Algonquin Power & Utilities Corp. (AQN) to Issue Quarterly Dividend of $0.07 on October 15th

Algonquin Power & Utilities Corp. (NYSE:AQN) announced a quarterly dividend on Friday, August 9th, Zacks reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.065 per share by the utilities provider on Tuesday, October 15th. This represents a $0.26 annualized dividend and a yield of 4.81%. The ex-dividend date of this dividend is Monday, September 30th.

Algonquin Power & Utilities has decreased its dividend by an average of 10.7% annually over the last three years. Algonquin Power & Utilities has a payout ratio of 54.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Algonquin Power & Utilities to earn $0.50 per share next year, which means the company should continue to be able to cover its $0.26 annual dividend with an expected future payout ratio of 52.0%.

Algonquin Power & Utilities Stock Down 12.6 %

Shares of AQN opened at $5.41 on Friday. The company has a market capitalization of $4.15 billion, a price-to-earnings ratio of -11.04 and a beta of 0.66. Algonquin Power & Utilities has a 52 week low of $4.90 and a 52 week high of $7.95. The stock’s 50-day moving average price is $6.02 and its 200-day moving average price is $6.10. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.42.

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, topping the consensus estimate of $0.08 by $0.01. The business had revenue of $598.60 million for the quarter, compared to analyst estimates of $635.95 million. Algonquin Power & Utilities had a positive return on equity of 5.39% and a negative net margin of 12.44%. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.08 EPS. On average, sell-side analysts predict that Algonquin Power & Utilities will post 0.46 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. National Bankshares lifted their price objective on shares of Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a “sector perform” rating in a report on Tuesday, May 28th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $7.00 price target on shares of Algonquin Power & Utilities in a report on Wednesday, July 10th. StockNews.com upgraded Algonquin Power & Utilities to a “sell” rating in a research report on Friday, May 10th. CIBC boosted their price objective on Algonquin Power & Utilities from $7.50 to $7.70 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. Finally, Scotiabank decreased their target price on Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating on the stock in a research report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Algonquin Power & Utilities presently has an average rating of “Hold” and a consensus price target of $7.06.

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.