Scotiabank Has Negative Outlook of TSE:AQN FY2024 Earnings

Algonquin Power & Utilities Corp. (TSE:AQN) – Equities research analysts at Scotiabank decreased their FY2024 earnings per share (EPS) estimates for Algonquin Power & Utilities in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst R. Hope now forecasts that the company will post earnings per share of $0.55 for the year, down from their previous forecast of $0.60. The consensus estimate for Algonquin Power & Utilities’ current full-year earnings is $0.47 per share. Scotiabank also issued estimates for Algonquin Power & Utilities’ FY2025 earnings at $0.40 EPS and FY2026 earnings at $0.50 EPS.

Algonquin Power & Utilities Stock Performance

Shares of AQN opened at C$6.41 on Thursday. The company has a debt-to-equity ratio of 108.48, a current ratio of 0.97 and a quick ratio of 0.37. Algonquin Power & Utilities has a 12-month low of C$6.12 and a 12-month high of C$9.28. The business’s fifty day moving average price is C$6.58 and its 200 day moving average price is C$7.31. The stock has a market capitalization of C$4.92 billion, a PE ratio of 29.14, a price-to-earnings-growth ratio of 1.07 and a beta of 0.52.

Algonquin Power & Utilities Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.088 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.35 annualized dividend and a yield of 5.49%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is 163.64%.

Insiders Place Their Bets

In other Algonquin Power & Utilities news, Director Dilek Samil sold 17,400 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of C$6.46, for a total value of C$112,421.40. Also, Director David Levenson acquired 62,000 shares of Algonquin Power & Utilities stock in a transaction dated Wednesday, December 11th. The shares were acquired at an average price of C$6.45 per share, with a total value of C$399,900.00. 0.06% of the stock is currently owned by corporate insiders.

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.