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
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
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.
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