Algonquin Power & Utilities (AQN) +0.3% in Monday’s trading as Janney upgraded shares to Buy from Neutral with a $7 price target, raised from $6, driven by strong Q3 results that exceeded expectations coupled with the company‘s continued execution of its busy rate case agenda.
Janney analyst Michael Gaugler noted Q3 net earnings of Algonquin’s (AQN) Regulated Services unit reached $104.1 million, up 61% Y/Y, owing to new rates, favorable weather and lower expenses, while Corporate Group adjusted earnings tumbled to $33.7 million, mainly due to the removal of the Atlantica dividend after its sale; as a result, adjusted net earnings rose 10% Y/Y to $71.7 million and adjusted EPS of $0.09/share added $0.01 Y/Y and was above the $0.06/share analyst consensus estimate.
Algonquin (AQN) has hearings in December for its New England Natural Gas rate case as well as intervenor testimony in January, and hearings in March 2026 for its Litchfield Park case; Gaugler said the two cases represent a combined rate request of ~$73.6 million of the $326.4 million total pending rate requests.
During the company’s earnings conference call, Algonquin (AQN) announced Robert Stefani as its new CFO, effective January 5, after serving for the past three years as CFO at Southwest Gas Holdings and four years as CFO and Treasurer of PECO Energy.