Algonquin Power & Utilities (NYSE:AQN) Shares Gap Down After Earnings Miss

Algonquin Power & Utilities Corp. (NYSE:AQN)’s stock price gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $4.79, but opened at $4.61. Algonquin Power & Utilities shares last traded at $4.47, with a volume of 2,055,085 shares traded.

The utilities provider reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.04). Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The firm had revenue of $584.80 million during the quarter, compared to analyst estimates of $644.73 million.

Algonquin Power & Utilities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 5.43%. The ex-dividend date is Monday, March 31st. Algonquin Power & Utilities’s dividend payout ratio (DPR) is currently -20.16%.

Analyst Upgrades and Downgrades

AQN has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $7.00 target price on shares of Algonquin Power & Utilities in a research report on Thursday, December 12th. Royal Bank of Canada decreased their target price on Algonquin Power & Utilities from $6.00 to $5.50 and set a “sector perform” rating on the stock in a research report on Tuesday, February 18th. Scotiabank lifted their target price on Algonquin Power & Utilities from $5.25 to $5.50 and gave the company a “sector perform” rating in a research report on Thursday, February 13th. Finally, National Bankshares decreased their target price on Algonquin Power & Utilities from $6.75 to $6.25 and set an “outperform” rating on the stock in a research report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $6.00.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. SVB Wealth LLC bought a new stake in shares of Algonquin Power & Utilities in the 4th quarter worth $49,000. Capstone Investment Advisors LLC bought a new stake in shares of Algonquin Power & Utilities in the 3rd quarter worth $58,000. Avantax Advisory Services Inc. bought a new stake in shares of Algonquin Power & Utilities in the 4th quarter worth $58,000. Walleye Capital LLC bought a new stake in shares of Algonquin Power & Utilities in the 3rd quarter worth $59,000. Finally, Verdence Capital Advisors LLC bought a new stake in shares of Algonquin Power & Utilities in the 3rd quarter worth $61,000. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Trading Down 0.1 %

The firm has a market cap of $3.67 billion, a P/E ratio of -3.71 and a beta of 0.69. The stock has a fifty day simple moving average of $4.58 and a 200 day simple moving average of $4.87. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.