Desjardins Has Negative Outlook of AQN FY2024 Earnings

Algonquin Power & Utilities Corp. (NYSE:AQN) – Investment analysts at Desjardins dropped their FY2024 EPS estimates for Algonquin Power & Utilities in a research note issued to investors on Tuesday, November 5th. Desjardins analyst B. Stadler now expects that the utilities provider will post earnings of $0.35 per share for the year, down from their previous estimate of $0.41. Desjardins currently has a “Hold” rating and a $5.25 target price on the stock. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.43 per share.

AQN has been the topic of a number of other reports. CIBC cut their price objective 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. Scotiabank dropped their price target on shares of Algonquin Power & Utilities from $6.50 to $5.75 and set a “sector perform” rating on the stock in a research report on Tuesday, August 13th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $6.00 price objective on shares of Algonquin Power & Utilities in a report on Friday, October 11th. Wells Fargo & Company dropped their target price on Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a report on Wednesday, October 16th. Finally, Janney Montgomery Scott assumed coverage on Algonquin Power & Utilities in a research note on Thursday, September 5th. They set a “neutral” rating and a $6.00 price target for the company. One research analyst has rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $6.23.

Algonquin Power & Utilities Stock Up 0.2 %

Shares of Algonquin Power & Utilities stock opened at $4.81 on Friday. Algonquin Power & Utilities has a 1-year low of $4.67 and a 1-year high of $6.79. The company has a market capitalization of $3.69 billion, a P/E ratio of 30.06 and a beta of 0.68. The business’s fifty day moving average price is $5.20 and its two-hundred day moving average price is $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.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.09 EPS for the quarter, beating the consensus estimate 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 company had revenue of $598.60 million for the quarter, compared to analyst estimates of $635.95 million. During the same quarter last year, the business earned $0.08 earnings per share. Algonquin Power & Utilities’s revenue was down 4.7% compared to the same quarter last year.

Institutional Investors Weigh In On Algonquin Power & Utilities

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Algonquin Power & Utilities by 1.0% in the 1st 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 period. National Bank of Canada FI boosted its position in shares of Algonquin Power & Utilities by 3.4% in the second quarter. National Bank of Canada FI now owns 10,565,940 shares of the utilities provider’s stock worth $61,759,000 after buying an additional 342,528 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Algonquin Power & Utilities by 156.0% during 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 in the last quarter. The Manufacturers Life Insurance Company raised its position in Algonquin Power & Utilities by 320.6% during 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. Finally, Point72 Asset Management L.P. lifted its stake in Algonquin Power & Utilities by 31.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 5,956,389 shares of the utilities provider’s stock worth $34,989,000 after acquiring an additional 1,415,889 shares in the last quarter. 62.28% of the stock is owned by institutional investors.

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.