Algonquin Power & Utilities (NYSE:AQN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday, Zacks.com reports. The firm presently has a $14.00 price target on the utilities provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.63% from the company’s previous close.

According to Zacks, “Algonquin Power & Utilities Corp. is a renewable energy and regulated utility company engaged in the ownership of power generation facilities, and water and energy utilities primarily in North America. The Corporation invests in hydroelectric, wind and solar power facilities, and sustainable utility distribution businesses (water, electricity and natural gas) through its subsidiaries. Algonquin Power & Utilities Corp. is headquartered in Oakville, Canada. “

AQN has been the subject of a number of other reports. National Bank Financial lifted their price objective on Ero Copper from C$18.50 to C$21.50 and gave the company a “sector perform” rating in a research note on Friday, June 21st. Desjardins lifted their price objective on People from C$9.50 to C$9.75 in a research note on Tuesday, April 23rd. Raymond James reaffirmed an “outperform” rating and issued a C$5.50 price objective on shares of OceanaGold in a research note on Tuesday, June 4th. ValuEngine cut Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Finally, Industrial Alliance Securities reaffirmed a “buy” rating on shares of Algonquin Power & Utilities in a research note on Tuesday, June 4th. Five analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $12.44.

Shares of NYSE AQN opened at $12.43 on Monday. Algonquin Power & Utilities has a twelve month low of $9.52 and a twelve month high of $12.56. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.29 and a quick ratio of 1.10. The company has a fifty day moving average price of $12.19. The firm has a market capitalization of $6.12 billion, a PE ratio of 18.83, a PEG ratio of 2.55 and a beta of 0.66.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings data on Thursday, May 9th. The utilities provider reported $0.19 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.03). Algonquin Power & Utilities had a net margin of 15.57% and a return on equity of 7.64%. The firm had revenue of $477.23 million during the quarter, compared to analyst estimates of $498.08 million. As a group, analysts expect that Algonquin Power & Utilities will post 0.63 EPS for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Two Sigma Investments LP acquired a new position in Algonquin Power & Utilities during the 4th quarter worth $10,540,000. Intact Investment Management Inc. grew its stake in Algonquin Power & Utilities by 9.0% during the 1st quarter. Intact Investment Management Inc. now owns 6,529,760 shares of the utilities provider’s stock worth $98,012,000 after purchasing an additional 536,700 shares in the last quarter. Acadian Asset Management LLC grew its stake in Algonquin Power & Utilities by 373.3% during the 1st quarter. Acadian Asset Management LLC now owns 702,900 shares of the utilities provider’s stock worth $7,908,000 after purchasing an additional 554,400 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in Algonquin Power & Utilities during the 1st quarter worth $13,251,000. Finally, FIL Ltd grew its stake in Algonquin Power & Utilities by 60.2% during the 1st quarter. FIL Ltd now owns 81,200 shares of the utilities provider’s stock worth $913,000 after purchasing an additional 30,500 shares in the last quarter. 46.05% of the stock is owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Company Profile

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.

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