Equities Analysts Offer Predictions for AQN Q3 Earnings

Algonquin Power & Utilities Corp. (NYSE:AQN) – Research analysts at Desjardins decreased their Q3 2024 earnings per share estimates for shares of Algonquin Power & Utilities in a research report issued on Tuesday, November 5th. Desjardins analyst B. Stadler now expects that the utilities provider will earn $0.06 per share for the quarter, down from their previous estimate of $0.07. Desjardins has a “Hold” rating and a $5.25 price objective on the stock. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.43 per share. Desjardins also issued estimates for Algonquin Power & Utilities’ Q4 2024 earnings at $0.05 EPS, FY2025 earnings at $0.28 EPS and FY2026 earnings at $0.34 EPS.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. Algonquin Power & Utilities had a net margin of 4.70% and a return on equity of 5.36%. The business had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $635.95 million. During the same quarter in the prior year, the company earned $0.08 EPS. The firm’s quarterly revenue was down 4.7% on a year-over-year basis.

Several other equities research analysts also recently issued reports on AQN. Raymond James downgraded shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and cut their target price for the company from $7.75 to $7.00 in a research note on Monday, August 12th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $6.00 target price on shares of Algonquin Power & Utilities in a research note on Friday, October 11th. Janney Montgomery Scott started coverage on shares of Algonquin Power & Utilities in a research report on Thursday, September 5th. They set a “neutral” rating and a $6.00 price objective for the company. National Bank Financial upgraded shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Finally, Wells Fargo & Company cut their price objective on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $6.23.

Algonquin Power & Utilities Trading Up 0.2 %

Algonquin Power & Utilities stock opened at $4.81 on Thursday. Algonquin Power & Utilities has a one year low of $4.67 and a one year high of $6.79. The company has a market cap of $3.69 billion, a price-to-earnings ratio of 30.06 and a beta of 0.68. The firm has a 50-day moving average of $5.20 and a 200-day moving average of $5.75. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.97 and a quick ratio of 0.78.

Hedge Funds Weigh In On Algonquin Power & Utilities

Hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company lifted its holdings in Algonquin Power & Utilities by 320.6% in the second quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider’s stock valued at $42,633,000 after buying an additional 5,544,063 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Algonquin Power & Utilities by 156.0% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock valued at $52,341,000 after buying an additional 5,426,523 shares during the period. Jane Street Group LLC lifted its holdings in Algonquin Power & Utilities by 851.0% in the first quarter. Jane Street Group LLC now owns 3,765,026 shares of the utilities provider’s stock valued at $23,797,000 after buying an additional 3,369,124 shares during the period. Private Management Group Inc. acquired a new position in Algonquin Power & Utilities in the third quarter valued at $12,361,000. Finally, Davidson Kempner Capital Management LP lifted its holdings in Algonquin Power & Utilities by 79.8% in the second quarter. Davidson Kempner Capital Management LP now owns 4,634,250 shares of the utilities provider’s stock valued at $27,157,000 after buying an additional 2,056,534 shares during the period. Institutional investors and hedge funds own 62.28% of the company’s stock.

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.