Algonquin Power & Utilities Corp. (NYSE:AQN) Plans Quarterly Dividend of $0.07

Algonquin Power & Utilities Corp. (NYSE:AQN) declared a quarterly dividend on Thursday, November 7th,Zacks Dividends reports. Shareholders of record on Tuesday, December 31st will be given a dividend of 0.065 per share by the utilities provider on Wednesday, January 15th. This represents a $0.26 dividend on an annualized basis and a yield of 5.42%. The ex-dividend date of this dividend is Tuesday, December 31st.

Algonquin Power & Utilities has decreased its dividend by an average of 10.7% annually over the last three years. Algonquin Power & Utilities has a payout ratio of 76.5% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect Algonquin Power & Utilities to earn $0.34 per share next year, which means the company should continue to be able to cover its $0.26 annual dividend with an expected future payout ratio of 76.5%.

Algonquin Power & Utilities Trading Down 0.2 %

Shares of AQN stock traded down $0.01 on Friday, reaching $4.80. 569,765 shares of the stock were exchanged, compared to its average volume of 5,623,269. The company has a quick ratio of 0.78, a current ratio of 0.97 and a debt-to-equity ratio of 1.08. The stock has a market cap of $3.68 billion, a P/E ratio of 30.06 and a beta of 0.68. The firm has a 50 day moving average of $5.20 and a two-hundred day moving average of $5.75. Algonquin Power & Utilities has a 1-year low of $4.67 and a 1-year high of $6.79.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.08 EPS for the quarter, hitting the consensus estimate of $0.08. The company had revenue of $573.20 million during the quarter, compared to analyst estimates of $620.46 million. Algonquin Power & Utilities had a return on equity of 5.36% and a net margin of 4.70%. The firm’s revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.11 earnings per share. On average, research analysts anticipate that Algonquin Power & Utilities will post 0.43 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on AQN shares. Desjardins decreased their price objective on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating for the company in a research note on Monday, August 12th. Scotiabank decreased their price target on shares of Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a research report on Friday. CIBC cut their price objective on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 target price on shares of Algonquin Power & Utilities in a research report on Friday, October 11th. Finally, Raymond James downgraded Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $7.75 to $7.00 in a report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $6.18.

Algonquin Power & Utilities Company Profile

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.