Algonquin Power & Utilities (NYSE:AQN) PT Raised to $5.50 at Desjardins

Algonquin Power & Utilities (NYSE:AQNFree Report) had its price target increased by Desjardins from $5.25 to $5.50 in a report issued on Thursday, BayStreet.CA reports. The brokerage currently has a hold rating on the utilities provider’s stock.

Several other analysts have also recently issued reports on AQN. TD Securities upped their target price on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a hold rating in a research report on Monday, March 11th. Wells Fargo & Company upped their price objective on Algonquin Power & Utilities from $8.00 to $8.50 and gave the company an overweight rating in a research report on Monday, May 13th. National Bankshares lifted their target price on Algonquin Power & Utilities from $6.75 to $7.25 and gave the stock a sector perform rating in a report on Tuesday, May 28th. StockNews.com upgraded Algonquin Power & Utilities to a sell rating in a report on Friday, May 10th. Finally, Scotiabank dropped their price objective on shares of Algonquin Power & Utilities from $7.50 to $6.50 and set a sector perform rating for the company in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and an average price target of $7.47.

View Our Latest Report on AQN

Algonquin Power & Utilities Stock Performance

NYSE:AQN opened at $6.20 on Thursday. The company has a market cap of $4.28 billion, a price-to-earnings ratio of -12.65 and a beta of 0.68. Algonquin Power & Utilities has a 1 year low of $4.90 and a 1 year high of $8.74. The stock’s 50 day simple moving average is $6.31 and its two-hundred day simple moving average is $6.19. 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:AQNGet Free Report) last posted its earnings results on Friday, May 10th. The utilities provider reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The business had revenue of $737.10 million during the quarter, compared to analysts’ expectations of $813.38 million. Algonquin Power & Utilities had a negative net margin of 12.44% and a positive return on equity of 5.39%. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same period last year, the business posted $0.17 earnings per share. As a group, equities analysts anticipate that Algonquin Power & Utilities will post 0.46 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a $0.108 dividend. This represents a $0.43 annualized dividend and a yield of 6.97%. The ex-dividend date of this dividend is Friday, June 28th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -87.76%.

Institutional Trading of Algonquin Power & Utilities

Hedge funds and other institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. grew its holdings in shares of Algonquin Power & Utilities by 754.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 15,552,484 shares of the utilities provider’s stock worth $98,292,000 after purchasing an additional 13,731,305 shares during the last quarter. Norges Bank purchased a new stake in Algonquin Power & Utilities in the 4th quarter valued at about $28,322,000. Jane Street Group LLC grew its stake in Algonquin Power & Utilities by 851.0% in the 1st quarter. Jane Street Group LLC now owns 3,765,026 shares of the utilities provider’s stock worth $23,797,000 after acquiring an additional 3,369,124 shares in the last quarter. Sasco Capital Inc. CT purchased a new position in shares of Algonquin Power & Utilities during the third quarter worth approximately $18,156,000. Finally, Capital Research Global Investors bought a new stake in shares of Algonquin Power & Utilities during the first quarter valued at approximately $9,924,000. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Company Profile

(Get Free Report)

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.

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

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