Algonquin Power & Utilities (NYSE:AQN) Stock Rating Reaffirmed by Raymond James

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Algonquin Power & Utilities (NYSE:AQN)‘s stock had its “strong-buy” rating restated by investment analysts at Raymond James in a research report issued to clients and investors on Friday, BayStreet.CA reports. They currently have a $16.00 price target on the utilities provider’s stock. Raymond James’ price objective indicates a potential upside of 18.87% from the stock’s previous close. Raymond James also issued estimates for Algonquin Power & Utilities’ FY2020 earnings at $0.71 EPS.

Several other equities research analysts have also issued reports on AQN. National Bank Financial raised their target price on shares of Algonquin Power & Utilities from $13.50 to $14.00 in a report on Monday, October 21st. TD Securities assumed coverage on shares of Algonquin Power & Utilities in a research note on Thursday, October 17th. They issued a “buy” rating on the stock. Royal Bank of Canada raised their price target on shares of Algonquin Power & Utilities from $12.00 to $13.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. Industrial Alliance Securities downgraded shares of Algonquin Power & Utilities to a “buy” rating and set a $19.00 price target on the stock. in a research note on Wednesday, October 9th. Finally, CIBC set a $14.30 price target on shares of Algonquin Power & Utilities and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Five analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $14.03.

Shares of Algonquin Power & Utilities stock traded down $0.01 during trading on Friday, hitting $13.46. The stock had a trading volume of 1,146,436 shares, compared to its average volume of 453,030. The firm’s fifty day simple moving average is $13.69 and its 200-day simple moving average is $12.67. The stock has a market cap of $6.96 billion, a PE ratio of 20.39, a PEG ratio of 2.72 and a beta of 0.58. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.03 and a quick ratio of 0.83. 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 released its earnings results on Thursday, November 7th. The utilities provider reported $0.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 net margin of 21.46% and a return on equity of 7.57%. The business’s revenue was down .2% on a year-over-year basis. During the same quarter last year, the business earned $0.10 EPS. Analysts expect that Algonquin Power & Utilities will post 0.6 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the stock. Comerica Bank increased its stake in Algonquin Power & Utilities by 11.6% in the 2nd quarter. Comerica Bank now owns 12,256 shares of the utilities provider’s stock worth $154,000 after buying an additional 1,278 shares during the period. Verity Asset Management Inc. increased its position in Algonquin Power & Utilities by 14.0% during the 2nd quarter. Verity Asset Management Inc. now owns 12,670 shares of the utilities provider’s stock valued at $153,000 after purchasing an additional 1,557 shares during the period. Bank of Nova Scotia Trust Co. increased its position in Algonquin Power & Utilities by 5.3% during the 2nd quarter. Bank of Nova Scotia Trust Co. now owns 33,043 shares of the utilities provider’s stock valued at $400,000 after purchasing an additional 1,651 shares during the period. Advisor Group Inc. increased its position in Algonquin Power & Utilities by 16.0% during the 2nd quarter. Advisor Group Inc. now owns 13,517 shares of the utilities provider’s stock valued at $163,000 after purchasing an additional 1,861 shares during the period. Finally, Winslow Evans & Crocker Inc. purchased a new position in Algonquin Power & Utilities during the 2nd quarter valued at about $28,000. 44.35% of the stock is currently owned by institutional investors.

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.

See Also: Bull Market

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

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