Algonquin Power & Utilities (NYSE:AQN) Announces Earnings Results

Algonquin Power & Utilities (NYSE:AQN – Get Rating) posted its earnings results on Friday. The utilities provider reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03, Briefing.com reports. Algonquin Power & Utilities had a return on equity of 6.65% and a net margin of 1.45%. The company had revenue of $748.00 million during the quarter, compared to analyst estimates of $703.54 million. During the same quarter in the prior year, the business earned $0.21 earnings per share. Algonquin Power & Utilities’s revenue was up 26.4% on a year-over-year basis. Algonquin Power & Utilities updated its FY 2023 guidance to $0.55-$0.61 EPS and its FY23 guidance to $0.55-0.61 EPS.

Algonquin Power & Utilities Stock Performance

AQN traded down $0.17 during midday trading on Monday, hitting $7.79. 4,849,401 shares of the company were exchanged, compared to its average volume of 5,378,625. The company’s 50 day simple moving average is $7.45 and its 200 day simple moving average is $8.93. The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of -24.34, a price-to-earnings-growth ratio of 4.39 and a beta of 0.49. The company has a current ratio of 0.72, a quick ratio of 0.56 and a debt-to-equity ratio of 1.10. Algonquin Power & Utilities has a 1-year low of $6.41 and a 1-year high of $16.01.

Algonquin Power & Utilities Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Shareholders of record on Friday, March 31st will be given a dividend of $0.1085 per share. This represents a $0.43 annualized dividend and a yield of 5.57%. The ex-dividend date of this dividend is Thursday, March 30th. Algonquin Power & Utilities’s dividend payout ratio is currently -225.00%.

Institutional Investors Weigh In On Algonquin Power & Utilities

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mariner LLC grew its position in Algonquin Power & Utilities by 184.7% during the 4th quarter. Mariner LLC now owns 34,651 shares of the utilities provider’s stock worth $226,000 after purchasing an additional 22,482 shares during the period. Verition Fund Management LLC acquired a new stake in Algonquin Power & Utilities during the 4th quarter worth about $210,000. SVB Wealth LLC grew its position in Algonquin Power & Utilities by 4.7% during the 2nd quarter. SVB Wealth LLC now owns 15,683 shares of the utilities provider’s stock worth $210,000 after purchasing an additional 704 shares during the period. Lombard Odier Asset Management Switzerland SA grew its position in Algonquin Power & Utilities by 115.0% during the 4th quarter. Lombard Odier Asset Management Switzerland SA now owns 23,182 shares of the utilities provider’s stock worth $206,000 after purchasing an additional 12,402 shares during the period. Finally, Raymond James Trust N.A. grew its position in Algonquin Power & Utilities by 12.9% during the 1st quarter. Raymond James Trust N.A. now owns 12,676 shares of the utilities provider’s stock worth $197,000 after purchasing an additional 1,450 shares during the period. 41.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. TD Securities increased their price objective on Algonquin Power & Utilities from $7.50 to $8.00 and gave the company a “hold” rating in a report on Monday. Bank of America upgraded Algonquin Power & Utilities from an “underperform” rating to a “buy” rating and increased their price objective for the company from $7.00 to $9.00 in a report on Thursday, February 16th. Credit Suisse Group decreased their price objective on Algonquin Power & Utilities from $11.00 to $10.50 and set an “outperform” rating for the company in a report on Friday, January 13th. Royal Bank of Canada cut their target price on Algonquin Power & Utilities from $12.00 to $8.00 and set a “sector perform” rating on the stock in a research report on Wednesday, December 21st. Finally, BMO Capital Markets upped their target price on Algonquin Power & Utilities from C$7.00 to C$7.50 and gave the company a “market perform” rating in a research report on Friday, January 13th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Algonquin Power & Utilities presently has an average rating of “Hold” and a consensus price target of $9.86.

Algonquin Power & Utilities Company Profile

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Algonquin Power & Utilities Corp. operates as a diversified utility company. The firm engages in the ownership and operation of a portfolio of regulated and non-regulated generation, distribution and transmission utility assets. It operates through the following segments: Regulated Services Group, and Renewable Energy Group.