Algonquin Power & Utilities Corp. (NYSE:AQN) to Issue $0.07 Quarterly Dividend

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 5.39%. The ex-dividend date is Tuesday, December 31st.

Algonquin Power & Utilities has decreased its dividend by an average of 10.7% per year 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 tumble. Equities 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 Up 0.2 %

NYSE:AQN traded up $0.01 on Friday, reaching $4.82. The stock had a trading volume of 944,678 shares, compared to its average volume of 5,625,349. The company has a market cap of $3.70 billion, a price-to-earnings ratio of 30.06 and a beta of 0.68. Algonquin Power & Utilities has a 12-month low of $4.67 and a 12-month high of $6.79. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.97 and a quick ratio of 0.78. The firm’s fifty day moving average is $5.20 and its two-hundred day moving average is $5.75.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.08 earnings per share for the quarter, hitting the consensus estimate of $0.08. The business had revenue of $573.20 million for the quarter, compared to analyst estimates of $620.46 million. Algonquin Power & Utilities had a net margin of 4.70% and a return on equity of 5.36%. The company’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 EPS. Equities analysts expect that Algonquin Power & Utilities will post 0.43 EPS for the current fiscal year.

Analysts Set New Price Targets

AQN has been the topic of several recent analyst reports. Wells Fargo & Company cut their price objective on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a report on Wednesday, October 16th. CIBC cut their price objective on shares of Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Desjardins cut their price target on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a report on Monday, August 12th. Raymond James lowered shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and cut their price target for the company from $7.75 to $7.00 in a report on Monday, August 12th. Finally, Janney Montgomery Scott started coverage on shares of Algonquin Power & Utilities in a report on Thursday, September 5th. They issued a “neutral” rating and a $6.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average 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.