Market MoversOn The Rise Algonquin Power & Utilities Corp. jumped after released first-quarter results late Thursday that largely fell in line with the Street’s expectations.
The Oakville, Ont.-based company reported adjusted earnings per share of 20 US cents, up 5 per cent year-over-year and a penny below the consensus forecast. It announced a US$53.4-million impact from the storms in Texas.
Raymond James analyst David Quezada said: “We continue to regard Algonquin as sporting the most attractive growth profile among the utilities we cover with forecasted rate base growth of 11 per cent, EPS growth of 8-10 per cent and an abundance of opportunities for upside. Further, with the stock having declined 11 per cent from Feb-21 highs (vs. the TSX up 5 per cent) we believe shares of AQN have moved into an attractive range.”