Howard Weil Downgrades Algonquin Power & Utilities (NYSE:AQN) to Sector Perform

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Howard Weil cut shares of Algonquin Power & Utilities (NYSE:AQN) from a sector outperform rating to a sector perform rating in a report issued on Wednesday, Briefing.com Automated Import reports.

Several other analysts have also issued reports on AQN. Raymond James set a $16.00 target price on Algonquin Power & Utilities and gave the stock a strong-buy rating in a report on Thursday, November 21st. Royal Bank of Canada raised their price target on Algonquin Power & Utilities from $12.00 to $13.00 and gave the stock an outperform rating in a research report on Tuesday, August 13th. Zacks Investment Research raised Algonquin Power & Utilities from a sell rating to a hold rating in a research note on Tuesday, October 22nd. Industrial Alliance Securities cut shares of Algonquin Power & Utilities to a buy rating and set a $19.00 price objective for the company. in a research report on Wednesday, October 9th. Finally, TD Securities increased 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 note on Wednesday. Seven research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $14.23.

Shares of AQN stock opened at $14.22 on Wednesday. The stock has a market cap of $7.45 billion, a P/E ratio of 21.55, a price-to-earnings-growth ratio of 2.64 and a beta of 0.57. Algonquin Power & Utilities has a 1 year low of $9.67 and a 1 year high of $14.60. The company has a current ratio of 0.73, a quick ratio of 0.59 and a debt-to-equity ratio of 1.08. The stock has a 50 day simple moving average of $13.78 and a 200 day simple moving average of $13.00.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.14 EPS for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.01. The firm had revenue of $365.60 million for 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 company’s revenue was down .2% on a year-over-year basis. During the same quarter last year, the company earned $0.10 EPS. Analysts forecast that Algonquin Power & Utilities will post 0.61 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.141 per share. This represents a $0.56 annualized dividend and a yield of 3.97%. The ex-dividend date of this dividend is Monday, December 30th. Algonquin Power & Utilities’s payout ratio is presently 84.85%.

Several hedge funds have recently modified their holdings of AQN. Steward Partners Investment Advisory LLC bought a new position in shares of Algonquin Power & Utilities in the 2nd quarter valued at $34,000. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of Algonquin Power & Utilities by 1,049.6% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,334 shares of the utilities provider’s stock worth $53,000 after buying an additional 3,957 shares during the last quarter. Csenge Advisory Group bought a new stake in shares of Algonquin Power & Utilities during the 2nd quarter worth $146,000. Verity Asset Management Inc. boosted its stake in Algonquin Power & Utilities by 14.0% in the second quarter. Verity Asset Management Inc. now owns 12,670 shares of the utilities provider’s stock valued at $153,000 after buying an additional 1,557 shares in the last quarter. Finally, Comerica Bank boosted its stake in Algonquin Power & Utilities by 11.6% in the second quarter. Comerica Bank now owns 12,256 shares of the utilities provider’s stock valued at $154,000 after buying an additional 1,278 shares in the last quarter. 43.89% of the stock is currently owned by hedge funds and other 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.

Read More: Preferred Stock

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

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