchasing an additional 5,544,063 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its stake in shares of Algonquin Power & Utilities by 31.2% during the second quarter. Point72 Asset Management L.P. now owns 5,956,389 shares of the utilities provider’s stock worth $34,989,000 after buying an additional 1,415,889 shares during the period. 62.28% of the stock is owned by hedge funds and other institutional investors.

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.