Algonquin Power & Utilities (AQN) to Release Earnings on Thursday

Posted by Defense World Staff on May 4th, 2023

Algonquin Power & Utilities (NYSE:AQN – Get Rating) will be releasing its earnings data before the market opens on Thursday, May 11th. Analysts expect Algonquin Power & Utilities to post earnings of $0.16 per share for the quarter. Algonquin Power & Utilities has set its FY 2023 guidance at $0.55-$0.61 EPS and its FY23 guidance at $0.55-0.61 EPS.Parties interested in participating in the company’s conference call can do so using this link.

Algonquin Power & Utilities (NYSE:AQN – Get Rating) last released its quarterly earnings data on Friday, March 17th. The utilities provider reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The business had revenue of $748.00 million during the quarter, compared to analysts’ expectations of $703.54 million. Algonquin Power & Utilities had a negative net margin of 7.64% and a positive return on equity of 7.01%. The firm’s quarterly revenue was up 26.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.21 EPS. On average, analysts expect Algonquin Power & Utilities to post $1 EPS for the current fiscal year and $1 EPS for the next fiscal year.

Algonquin Power & Utilities Price Performance

Shares of NYSE AQN opened at $8.72 on Thursday. Algonquin Power & Utilities has a fifty-two week low of $6.41 and a fifty-two week high of $14.85. The business has a 50-day moving average of $8.13 and a 200-day moving average of $8.05. The stock has a market capitalization of $6.00 billion, a price-to-earnings ratio of -27.25, a PEG ratio of 4.77 and a beta of 0.51. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.71 and a quick ratio of 0.57.

Algonquin Power & Utilities Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 14th. Investors of record on Friday, March 31st were paid a $0.1085 dividend. The ex-dividend date was Thursday, March 30th. This represents a $0.43 dividend on an annualized basis and a yield of 4.98%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is -134.38%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Power Corp of Canada acquired a new position in shares of Algonquin Power & Utilities in the 1st quarter valued at $31,000. Captrust Financial Advisors boosted its position in shares of Algonquin Power & Utilities by 66.4% in the 2nd quarter. Captrust Financial Advisors now owns 3,526 shares of the utilities provider’s stock valued at $47,000 after purchasing an additional 1,407 shares during the period. BNP Paribas Arbitrage SA acquired a new position in shares of Algonquin Power & Utilities in the 2nd quarter valued at $88,000. Atria Wealth Solutions Inc. acquired a new position in shares of Algonquin Power & Utilities in the 1st quarter valued at $157,000. Finally, Cetera Investment Advisers acquired a new position in shares of Algonquin Power & Utilities in the 4th quarter valued at $70,000. Institutional investors own 41.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on AQN shares. Raymond James reduced their price objective on shares of Algonquin Power & Utilities from $11.50 to $10.00 and set an “outperform” rating for the company in a research report on Friday, January 13th. Desjardins lowered shares of Algonquin Power & Utilities from a “hold” rating to a “sell” rating in a report on Friday, January 13th. BMO Capital Markets boosted their price target on shares of Algonquin Power & Utilities from C$7.00 to C$7.50 and gave the stock a “market perform” rating in a research note on Friday, January 13th. TD Securities increased their price objective on Algonquin Power & Utilities from $8.00 to $9.00 and gave the company a “hold” rating in a report on Monday, April 17th. Finally, Wells Fargo & Company upgraded Algonquin Power & Utilities from an “equal weight” rating to an “overweight” rating and set a $9.00 price objective for the company in a research report on Thursday, January 5th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $10.03.

Algonquin Power & Utilities Company Profile

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Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the following business segments: Regulated Services Group, Renewable Energy Group, and Corporate. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.