Analysts Set Algonquin Power & Utilities Corp. (NYSE:AQN) PT at $6.33

Shares of Algonquin Power & Utilities Corp. (NYSE:AQN) have been given an average recommendation of “Hold” by the eleven analysts that are covering the firm, Marketbeat.com reports. Nine investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $6.33.

A number of research analysts have issued reports on AQN shares. Royal Bank of Canada decreased their target price on shares of Algonquin Power & Utilities from $7.00 to $6.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 13th. CIBC decreased their target price on shares of Algonquin Power & Utilities from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. National Bank Financial raised shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Janney Montgomery Scott began coverage on shares of Algonquin Power & Utilities in a report on Thursday, September 5th. They set a “neutral” rating and a $6.00 price target for the company. Finally, Wells Fargo & Company downgraded shares of Algonquin Power & Utilities from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $8.50 to $6.00 in a report on Monday, August 12th.

Algonquin Power & Utilities Stock Performance

Shares of NYSE:AQN opened at $5.25 on Tuesday. The company’s 50 day moving average price is $5.51 and its two-hundred day moving average price is $5.93. Algonquin Power & Utilities has a 12-month low of $4.90 and a 12-month high of $6.79. The firm has a market cap of $4.03 billion, a PE ratio of -10.71 and a beta of 0.66. The company has a quick ratio of 0.78, a current ratio of 0.97 and a debt-to-equity ratio of 1.08.

Algonquin Power & Utilities (NYSE:AQN) last announced its earnings results on Friday, August 9th. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. Algonquin Power & Utilities had a net margin of 4.70% and a return on equity of 5.36%. The firm had revenue of $598.60 million for the quarter, compared to analyst estimates of $635.95 million. During the same quarter in the prior year, the business posted $0.08 EPS. The business’s revenue was down 4.7% compared to the same quarter last year. Equities research analysts predict that Algonquin Power & Utilities will post 0.43 earnings per share for the current year.

Algonquin Power & Utilities Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.065 dividend. This represents a $0.26 annualized dividend and a yield of 4.95%. The ex-dividend date of this dividend is Monday, September 30th. Algonquin Power & Utilities’s payout ratio is -53.06%.

Hedge Funds Weigh In On Algonquin Power & Utilities

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Algonquin Power & Utilities by 156.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock valued at $52,341,000 after purchasing an additional 5,426,523 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Algonquin Power & Utilities by 754.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 15,552,484 shares of the utilities provider’s stock valued at $98,292,000 after purchasing an additional 13,731,305 shares during the last quarter. Troluce Capital Advisors LLC lifted its stake in Algonquin Power & Utilities by 33.3% in the 2nd quarter. Troluce Capital Advisors LLC now owns 2,575,000 shares of the utilities provider’s stock valued at $15,090,000 after purchasing an additional 643,352 shares during the last quarter. Vanguard Group Inc. lifted its stake in Algonquin Power & Utilities by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock valued at $165,893,000 after purchasing an additional 262,333 shares during the last quarter. Finally, Nomura Holdings Inc. bought a new position in Algonquin Power & Utilities in the 4th quarter valued at approximately $318,000. Institutional investors own 62.28% of the company’s stock.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.