Algonquin Power & Utilities (NYSE:AQN) Price Target Raised to $7.70 at CIBC

Algonquin Power & Utilities (NYSE:AQN) had its price objective lifted by CIBC from $7.50 to $7.70 in a report released on Tuesday morning, BayStreet.CA reports. They currently have a neutral rating on the utilities provider’s stock.

Several other brokerages have also recently commented on AQN. StockNews.com raised Algonquin Power & Utilities to a sell rating in a report on Friday, May 10th. TD Securities boosted their price objective on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a hold rating in a research note on Monday, March 11th. Scotiabank decreased their target price on 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. Wells Fargo & Company boosted their price target on shares of Algonquin Power & Utilities from $8.00 to $8.50 and gave the stock an overweight rating in a research report on Monday, May 13th. Finally, National Bankshares raised their price objective on shares of Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a sector perform rating in a research report on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Algonquin Power & Utilities has an average rating of Hold and a consensus target price of $7.49.

Algonquin Power & Utilities Stock Up 0.8 %

AQN opened at $5.92 on Tuesday. 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 has a 12 month low of $4.90 and a 12 month high of $8.51. The stock’s 50 day moving average price is $6.23 and its 200 day moving average price is $6.15. The stock has a market cap of $4.53 billion, a P/E ratio of -12.07 and a beta of 0.66.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings data 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 company had revenue of $737.10 million for the quarter, compared to the consensus estimate of $813.38 million. Algonquin Power & Utilities had a negative net margin of 12.44% and a positive return on equity of 5.39%. Algonquin Power & Utilities’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.17 earnings per share. As a group, research analysts predict that Algonquin Power & Utilities will post 0.46 earnings per share for the current year.

Algonquin Power & Utilities Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a $0.108 dividend. This represents a $0.43 annualized dividend and a dividend yield of 7.30%. The ex-dividend date of this dividend is Friday, June 28th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is currently -87.76%.

Hedge Funds Weigh In On Algonquin Power & Utilities

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pacifica Partners Inc. raised its stake in Algonquin Power & Utilities by 1,975.0% during the 4th quarter. Pacifica Partners Inc. now owns 4,150 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 3,950 shares during the period. Parallel Advisors LLC raised its position in Algonquin Power & Utilities by 76.3% during the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock valued at $27,000 after buying an additional 1,882 shares during the period. SG Americas Securities LLC purchased a new stake in Algonquin Power & Utilities in the 4th quarter worth about $64,000. Seven Mile Advisory acquired a new stake in Algonquin Power & Utilities during the 4th quarter worth about $67,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Algonquin Power & Utilities during the 4th quarter valued at about $70,000. Institutional investors and hedge funds 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.