National Bank Financial Brokers Reduce Earnings Estimates for Algonquin Power & Utilities Corp (AQN)

Algonquin Power & Utilities Corp (NYSE:AQN) – National Bank Financial lowered their FY2019 earnings per share estimates for shares of Algonquin Power & Utilities in a research report issued on Monday, May 13th. National Bank Financial analyst R. Merer now forecasts that the utilities provider will earn $0.63 per share for the year, down from their prior estimate of $0.65. National Bank Financial currently has a “Sector Perform” rating and a $12.00 target price on the stock. National Bank Financial also issued estimates for Algonquin Power & Utilities’ FY2020 earnings at $0.64 EPS.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly 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 return on equity of 7.64% and a net margin of 15.57%. The business had revenue of $477.23 million during the quarter, compared to analyst estimates of $498.08 million.

AQN has been the topic of a number of other reports. Zacks Investment Research raised Algonquin Power & Utilities from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Wednesday, February 13th. 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 price target on the stock. Raymond James reissued a “strong-buy” rating and issued a $13.00 price target on shares of Algonquin Power & Utilities in a research note on Friday, March 1st. Finally, Desjardins reissued a “buy” rating and issued a $13.00 price target on shares of Algonquin Power & Utilities in a research note on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Algonquin Power & Utilities currently has an average rating of “Hold” and an average target price of $12.13.

Shares of NYSE:AQN opened at $11.59 on Thursday. The company has a current ratio of 1.29, a quick ratio of 0.79 and a debt-to-equity ratio of 1.03. Algonquin Power & Utilities has a 12-month low of $9.45 and a 12-month high of $11.71. The stock has a market capitalization of $5.68 billion, a price-to-earnings ratio of 17.56, a price-to-earnings-growth ratio of 2.15 and a beta of 0.74.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $0.142 dividend. This is a positive change from Algonquin Power & Utilities’s previous quarterly dividend of $0.13. This represents a $0.57 annualized dividend and a dividend yield of 4.90%. The ex-dividend date of this dividend is Thursday, June 27th. Algonquin Power & Utilities’s payout ratio is currently 77.27%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Covenant Partners LLC purchased a new stake in shares of Algonquin Power & Utilities during the 1st quarter valued at about $136,000. BlueCrest Capital Management Ltd purchased a new stake in shares of Algonquin Power & Utilities during the 1st quarter valued at about $156,000. Man Group plc purchased a new stake in shares of Algonquin Power & Utilities during the 1st quarter valued at about $1,056,000. SEI Investments Co purchased a new stake in shares of Algonquin Power & Utilities during the 1st quarter valued at about $4,606,000. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Algonquin Power & Utilities by 339.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 596,369 shares of the utilities provider’s stock valued at $6,721,000 after buying an additional 460,756 shares during the period. 46.99% of the stock is currently owned by institutional investors and hedge funds.

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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