Desjardins Lowers Algonquin Power & Utilities (NYSE:AQN) Price Target to $5.25

Algonquin Power & Utilities (NYSE:AQN) had its target price cut by research analysts at Desjardins from $5.50 to $5.25 in a research note issued to investors on Monday, BayStreet.CA reports. The brokerage presently has a “hold” rating on the utilities provider’s stock. Desjardins’ target price points to a potential upside of 1.35% from the stock’s previous close.

Several other research firms also recently issued reports on AQN. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $7.00 price objective on shares of Algonquin Power & Utilities in a report on Wednesday, July 10th. Scotiabank decreased their price objective on shares of Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating for the company in a report on Monday, April 22nd. Wells Fargo & Company downgraded shares of Algonquin Power & Utilities from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $8.50 to $6.00 in a report on Monday. StockNews.com upgraded shares of Algonquin Power & Utilities to a “sell” rating in a research note on Friday, May 10th. Finally, National Bankshares upped their target price on shares of Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a “sector perform” rating in a research note on Tuesday, May 28th. One analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Algonquin Power & Utilities currently has an average rating of “Hold” and an average price target of $6.56.

Algonquin Power & Utilities Stock Down 4.3 %

AQN stock traded down $0.23 during trading hours on Monday, hitting $5.18. The company’s stock had a trading volume of 14,880,701 shares, compared to its average volume of 5,521,141. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.42. The company has a market capitalization of $3.97 billion, a PE ratio of -10.31 and a beta of 0.66. Algonquin Power & Utilities has a 12 month low of $4.90 and a 12 month high of $7.67. The stock has a 50 day moving average price of $6.02 and a two-hundred day moving average price of $6.10.

Algonquin Power & Utilities (NYSE:AQN) last posted its earnings results on Friday, August 9th. The utilities provider reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The company had revenue of $598.60 million during the quarter, compared to the consensus estimate of $635.95 million. Algonquin Power & Utilities had a negative net margin of 12.44% and a positive return on equity of 5.39%. The company’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.08 earnings per share. On average, equities research analysts expect that Algonquin Power & Utilities will post 0.46 earnings per share for the current year.

Institutional Investors Weigh In On Algonquin Power & Utilities

Several large investors have recently made changes to their positions in AQN. Parallel Advisors LLC grew its holdings in shares of Algonquin Power & Utilities by 76.3% in the 4th quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 1,882 shares during the last quarter. Claro Advisors LLC bought a new stake in shares of Algonquin Power & Utilities in the 2nd quarter worth about $61,000. SG Americas Securities LLC bought a new stake in shares of Algonquin Power & Utilities in the 4th quarter worth about $64,000. SeaCrest Wealth Management LLC bought a new stake in shares of Algonquin Power & Utilities in the 2nd quarter worth about $66,000. Finally, Seven Mile Advisory bought a new stake in shares of Algonquin Power & Utilities in the 4th quarter worth about $67,000. 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.