National Bank Financial Predicts TSE:AQN FY2024 Earnings

Algonquin Power & Utilities Corp. (TSE:AQN) – Equities research analysts at National Bank Financial cut their FY2024 earnings per share estimates for Algonquin Power & Utilities in a research report issued to clients and investors on Tuesday, November 26th. National Bank Financial analyst R. Merer now expects that the company will post earnings of $0.51 per share for the year, down from their prior forecast of $0.53. National Bank Financial currently has a “Strong-Buy” rating on the stock. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.47 per share.

Several other analysts have also recently weighed in on the company. Raymond James cut Algonquin Power & Utilities from a “moderate buy” rating to a “hold” rating in a report on Monday, August 12th. Janney Montgomery Scott raised Algonquin Power & Utilities to a “hold” rating in a report on Thursday, September 5th. Finally, Wells Fargo & Company cut Algonquin Power & Utilities from a “strong-buy” rating to a “hold” rating in a report on Monday, August 12th. Four research analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. According to MarketBeat, Algonquin Power & Utilities currently has an average rating of “Hold” and an average price target of C$5.50.

Algonquin Power & Utilities Stock Performance

Algonquin Power & Utilities stock opened at C$6.85 on Thursday. The stock has a market capitalization of C$5.25 billion, a price-to-earnings ratio of 31.41, a P/E/G ratio of 1.07 and a beta of 0.52. Algonquin Power & Utilities has a 12-month low of C$6.51 and a 12-month high of C$9.28. The company has a quick ratio of 0.37, a current ratio of 0.97 and a debt-to-equity ratio of 108.48. The stock has a 50-day simple moving average of C$6.99 and a 200 day simple moving average of C$7.79.

Insiders Place Their Bets

In other news, Director Christopher Huskilson acquired 25,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was acquired at an average price of C$6.65 per share, for a total transaction of C$166,252.50. Company insiders own 0.06% of the company’s stock.

Algonquin Power & Utilities Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.088 dividend. This represents a $0.35 annualized dividend and a yield of 5.14%. The ex-dividend date of this dividend is Tuesday, December 31st. Algonquin Power & Utilities’s payout ratio is presently 163.64%.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.