Algonquin Power & Utilities (NYSE:AQN) Downgraded by Scotiabank

Algonquin Power & Utilities (NYSE:AQN) was downgraded by Scotiabank from an “outperform” rating to a “sector perform” rating in a research note issued on Wednesday, The Fly reports.

Other analysts have also issued research reports about the stock. TD Securities lifted their price objective on shares of Algonquin Power & Utilities from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday. Royal Bank of Canada increased their target price 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. ValuEngine lowered shares of Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. National Bank Financial raised their price target on shares of Algonquin Power & Utilities from $14.00 to $14.50 and gave the stock a “sector perform” rating in a research note on Wednesday. Finally, Raymond James set a $16.00 price target on shares of Algonquin Power & Utilities and gave the stock a “strong-buy” rating in a report on Thursday, November 21st. Seven analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Algonquin Power & Utilities currently has an average rating of “Buy” and a consensus target price of $14.23.

NYSE:AQN traded up $0.12 during trading on Wednesday, reaching $14.32. The company’s stock had a trading volume of 875,544 shares, compared to its average volume of 957,260. The firm has a market cap of $7.32 billion, a price-to-earnings ratio of 21.69, a price-to-earnings-growth ratio of 2.64 and a beta of 0.57. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.59 and a current ratio of 0.73. The firm has a 50 day moving average of $13.73 and a 200-day moving average of $12.96. Algonquin Power & Utilities has a 12 month low of $9.67 and a 12 month high of $14.45.

Algonquin Power & Utilities (NYSE:AQN) last announced its earnings results on Thursday, November 7th. The utilities provider reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.01. The firm had revenue of $365.60 million during the quarter, compared to analyst estimates of $405.41 million. Algonquin Power & Utilities had a return on equity of 7.92% and a net margin of 25.08%. The business’s revenue was down .2% compared to the same quarter last year. During the same period last year, the firm posted $0.10 EPS. Equities research analysts forecast that Algonquin Power & Utilities will post 0.61 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AQN. Steward Partners Investment Advisory LLC bought a new stake in Algonquin Power & Utilities during the 2nd quarter worth about $34,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Algonquin Power & Utilities by 155.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 79,307 shares of the utilities provider’s stock worth $963,000 after purchasing an additional 48,203 shares during the last quarter. Csenge Advisory Group bought a new position in Algonquin Power & Utilities in the second quarter valued at about $146,000. Advisor Group Inc. increased its position in Algonquin Power & Utilities by 16.0% in the second quarter. Advisor Group Inc. now owns 13,517 shares of the utilities provider’s stock worth $163,000 after purchasing an additional 1,861 shares during the period. Finally, TD Asset Management Inc. increased its position in Algonquin Power & Utilities by 2.7% in the second quarter. TD Asset Management Inc. now owns 11,263,390 shares of the utilities provider’s stock worth $136,790,000 after purchasing an additional 295,846 shares during the period. 43.89% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Company Profile

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.

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

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