Canaccord Genuity reiterated their buy rating on shares of Algonquin Power & Utilities (NYSE:AQN) in a report released on Wednesday morning. Canaccord Genuity currently has a $11.00 target price on the utilities provider’s stock.
A number of other analysts also recently issued reports on AQN. National Bank Financial downgraded shares of Algonquin Power & Utilities from an outperform rating to a sector perform rating and reduced their price target for the company from $11.00 to $10.50 in a report on Friday, October 5th. Wells Fargo & Co reduced their price target on shares of Algonquin Power & Utilities from $14.00 to $12.00 and set a market perform rating on the stock in a report on Monday, August 20th. Finally, Zacks Investment Research downgraded shares of Algonquin Power & Utilities from a buy rating to a hold rating in a report on Monday, October 15th. Four investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $11.67.
Shares of AQN stock opened at $10.86 on Wednesday. The firm has a market cap of $5.07 billion, a PE ratio of 18.72, a PEG ratio of 1.63 and a beta of 0.77. Algonquin Power & Utilities has a one year low of $9.45 and a one year high of $11.23. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.17.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be paid a $0.256 dividend. This is a boost from Algonquin Power & Utilities’s previous quarterly dividend of $0.13. This represents a $1.02 dividend on an annualized basis and a dividend yield of 9.43%. The ex-dividend date is Friday, December 28th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently 87.93%.
Several large investors have recently modified their holdings of AQN. Pictet Asset Management Ltd. purchased a new position in shares of Algonquin Power & Utilities in the 3rd quarter worth $71,985,000. Bank of America Corp DE grew its stake in shares of Algonquin Power & Utilities by 433.1% in the 2nd quarter. Bank of America Corp DE now owns 4,994,669 shares of the utilities provider’s stock worth $48,298,000 after buying an additional 4,057,782 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Algonquin Power & Utilities by 1,792.1% in the 3rd quarter. Canada Pension Plan Investment Board now owns 3,266,650 shares of the utilities provider’s stock worth $33,763,000 after buying an additional 3,094,000 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Algonquin Power & Utilities by 16.4% in the 3rd quarter. Vanguard Group Inc. now owns 11,589,361 shares of the utilities provider’s stock worth $120,066,000 after buying an additional 1,634,962 shares in the last quarter. Finally, Toronto Dominion Bank grew its stake in shares of Algonquin Power & Utilities by 18.8% in the 2nd quarter. Toronto Dominion Bank now owns 7,028,779 shares of the utilities provider’s stock worth $69,657,000 after buying an additional 1,113,034 shares in the last quarter. 43.72% of the stock is 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. The company generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.
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