Scotiabank Has Negative Outlook of TSE:AQN FY2024 Earnings

Algonquin Power & Utilities Corp. (TSE:AQN) – Research analysts at Scotiabank lowered their FY2024 earnings estimates for Algonquin Power & Utilities in a report released on Wednesday, January 8th. Scotiabank analyst R. Hope now anticipates that the company will post earnings of $0.55 per share for the year, down from their previous forecast of $0.60. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.47 per share. Scotiabank also issued estimates for Algonquin Power & Utilities’ FY2025 earnings at $0.40 EPS and FY2026 earnings at $0.50 EPS.

Algonquin Power & Utilities Stock Down 1.2 %

AQN stock opened at C$6.33 on Thursday. The stock has a market capitalization of C$4.86 billion, a P/E ratio of 28.77, a P/E/G ratio of 1.07 and a beta of 0.52. The company has a debt-to-equity ratio of 108.48, a current ratio of 0.97 and a quick ratio of 0.37. Algonquin Power & Utilities has a 1-year low of C$6.12 and a 1-year high of C$9.28. The business has a fifty day moving average price of C$6.57 and a 200-day moving average price of C$7.30.

Algonquin Power & Utilities Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.088 dividend. This represents a $0.35 dividend on an annualized basis and a yield of 5.56%. The ex-dividend date of this dividend is Tuesday, December 31st. Algonquin Power & Utilities’s dividend payout ratio (DPR) is 163.64%.

Insider Buying and Selling at Algonquin Power & Utilities

In other news, Director Christopher Huskilson acquired 25,000 shares of Algonquin Power & Utilities stock in a transaction that occurred on Friday, November 8th. The stock was bought at an average price of C$6.65 per share, for a total transaction of C$166,252.50. Also, Director David Levenson bought 62,000 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was purchased at an average cost of C$6.45 per share, for a total transaction of C$399,900.00. Company insiders own 0.06% 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.