Algonquin Power (AQN) ran another 8% on its Q3 print, which delivered $0.09 of EPS - expanding Y/Y and sitting well above estimates of $0.06. The results are another data point on the post-renewables business…

… giving the market confidence in the turnaround we highlighted in February and in AQN’s ability to meet or beat its previous full-year guide.

From here the company looks to prove it can become a premium regulated utility, with the addition of Robert Stefani from Southwest Gas as CFO and focus turning towards optimizing its existing footprint.

Management’s ability to do so will dictate the next leg higher, with AQN trading back in-line with its historical average and the utility peer group.