Algonquin Power & Utilities Corp. (NYSE:AQN – Free Report) announced a quarterly dividend on Friday, August 9, Zacks reports. Shareholders of record on Monday, September 30 will receive a dividend of $0.065 per share from the utility company on Tuesday, October 15. This represents an annualized dividend of $0.26 and a yield of 4.81%. The ex-dividend date of this dividend is Monday, September 30.
Algonquin Power & Utilities has reduced its dividend by an average of 10.7% annually over the past three years. Algonquin Power & Utilities has a dividend payout ratio of 89.6%, meaning the dividend is currently covered by earnings, but this may not be the case in the future if the company’s earnings collapse. Equity analysts expect Algonquin Power & Utilities to generate $0.50 per share next year, meaning the company should still be able to cover its annual dividend of $0.43 with an expected future payout ratio of 86.0%.
Algonquin Power & Utilities shares down 12.6%
AQN shares traded $0.78 lower during midday trading on Friday, reaching $5.41. 30,552,303 shares of the company traded hands, compared to its average volume of 5,459,924. The company has a 50-day moving average of $6.02 and a 200-day moving average of $6.10. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.98 and a quick ratio of 0.79. The company has a market cap of $4.15 billion, a P/E ratio of -11.04 and a beta of 0.66. Algonquin Power & Utilities has a 52-week low of $4.90 and a 52-week high of $7.95.
Algonquin Power & Utilities (NYSE:AQN – Get Free Report) last released its quarterly earnings results on Friday, August 9. The utility provider reported earnings per share of $0.09 for the quarter, beating the consensus estimate of $0.08 by $0.01. Algonquin Power & Utilities had a negative net margin of 12.44% and a positive return on equity of 5.39%. The company had revenue of $598.60 million for the quarter, compared to analyst expectations of $635.95 million. During the same period last year, the company reported earnings per share of $0.08. The company’s revenue for the quarter decreased 4.7% year-over-year. On average, research analysts forecast that Algonquin Power & Utilities will report earnings per share of $0.46 for the current fiscal year.
Changes in analyst ratings
Several equities analysts have commented on the company. Desjardins increased their price target on Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a “hold” rating in a research report on Thursday, June 6th. Wells Fargo & Company increased their price target on Algonquin Power & Utilities from $8.00 to $8.50 and gave the stock an “overweight” rating in a report on Monday, May 13th. Royal Bank of Canada reiterated their “sector perform” rating and set a $7.00 price target on shares of Algonquin Power & Utilities in a research report on Wednesday, July 10th. StockNews.com upgraded Algonquin Power & Utilities to a “sell” rating in a report on Friday, May 10th. Finally, Scotiabank reduced their price target on Algonquin Power & Utilities from $7.50 to $6.50 and gave the stock a “sector perform” rating in a report on Monday, April 22. One research analyst has rated the stock with a sell rating, six have a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $7.06.
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Algonquin Power & Utilities Company Profile
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Algonquin Power & Utilities Corp. is engaged in the energy and utilities industry 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 regulated electric power, water distribution and wastewater collection, and natural gas supply systems and transmission operations.
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