Algonquin Power & Utilities Corp. (AQN) to Issue Quarterly Dividend of $0.07 on October 15th

Algonquin Power & Utilities Corp. (NYSE:AQN) declared a quarterly dividend on Friday, August 9th, Zacks reports. Stockholders of record on Monday, September 30th will be given a dividend of 0.065 per share by the utilities provider on Tuesday, October 15th. This represents a $0.26 annualized dividend and a dividend yield of 4.79%. The ex-dividend date of this dividend is Friday, September 27th.

Algonquin Power & Utilities has decreased its dividend payment by an average of 10.7% annually over the last three years. Algonquin Power & Utilities has a dividend payout ratio of 70.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Algonquin Power & Utilities to earn $0.37 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 70.3%.

Algonquin Power & Utilities Stock Performance

Shares of AQN opened at $5.43 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.78 and a debt-to-equity ratio of 1.08. The firm has a 50-day moving average price of $5.61 and a 200 day moving average price of $5.97. Algonquin Power & Utilities has a 52-week low of $4.90 and a 52-week high of $6.90.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The business had revenue of $598.60 million for the quarter, compared to analyst estimates of $635.95 million. Algonquin Power & Utilities had a net margin of 4.70% and a return on equity of 5.36%. The business’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same quarter last year, the business earned $0.08 earnings per share. On average, sell-side analysts predict that Algonquin Power & Utilities will post 0.43 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on AQN shares. National Bank Financial raised Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Scotiabank dropped their target price on shares of Algonquin Power & Utilities from $6.50 to $5.75 and set a “sector perform” rating on the stock in a report on Tuesday, August 13th. National Bankshares raised their target price on shares of Algonquin Power & Utilities from $6.75 to $7.25 and gave the stock a “sector perform” rating in a report on Tuesday, May 28th. Desjardins dropped their price target on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a report on Monday, August 12th. Finally, CIBC decreased their target price on Algonquin Power & Utilities from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Algonquin Power & Utilities has a consensus rating of “Hold” and a consensus price target of $6.33.

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.