Algonquin Power & Utilities (AQN) Releases Earnings Results, Hits Estimates

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

NYSE:AQN traded down $0.17 during trading hours on Friday, reaching $10.32. 218,400 shares of the company’s stock were exchanged, compared to its average volume of 190,204. The stock has a market cap of $4.90 billion, a P/E ratio of 17.79, a P/E/G ratio of 1.92 and a beta of 0.74. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.08 and a quick ratio of 0.87. Algonquin Power & Utilities has a 1-year low of $9.45 and a 1-year high of $11.34.

A hedge fund recently raised its stake in Algonquin Power & Utilities stock. Bank of New York Mellon Corp increased its holdings in shares of Algonquin Power & Utilities Corp (NYSE:AQN) by 437.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 99,535 shares of the utilities provider’s stock after purchasing an additional 81,001 shares during the period. Bank of New York Mellon Corp’s holdings in Algonquin Power & Utilities were worth $962,000 as of its most recent SEC filing. 42.34% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts recently weighed in on AQN shares. National Bank Financial reiterated an “outperform overweight” rating on shares of Algonquin Power & Utilities in a research note on Monday, August 13th. Wells Fargo & Co decreased their price target on shares of Algonquin Power & Utilities from $14.00 to $12.00 and set a “market perform” rating for the company in a research note on Monday, August 20th. Finally, Zacks Investment Research cut shares of Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a research note on Monday, October 15th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $11.17.

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About Algonquin Power & Utilities

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.

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

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