Wall Street Zen Downgrades Algonquin Power & Utilities (NYSE:AQN) to Sell

Algonquin Power & Utilities (NYSE:AQN) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

Other research analysts also recently issued reports about the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Algonquin Power & Utilities in a research note on Wednesday, October 8th. TD Securities raised shares of Algonquin Power & Utilities to a “hold” rating in a report on Monday, August 11th. Finally, Desjardins boosted their price target on shares of Algonquin Power & Utilities from $6.25 to $6.75 and gave the stock a “buy” rating in a research note on Thursday, October 9th. One analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $6.50.

Algonquin Power & Utilities Trading Up 0.4%

Shares of AQN stock opened at $5.98 on Friday. The business has a 50-day moving average price of $5.69 and a two-hundred day moving average price of $5.64. Algonquin Power & Utilities has a 12-month low of $4.19 and a 12-month high of $6.24. The company has a quick ratio of 0.86, a current ratio of 1.09 and a debt-to-equity ratio of 1.22. The firm has a market cap of $4.59 billion, a P/E ratio of -3.32 and a beta of 0.72.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings data on Friday, August 8th. The utilities provider reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04. The firm had revenue of $535.59 million for the quarter, compared to analyst estimates of $535.64 million. Algonquin Power & Utilities had a positive return on equity of 4.76% and a negative net margin of 57.66%.During the same period in the prior year, the company earned $0.09 EPS. Equities analysts anticipate that Algonquin Power & Utilities will post 0.38 EPS for the current fiscal year.

Institutional Investors Weigh In On Algonquin Power & Utilities

Large investors have recently added to or reduced their stakes in the company. US Bancorp DE increased its position in shares of Algonquin Power & Utilities by 85.7% in the first quarter. US Bancorp DE now owns 4,887 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 2,256 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in Algonquin Power & Utilities during the 1st quarter valued at about $31,000. Atria Wealth Solutions Inc. purchased a new position in Algonquin Power & Utilities during the 1st quarter valued at about $51,000. Wedbush Securities Inc. bought a new position in Algonquin Power & Utilities during the 2nd quarter valued at approximately $58,000. Finally, Sowell Financial Services LLC purchased a new stake in Algonquin Power & Utilities in the 1st quarter worth approximately $59,000. Institutional investors own 62.28% of the company’s stock.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.