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Why Investors Should Stick to Algonquin Power & Utilities Corp (NYSE: AQN) Stock in 2024

In the latest trading session, 1.68 million Algonquin Power & Utilities Corp (NYSE:AQN) shares changed hands as the company’s beta touched 0.68. With the company’s most recent per share price at $5.67 changed hands at -$0.21 or -3.57% at last look, the market valuation stands at $4.04B. AQN’s current price is a discount, trading about -61.2% off its 52-week high of $9.14. The share price had its 52-week low at $4.90, which suggests the last value was 13.58% up since then. When we look at Algonquin Power & Utilities Corp’s average trading volume, we note the 10-day average is 3.68 million shares, with the 3-month average coming to 2.67.

Algonquin Power & Utilities Corp (NYSE:AQN) trade information

Instantly AQN was in red as seen in intraday trades today. With action -3.24%, the performance over the past five days has been red. The drop to weekly highs of 5.92 subtracted -3.57% to the stock’s daily price. The company’s shares are showing year-to-date downside of -10.28%, with the 5-day performance at -3.24% in the red. However, in the 30-day time frame, Algonquin Power & Utilities Corp (NYSE:AQN) is -11.27% down. Looking at the short shares, we see there were 21.47 million shares sold at short interest cover period of 4.47 days.

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Algonquin Power & Utilities Corp (AQN) estimates and forecasts

Data shows that the Algonquin Power & Utilities Corp share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -21.25% over the past 6 months, a -27.54% in annual growth rate that is considerably lower than the industry average of 4.40%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Algonquin Power & Utilities Corp will fall -36.40%, while the growth in revenue is estimated to hit -11.80% for the next quarter. Year-over-year growth is forecast to reach 1.50% up from the last financial year.

Consensus estimates given by 2 financial analysts project the company’s revenue in the current quarter to hit an average of $743 million. 1 analysts are of the opinion that Algonquin Power & Utilities Corp’s revenue for the quarter ending Mar 2024 will be $749.53 million. The company’s revenue for the corresponding quarters a year ago was $748 million and $778.63 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -0.70%. The estimates for the next quarter sales put growth at -3.70%.

The 2024 estimates are for Algonquin Power & Utilities Corp earnings to decrease by -26.92%, but the outlook for the next 5-year period is at 0.30% per year.

AQN Dividends

Algonquin Power & Utilities Corp is expected to release its next quarterly earnings report on March 08. The 7.65% annual yield figure for the share gives it an annual dividend of 0.43. It is important to note, however, that the 7.65% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.

Algonquin Power & Utilities Corp (NYSE:AQN)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 0.06% of Algonquin Power & Utilities Corp shares while 56.26% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 56.30%. There are 56.26% institutions holding the Algonquin Power & Utilities Corp stock share, with Starboard Value LP the top institutional holder. As of Sep 29, 2023, the company held 8.48% of the shares, roughly 58.4 million AQN shares worth $332.59 million.

Vanguard Group Inc holds the second largest percentage of outstanding shares, with 3.73% or 25.72 million shares worth $146.46 million as of Sep 29, 2023.

Among Mutual Funds, the top two as of Oct 30, 2023 were Vanguard International Stock Index-Total Intl Stock Indx and Lazard Global Listed Infrastructure Portfolio. With 9.23 million shares estimated at $52.58 million under it, the former controlled 1.34% of total outstanding shares. On the other hand, Lazard Global Listed Infrastructure Portfolio held about 0.82% of the shares, roughly 5.68 million shares worth around $32.32 million.

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