Algonquin Power & Utilities Corp. (NYSE:AQN) Receives Average Rating of “Hold” from Brokerages

Shares of Algonquin Power & Utilities Corp. (NYSE:AQN) have received an average rating of “Hold” from the nine research firms that are currently covering the firm, Marketbeat reports. Six research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $7.47.

Several research firms have recently weighed in on AQN. Desjardins upped their price objective on Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a “hold” rating in a research report on Thursday, June 6th. Scotiabank reduced their price target on Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating for the company in a research report on Monday, April 22nd. StockNews.com raised Algonquin Power & Utilities to a “sell” rating in a research report on Friday, May 10th. TD Securities increased their price target on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a “hold” rating in a research report on Monday, March 11th. Finally, Wells Fargo & Company increased their price target on Algonquin Power & Utilities from $8.00 to $8.50 and gave the company an “overweight” rating in a research report on Monday, May 13th.

Algonquin Power & Utilities Stock Down 0.2 %

Shares of Algonquin Power & Utilities stock opened at $5.86 on Friday. Algonquin Power & Utilities has a 1 year low of $4.90 and a 1 year high of $8.51. The business has a 50-day moving average of $6.24 and a two-hundred day moving average of $6.16. The company has a market capitalization of $4.49 billion, a P/E ratio of -11.96 and a beta of 0.68. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.98 and a quick ratio of 0.79.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Friday, May 10th. The utilities provider reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). The firm had revenue of $737.10 million for the quarter, compared to analyst estimates of $813.38 million. Algonquin Power & Utilities had a positive return on equity of 5.39% and a negative net margin of 12.44%. The firm’s quarterly revenue was down 5.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.17 earnings per share. As a group, equities analysts predict that Algonquin Power & Utilities will post 0.46 EPS for the current year.

Algonquin Power & Utilities Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a $0.108 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.43 dividend on an annualized basis and a dividend yield of 7.37%. Algonquin Power & Utilities’s payout ratio is -87.76%.

Hedge Funds Weigh In On Algonquin Power & Utilities

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Algonquin Power & Utilities by 1.0% during the first quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock worth $165,893,000 after purchasing an additional 262,333 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Algonquin Power & Utilities by 754.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 15,552,484 shares of the utilities provider’s stock worth $98,292,000 after purchasing an additional 13,731,305 shares during the period. Toronto Dominion Bank increased its stake in shares of Algonquin Power & Utilities by 7.9% during the third quarter. Toronto Dominion Bank now owns 13,293,748 shares of the utilities provider’s stock worth $78,699,000 after purchasing an additional 978,758 shares during the period. Bank of Nova Scotia increased its stake in shares of Algonquin Power & Utilities by 5.6% during the fourth quarter. Bank of Nova Scotia now owns 10,226,131 shares of the utilities provider’s stock worth $64,521,000 after purchasing an additional 542,696 shares during the period. Finally, National Bank of Canada FI increased its stake in shares of Algonquin Power & Utilities by 6.5% during the first quarter. National Bank of Canada FI now owns 10,223,412 shares of the utilities provider’s stock worth $67,050,000 after purchasing an additional 620,593 shares during the period. Institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Company Profile

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.