Raymond James Has Negative Outlook of AQN FY2024 Earnings

Algonquin Power & Utilities Corp. (NYSE:AQN) – Equities research analysts at Raymond James lowered their FY2024 earnings estimates for shares of Algonquin Power & Utilities in a report released on Sunday, November 10th. Raymond James analyst D. Quezada now forecasts that the utilities provider will post earnings of $0.40 per share for the year, down from their prior estimate of $0.44. Raymond James currently has a “Market Perform” rating and a $7.00 target price 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 announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.08 earnings per share 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 business had revenue of $573.20 million during the quarter, compared to analysts’ expectations of $620.46 million. During the same quarter last year, the company posted $0.11 EPS. Algonquin Power & Utilities’s revenue for the quarter was up 1.5% compared to the same quarter last year.

AQN has been the subject of several other reports. CIBC reduced their price target on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Scotiabank reduced their price objective on shares of Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Desjardins dropped their target price on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a research note on Monday, August 12th. National Bank Financial raised shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 price objective on shares of Algonquin Power & Utilities in a research report on Friday, October 11th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Algonquin Power & Utilities has a consensus rating of “Hold” and an average price target of $6.18.

Algonquin Power & Utilities Stock Performance

Algonquin Power & Utilities stock opened at $4.78 on Tuesday. The stock’s 50 day moving average is $5.17 and its 200 day moving average is $5.72. The company has a market capitalization of $3.66 billion, a P/E ratio of -3.70 and a beta of 0.68. Algonquin Power & Utilities has a twelve month low of $4.67 and a twelve month high of $6.79. The company has a quick ratio of 0.78, a current ratio of 0.97 and a debt-to-equity ratio of 1.08.

Institutional Investors Weigh In On Algonquin Power & Utilities

A number of large investors have recently made changes to their positions in the company. Central Pacific Bank Trust Division purchased a new position in shares of Algonquin Power & Utilities in the third quarter worth approximately $54,000. Claro Advisors LLC purchased a new position in shares of Algonquin Power & Utilities during the 2nd quarter worth $61,000. SeaCrest Wealth Management LLC bought a new stake in shares of Algonquin Power & Utilities during the 2nd quarter valued at $66,000. Verdence Capital Advisors LLC purchased a new stake in shares of Algonquin Power & Utilities in the 3rd quarter worth $61,000. Finally, SVB Wealth LLC bought a new position in Algonquin Power & Utilities in the 1st quarter worth $82,000. 62.28% of the stock is currently owned by institutional investors.

Algonquin Power & Utilities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 5.45%. The ex-dividend date of this dividend is Tuesday, December 31st. Algonquin Power & Utilities’s dividend payout ratio is -20.15%.

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.