Algonquin Power & Utilities (AQN) Announces Quarterly Earnings Results

Algonquin Power & Utilities (NYSE:AQN) released its quarterly earnings results on Thursday. The utilities provider reported $0.10 earnings per share for the quarter, hitting the consensus estimate of $0.10, reports. The company had revenue of $366.50 million during the quarter, compared to the consensus estimate of $480.48 million. Algonquin Power & Utilities had a return on equity of 10.25% and a net margin of 10.92%. The business’s revenue was up 3.6% compared to the same quarter last year.

AQN stock opened at $10.32 on Friday. Algonquin Power & Utilities has a 52-week low of $9.45 and a 52-week high of $11.34. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.87 and a current ratio of 1.08. The firm has a market cap of $4.98 billion, a PE ratio of 17.79, a price-to-earnings-growth ratio of 1.95 and a beta of 0.74.

Several research firms have weighed in on AQN. National Bank Financial downgraded Algonquin Power & Utilities from an “outperform overweight” rating to a “sector perform overweight” rating in a research report on Thursday. Zacks Investment Research downgraded Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a research report on Monday, October 15th. Finally, Wells Fargo & Co dropped their price target on Algonquin Power & Utilities from $14.00 to $12.00 and set a “market perform” rating for the company in a research report on Monday, August 20th. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $11.17.

An institutional investor recently raised its position in Algonquin Power & Utilities stock. Bank of New York Mellon Corp lifted its holdings in shares of Algonquin Power & Utilities Corp (NYSE:AQN) by 437.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 99,535 shares of the utilities provider’s stock after purchasing an additional 81,001 shares during the quarter. Bank of New York Mellon Corp’s holdings in Algonquin Power & Utilities were worth $962,000 as of its most recent SEC filing. Institutional investors and hedge funds own 42.34% of the company’s stock.

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Algonquin Power & Utilities Company Profile

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. The company generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

Further Reading: Cost of Capital

Earnings History for Algonquin Power & Utilities (NYSE:AQN)

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