Algonquin Power & Utilities (NYSE:AQN) Reaches New 52-Week Low – Here’s What Happened

Algonquin Power & Utilities Corp. (NYSE:AQN)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $4.71 and last traded at $4.73, with a volume of 28532 shares trading hands. The stock had previously closed at $4.74.

Analysts Set New Price Targets

AQN has been the subject of several research analyst reports. Janney Montgomery Scott assumed coverage on Algonquin Power & Utilities in a research note on Thursday, September 5th. They set a “neutral” rating and a $6.00 target price for the company. CIBC dropped their price objective on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Raymond James lowered Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and cut their price target for the company from $7.75 to $7.00 in a research note on Monday, August 12th. Wells Fargo & Company cut their price target on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a report on Wednesday, October 16th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $6.00 price objective on shares of Algonquin Power & Utilities in a report on Friday, October 11th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $6.23.

Algonquin Power & Utilities Stock Up 0.8 %

The stock has a 50-day simple moving average of $5.24 and a two-hundred day simple moving average of $5.77. The company has a quick ratio of 0.78, a current ratio of 0.97 and a debt-to-equity ratio of 1.08. The firm has a market cap of $3.67 billion, a PE ratio of 29.75 and a beta of 0.68.

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

Algonquin Power & Utilities Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.065 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.26 dividend on an annualized basis and a yield of 5.44%. Algonquin Power & Utilities’s dividend payout ratio is presently 162.50%.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several institutional investors and hedge funds have recently added to or reduced their stakes in AQN. The Manufacturers Life Insurance Company increased its stake in Algonquin Power & Utilities by 320.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider’s stock valued at $42,633,000 after purchasing an additional 5,544,063 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Algonquin Power & Utilities by 156.0% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock valued at $52,341,000 after acquiring an additional 5,426,523 shares in the last quarter. Jane Street Group LLC boosted its stake in Algonquin Power & Utilities by 851.0% during the 1st quarter. Jane Street Group LLC now owns 3,765,026 shares of the utilities provider’s stock valued at $23,797,000 after purchasing an additional 3,369,124 shares during the last quarter. Private Management Group Inc. bought a new stake in shares of Algonquin Power & Utilities in the 3rd quarter worth $12,361,000. Finally, Davidson Kempner Capital Management LP boosted its position in shares of Algonquin Power & Utilities by 79.8% during the second quarter. Davidson Kempner Capital Management LP now owns 4,634,250 shares of the utilities provider’s stock valued at $27,157,000 after buying an additional 2,056,534 shares during the last quarter. Hedge funds and other 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.