Algonquin Power & Utilities Corp [NYSE: AQN] closed the trading session at $5.98. The company report on March 4, 2024 at 5:00 PM that Algonquin Power & Utilities Corp. Announces Dividend Rates on Cumulative Rate Reset Preferred Shares, Series D, and Cumulative Floating Rate Preferred Shares, Series E.
Further to the news release of Algonquin Power & Utilities Corp. (“AQN” or the “Company”) (TSX: AQN) (NYSE: AQN) dated February 20, 2024, the Company announced today the applicable dividend rates, determined as of March 1, 2024, for its Cumulative Rate Reset Preferred Shares, Series D (the “Series D Preferred Shares”) and Cumulative Floating Rate Preferred Shares, Series E (the “Series E Preferred Shares”).
With respect to any Series D Preferred Shares that remain outstanding after April 1, 2024, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, if, as and when declared by the board of directors of the Company (the “Board”). The dividend rate for the 5-year period from and including March 31, 2024 to but excluding March 31, 2029 will be 6.853%, being equal to the 5-year Government of Canada bond yield determined as of March 1, 2024 plus 3.28%, in accordance with the terms of the Series D Preferred Shares.
The stocks have a year to date performance of -5.38 percent and weekly performance of 3.46 percent. The stock has been moved at -19.73 percent over the last six months. The stock has performed 3.82 percent around the most recent 30 days and changed -5.97 percent over the most recent 3-months.
If compared to the average trading volume of 4.14M shares, AQN reached to a volume of 4978611 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Algonquin Power & Utilities Corp [AQN]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for AQN shares is $6.89 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on AQN stock is a recommendation set at 2.73. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
BMO Capital Markets have made an estimate for Algonquin Power & Utilities Corp shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on January 08, 2024. While these analysts kept the previous recommendation, BofA Securities dropped their target price from $9 to $8.50. The new note on the price target was released on April 18, 2023, representing the official price target for Algonquin Power & Utilities Corp stock. Previously, the target price had yet another drop from $17 to $10, while CIBC kept a Neutral rating on AQN stock. On February 16, 2023, analysts increased their price target for AQN shares from 7 to 9.
The Average True Range (ATR) for Algonquin Power & Utilities Corp is set at 0.17, with the Price to Sales ratio for AQN stock in the period of the last 12 months amounting to 1.55. The Price to Book ratio for the last quarter was 0.90, with the Price to Cash per share for the same quarter was set at 0.13.
AQN stock trade performance evaluation
Algonquin Power & Utilities Corp [AQN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.46. With this latest performance, AQN shares gained by 3.82% in over the last four-week period, additionally sinking by -19.73% over the last 6 months – not to mention a drop of -22.64% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for AQN stock in for the last two-week period is set at 52.44, with the RSI for the last a single of trading hit 56.25, and the three-weeks RSI is set at 50.62 for Algonquin Power & Utilities Corp [AQN]. The present Moving Average for the last 50 days of trading for this stock 6.07, while it was recorded at 5.88 for the last single week of trading, and 6.79 for the last 200 days.
Algonquin Power & Utilities Corp [AQN]: An insightful look at the core fundamentals
Algonquin Power & Utilities Corp’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.50 and a Current Ratio set at 0.66.
Earnings per share (EPS) analysis for Algonquin Power & Utilities Corp [AQN] stock
With the latest financial reports released by the company, Algonquin Power & Utilities Corp posted 0.22/share EPS, while the average EPS was predicted by analysts to be reported at 0.23/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -4.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for AQN. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Algonquin Power & Utilities Corp go to 0.30%.
Algonquin Power & Utilities Corp [AQN]: Institutional Ownership
The top three institutional holders of AQN stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in AQN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in AQN stock with ownership which is approximately 5.8325%.
