Algonquin Power & Utilities (NYSE:AQN) Announces Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Algonquin Power & Utilities (NYSE:AQN) announced its quarterly earnings results on Friday. The utilities provider reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03, Zacks reports. Algonquin Power & Utilities had a positive return on equity of 4.76% and a negative net margin of 57.66%.The firm had revenue of $600.80 million for the quarter, compared to analysts’ expectations of $596.67 million. During the same period in the prior year, the business posted $0.08 earnings per share.

Algonquin Power & Utilities Trading Up 8.1%

NYSE:AQN traded up $0.47 during trading hours on Friday, hitting $6.19. 17,267,156 shares of the stock were exchanged, compared to its average volume of 8,966,599. The company has a market capitalization of $4.75 billion, a P/E ratio of -3.44 and a beta of 0.75. The company has a quick ratio of 0.86, a current ratio of 1.09 and a debt-to-equity ratio of 1.22. The company’s 50 day moving average is $5.68 and its two-hundred day moving average is $5.71. Algonquin Power & Utilities has a twelve month low of $4.19 and a twelve month high of $6.48.

Algonquin Power & Utilities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be given a $0.065 dividend. This represents a $0.26 annualized dividend and a yield of 4.2%. The ex-dividend date is Wednesday, December 31st. Algonquin Power & Utilities’s payout ratio is -14.44%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Algonquin Power & Utilities in a research note on Wednesday. TD Securities upgraded shares of Algonquin Power & Utilities to a “hold” rating in a research report on Monday, August 11th. Raymond James Financial upped their price objective on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “market perform” rating in a research note on Friday, October 24th. Wall Street Zen upgraded shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. Finally, Desjardins boosted their target price on Algonquin Power & Utilities from $6.25 to $6.75 and gave the stock a “buy” rating in a report on Thursday, October 9th. One research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $6.55.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several large investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its holdings in Algonquin Power & Utilities by 65.0% in the first quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider’s stock worth $62,738,000 after purchasing an additional 4,808,539 shares during the period. Bank of America Corp DE increased its position in shares of Algonquin Power & Utilities by 44.0% in the 2nd quarter. Bank of America Corp DE now owns 6,038,208 shares of the utilities provider’s stock valued at $34,599,000 after buying an additional 1,844,897 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in Algonquin Power & Utilities during the 2nd quarter worth $4,007,000. Tidal Investments LLC lifted its holdings in Algonquin Power & Utilities by 197.5% during the second quarter. Tidal Investments LLC now owns 218,189 shares of the utilities provider’s stock worth $1,250,000 after acquiring an additional 144,855 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its stake in Algonquin Power & Utilities by 46.7% in the second quarter. CANADA LIFE ASSURANCE Co now owns 406,516 shares of the utilities provider’s stock valued at $2,314,000 after acquiring an additional 129,447 shares during the period. Institutional investors and hedge funds own 62.28% of the company’s stock.

About Algonquin Power & Utilities

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