Brokerages Set Algonquin Power & Utilities Corp. (NYSE:AQN) PT at $6.55

Shares of Algonquin Power & Utilities Corp. (NYSE:AQN) have earned an average rating of “Hold” from the twelve analysts that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $6.5909.

AQN has been the subject of several recent research reports. Raymond James Financial boosted their target price on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a “market perform” rating in a research note on Friday, October 24th. Desjardins lifted their price target on shares of Algonquin Power & Utilities from $6.25 to $6.75 and gave the company a “buy” rating in a report on Thursday, October 9th. TD Securities upgraded shares of Algonquin Power & Utilities to a “hold” rating in a research note on Monday, August 11th. Janney Montgomery Scott set a $7.00 target price on shares of Algonquin Power & Utilities in a report on Monday. Finally, Wall Street Zen raised Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a report on Saturday, November 1st.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several hedge funds and other institutional investors have recently modified their holdings of AQN. EdgePoint Investment Group Inc. grew its position in shares of Algonquin Power & Utilities by 84.9% during the first quarter. EdgePoint Investment Group Inc. now owns 42,223,594 shares of the utilities provider’s stock worth $216,868,000 after acquiring an additional 19,392,805 shares during the last quarter. Southpoint Capital Advisors LP acquired a new position in Algonquin Power & Utilities during the 1st quarter valued at about $51,400,000. Norges Bank bought a new position in Algonquin Power & Utilities in the 2nd quarter worth about $51,370,000. Ariel Investments LLC bought a new position in Algonquin Power & Utilities in the 1st quarter worth about $35,735,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of Algonquin Power & Utilities by 65.0% in the first quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider’s stock valued at $62,738,000 after purchasing an additional 4,808,539 shares during the period. Institutional investors and hedge funds own 62.28% of the company’s stock.

Algonquin Power & Utilities Trading Down 1.6%

NYSE:AQN opened at $6.22 on Wednesday. The company has a market cap of $4.78 billion, a PE ratio of -3.46 and a beta of 0.75. The business’s 50 day moving average is $5.70 and its two-hundred day moving average is $5.73. The company has a quick ratio of 0.86, a current ratio of 1.09 and a debt-to-equity ratio of 1.22. Algonquin Power & Utilities has a 52 week low of $4.19 and a 52 week high of $6.48.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings results on Friday, November 7th. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.03. Algonquin Power & Utilities had a positive return on equity of 4.76% and a negative net margin of 57.66%.The business had revenue of $600.80 million for the quarter, compared to analyst estimates of $596.67 million. During the same period in the prior year, the company posted $0.08 EPS. On average, analysts predict that Algonquin Power & Utilities will post 0.38 EPS for the current year.

Algonquin Power & Utilities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be given a $0.065 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.26 annualized dividend and a yield of 4.2%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is currently -650.00%.

Algonquin Power & Utilities Company Profile

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.