$AQN.TO

Algonquin Power & Utilities Posts Lower Q1 Adjusted Net Earnings YoY

Algonquin Power & Utilities' (AQN.TO) adjusted net earnings were slightly lower year over year, the company said Friday, but exceeded analyst estimates.Adjusted net earnings were US$99.6 million, or $0.13 per share, down from $109.0 million, or $0.14 per share. The result beat the earnings per share consensus estimate of $0.11 as compiled by FactSet.The company reported a 2.2% decline in net earnings in the Regulated Services Group segment at $119.4 million. Algonquin cited slightly unfavorable weather conditions and higher operating expenses, among other factors.The Hydro Group segment also fell to $2.1 million from $16.6 million, primarily due to income tax recovery as a result of the tax basis step-up from the Hydro Group's reorganization related to the sale of Algonquin's renewable energy business, excluding hydro.Additionally, during the first quarter, Algonquin received orders allowing for the resolution of rate cases at Empire Electric Missouri, CalPeco Electric and New England Gas and has filed a settlement agreement for the Litchfield Park Water & Sewer in Arizona.

Algonquin Power Says Received Orders Allowing For Resolution of Rate Cases in Missouri, California and Massachusetts and Filed Settlement Agreement in Arizona

Algonquin Power Q1 Adjusted Net Earnings of US$109.0M, or $0.14 per common share

CIBC Revises Price Targets for Power and Utility Equities

CIBC Capital Markets over the weekend outlined changes to price targets of power and regulated utilities equities ahead of the first-quarter earnings season.CIBC raised its price target for Canadian Utilities (CU.TO) to C$51.00 from C$47.00 given a higher P/E multiple applied to its 2027 earnings estimate. ATCO (ACO-X.TO)'s price target was also increased to C$82 from C$72.The price targets for Emera (EMA.TO), Fortis (FTS.TO) and Hydro One (H.TO) were each increased by C$1.00, while Algonquin Power & Utilities (AQN.TO)'s price target increased to US$6.50 from US$6.25.CIBC also boosted Brookfield Renewable Partners' (BEP-UN.TO) price target to US$40.00 from US$37.00 to reflect higher estimates.According to CIBC, investors should hold a balance of power and regulated utilities equities. Capital Power (CPX.TO) and Brookfield are among the preferred power names while ATCO and Fortis are the preferred regulated utilities names.Price: $66.33, Change: $-0.14, Percent Change: -0.22%