Algonquin Power & Utilities (NYSE:AQN) PT Lowered to $5.75

Algonquin Power & Utilities (NYSE:AQN) had its price target reduced by Scotiabank from $6.50 to $5.75 in a research note published on Tuesday, Benzinga reports. They currently have a sector perform rating on the utilities provider’s stock.

Other equities research analysts also recently issued reports about the company. National Bankshares boosted their price target on Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a sector perform rating in a report on Tuesday, May 28th. CIBC lowered their target price on shares of Algonquin Power & Utilities from $7.00 to $6.00 and set a neutral rating for the company in a research note on Monday, August 12th. Wells Fargo & Company downgraded shares of Algonquin Power & Utilities from an overweight rating to an equal weight rating and reduced their price target for the stock from $8.50 to $6.00 in a research report on Monday, August 12th. StockNews.com raised shares of Algonquin Power & Utilities to a sell rating in a research report on Friday, May 10th. Finally, Royal Bank of Canada cut their target price on shares of Algonquin Power & Utilities from $7.00 to $6.00 and set a sector perform rating on the stock in a report on Tuesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and an average target price of $6.36.

Algonquin Power & Utilities Trading Up 3.1 %

NYSE AQN opened at $5.36 on Tuesday. The company’s fifty day moving average price is $5.93 and its two-hundred day moving average price is $6.08. The company has a market capitalization of $4.11 billion, a price-to-earnings ratio of -10.94 and a beta of 0.66. Algonquin Power & Utilities has a 12 month low of $4.90 and a 12 month high of $7.67. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.98 and a quick ratio of 0.79.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The business had revenue of $598.60 million for the quarter, compared to analysts’ expectations of $635.95 million. Algonquin Power & Utilities had a negative net margin of 12.44% and a positive return on equity of 5.39%. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.08 earnings per share. As a group, research analysts predict that Algonquin Power & Utilities will post 0.46 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $0.065 dividend. This represents a $0.26 annualized dividend and a yield of 4.85%. The ex-dividend date of this dividend is Monday, September 30th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is -51.02%.

Institutional Investors Weigh In On Algonquin Power & Utilities

Hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new stake in Algonquin Power & Utilities in the 4th quarter valued at approximately $64,000. International Assets Investment Management LLC bought a new position in shares of Algonquin Power & Utilities in the fourth quarter worth $710,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Algonquin Power & Utilities during the fourth quarter valued at $70,000. Mackenzie Financial Corp raised its stake in shares of Algonquin Power & Utilities by 0.8% during the fourth quarter. Mackenzie Financial Corp now owns 459,806 shares of the utilities provider’s stock valued at $2,902,000 after purchasing an additional 3,443 shares in the last quarter. Finally, Signaturefd LLC lifted its holdings in Algonquin Power & Utilities by 120.9% in the fourth quarter. Signaturefd LLC now owns 48,062 shares of the utilities provider’s stock worth $304,000 after purchasing an additional 26,307 shares during the period. Institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.