Industrial Alliance Securities Lowers Algonquin Power & Utilities (NYSE:AQN) to Buy

Industrial Alliance Securities downgraded shares of Algonquin Power & Utilities (NYSE:AQN) to a buy rating in a research report sent to investors on Wednesday, TipRanks reports. They currently have $19.00 target price on the utilities provider’s stock.

A number of other research analysts have also recently weighed in on AQN. CIBC reaffirmed an average rating and set a $13.50 price target on shares of Algonquin Power & Utilities in a research report on Monday, August 12th. Zacks Investment Research raised shares of Algonquin Power & Utilities from a sell rating to a hold rating in a research report on Monday, October 7th. Royal Bank of Canada lifted their price target on shares of Algonquin Power & Utilities from $12.00 to $13.00 and gave the company an outperform rating in a research report on Tuesday, August 13th. Raymond James reaffirmed a strong-buy rating and set a $15.00 price target on shares of Algonquin Power & Utilities in a research report on Friday, August 9th. Finally, ValuEngine cut shares of Algonquin Power & Utilities from a buy rating to a hold rating in a research report on Wednesday, October 2nd. Six equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Algonquin Power & Utilities presently has an average rating of Buy and an average price target of $13.70.

Algonquin Power & Utilities stock opened at $13.63 on Wednesday. Algonquin Power & Utilities has a 1 year low of $9.67 and a 1 year high of $14.45. The firm has a 50 day moving average price of $13.43 and a 200 day moving average price of $12.35. The company has a market cap of $6.85 billion, a price-to-earnings ratio of 20.65, a PEG ratio of 2.56 and a beta of 0.58. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.83 and a current ratio of 1.03.

Algonquin Power & Utilities (NYSE:AQN) last released its earnings results on Thursday, August 8th. The utilities provider reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.02). Algonquin Power & Utilities had a net margin of 21.46% and a return on equity of 7.57%. The company had revenue of $343.58 million during the quarter, compared to analysts’ expectations of $372.40 million. Sell-side analysts predict that Algonquin Power & Utilities will post 0.6 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.142 per share. The ex-dividend date is Friday, September 27th. This represents a $0.57 dividend on an annualized basis and a dividend yield of 4.17%. Algonquin Power & Utilities’s payout ratio is currently 84.85%.

Several hedge funds and other institutional investors have recently bought and sold shares of AQN. Raymond James Financial Services Advisors Inc. raised its holdings in Algonquin Power & Utilities by 6.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 48,866 shares of the utilities provider’s stock valued at $550,000 after acquiring an additional 3,150 shares in the last quarter. FIL Ltd raised its holdings in Algonquin Power & Utilities by 60.2% in the first quarter. FIL Ltd now owns 81,200 shares of the utilities provider’s stock valued at $913,000 after acquiring an additional 30,500 shares in the last quarter. GQG Partners LLC raised its holdings in Algonquin Power & Utilities by 10.7% in the first quarter. GQG Partners LLC now owns 8,334,820 shares of the utilities provider’s stock valued at $93,770,000 after acquiring an additional 805,896 shares in the last quarter. Marshall Wace LLP acquired a new stake in Algonquin Power & Utilities in the first quarter valued at $851,000. Finally, Marshall Wace North America L.P. acquired a new stake in Algonquin Power & Utilities in the first quarter valued at $2,505,000. 45.89% of the stock is currently owned by institutional investors and hedge funds.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in Canada and the United States. It generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

Read More: Why do companies issue monthly dividends?

Analyst Recommendations for Algonquin Power & Utilities (NYSE:AQN)

Receive News & Ratings for Algonquin Power & Utilities Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Algonquin Power & Utilities and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit