Algonquin Power & Utilities Corp (NYSE:AQN) – Equities research analysts at National Bank Financial upped their Q2 2019 earnings per share estimates for Algonquin Power & Utilities in a report released on Monday, May 13th. National Bank Financial analyst R. Merer now expects that the utilities provider will post earnings of $0.14 per share for the quarter, up from their prior estimate of $0.13. National Bank Financial has a “Sector Perform” rating and a $12.00 price objective on the stock. National Bank Financial also issued estimates for Algonquin Power & Utilities’ Q3 2019 earnings at $0.15 EPS and Q4 2019 earnings at $0.18 EPS.
A number of other equities research analysts have also issued reports on the company. Raymond James reiterated a “strong-buy” rating and issued a $13.00 target price on shares of Algonquin Power & Utilities in a research note on Friday, March 1st. TD Securities increased their target price on Algonquin Power & Utilities from $12.00 to $12.50 and gave the company a “buy” rating in a research note on Monday, March 4th. Canaccord Genuity lowered Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a research note on Friday, February 8th. Bank of America initiated coverage on Algonquin Power & Utilities in a research note on Wednesday, February 27th. They issued a “neutral” rating and a $11.00 target price for the company. Finally, Desjardins reiterated a “buy” rating and issued a $13.00 target price on shares of Algonquin Power & Utilities in a research note on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $12.13.
Algonquin Power & Utilities (NYSE:AQN) last posted its earnings results on Thursday, May 9th. The utilities provider reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.03). Algonquin Power & Utilities had a net margin of 15.57% and a return on equity of 7.64%. The company had revenue of $477.23 million during the quarter, compared to analyst estimates of $498.08 million.
A number of institutional investors and hedge funds have recently modified their holdings of AQN. Cresset Asset Management LLC purchased a new position in Algonquin Power & Utilities in the first quarter valued at about $70,000. Advisor Group Inc. boosted its holdings in Algonquin Power & Utilities by 48.3% in the fourth quarter. Advisor Group Inc. now owns 8,906 shares of the utilities provider’s stock valued at $89,000 after purchasing an additional 2,899 shares during the last quarter. Comerica Bank boosted its holdings in Algonquin Power & Utilities by 9.6% in the first quarter. Comerica Bank now owns 10,978 shares of the utilities provider’s stock valued at $126,000 after purchasing an additional 963 shares during the last quarter. Amundi Pioneer Asset Management Inc. purchased a new position in Algonquin Power & Utilities in the fourth quarter valued at about $135,000. Finally, MML Investors Services LLC boosted its holdings in Algonquin Power & Utilities by 11.7% in the fourth quarter. MML Investors Services LLC now owns 14,938 shares of the utilities provider’s stock valued at $150,000 after purchasing an additional 1,566 shares during the last quarter. 46.99% of the stock is owned by hedge funds and other institutional investors.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.142 dividend. The ex-dividend date is Thursday, June 27th. This represents a $0.57 dividend on an annualized basis and a yield of 4.93%. This is an increase from Algonquin Power & Utilities’s previous quarterly dividend of $0.13. Algonquin Power & Utilities’s dividend payout ratio is currently 77.27%.
About Algonquin Power & Utilities
Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in Canada and the United States. It generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.
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