Raymond James Has Bearish Forecast for AQN FY2024 Earnings

Algonquin Power & Utilities Corp. (NYSE:AQN) – Stock analysts at Raymond James lowered their FY2024 earnings estimates for Algonquin Power & Utilities in a report issued on Sunday, November 10th. Raymond James analyst D. Quezada now anticipates that the utilities provider will earn $0.40 per share for the year, down from their prior forecast of $0.44. Raymond James currently has a “Market Perform” rating and a $7.00 price objective 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.

AQN has been the subject of several other research reports. Janney Montgomery Scott began coverage on shares of Algonquin Power & Utilities in a report on Thursday, September 5th. They set a “neutral” rating and a $6.00 price objective for the company. Scotiabank cut their price target on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a report on Friday, November 8th. Desjardins decreased their price objective on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a report on Monday, August 12th. Royal Bank of Canada reissued a “sector perform” rating and issued a $6.00 target price on shares of Algonquin Power & Utilities in a report on Friday, October 11th. Finally, CIBC decreased their price target on shares of Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a research note on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Algonquin Power & Utilities presently has an average rating of “Hold” and a consensus target price of $6.18.

Algonquin Power & Utilities Stock Performance

NYSE:AQN opened at $4.78 on Tuesday. The stock has a 50-day moving average price of $5.17 and a 200 day moving average price of $5.72. The stock 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 12-month low of $4.67 and a 12-month high of $6.79. The company has a current ratio of 0.97, a quick ratio of 0.78 and a debt-to-equity ratio of 1.08.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (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 business 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 posted $0.11 EPS. The company’s quarterly revenue was up 1.5% on a year-over-year basis.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Algonquin Power & Utilities by 151.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,900 shares of the utilities provider’s stock valued at $176,000 after buying an additional 16,800 shares during the last quarter. M&G Plc purchased a new stake in Algonquin Power & Utilities in the first quarter worth $4,887,000. Vanguard Group Inc. lifted its position in shares of Algonquin Power & Utilities by 1.0% during 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 during the last quarter. National Bank of Canada FI boosted its stake in shares of Algonquin Power & Utilities by 6.5% during the first quarter. National Bank of Canada FI now owns 10,223,412 shares of the utilities provider’s stock valued at $67,050,000 after purchasing an additional 620,593 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Algonquin Power & Utilities by 5.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,341,745 shares of the utilities provider’s stock worth $8,483,000 after purchasing an additional 74,935 shares during the last quarter. 62.28% of the stock is currently owned by institutional investors.

Algonquin Power & Utilities Announces Dividend

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