Brokerages Set Algonquin Power & Utilities Corp. (NYSE:AQN) Target Price at $6.33

Algonquin Power & Utilities Corp. (NYSE:AQN) has been given a consensus recommendation of “Hold” by the eleven brokerages that are covering the stock, Marketbeat Ratings reports. Nine equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $6.33.

Several brokerages recently commented on AQN. Desjardins decreased their price objective on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating for the company in a research report on Monday, August 12th. Royal Bank of Canada lowered their price objective on shares of Algonquin Power & Utilities from $7.00 to $6.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 13th. Raymond James lowered shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $7.75 to $7.00 in a report on Monday, August 12th. CIBC reduced their target price on Algonquin Power & Utilities from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Finally, National Bank Financial raised Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th.

Algonquin Power & Utilities Stock Performance

Shares of AQN opened at $5.34 on Tuesday. The company has a current ratio of 0.97, a quick ratio of 0.78 and a debt-to-equity ratio of 1.08. The firm has a market cap of $4.09 billion, a PE ratio of -10.98 and a beta of 0.67. Algonquin Power & Utilities has a 12 month low of $4.90 and a 12 month high of $6.79. The stock has a fifty day moving average price of $5.54 and a 200-day moving average price of $5.94.

Algonquin Power & Utilities (NYSE:AQN) last announced its earnings results on Friday, August 9th. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. The company had revenue of $598.60 million for the quarter, compared to analyst estimates of $635.95 million. Algonquin Power & Utilities had a return on equity of 5.36% and a net margin of 4.70%. The firm’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.08 EPS. Equities research analysts predict that Algonquin Power & Utilities will post 0.43 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 4.87%. The ex-dividend date is Monday, September 30th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is -53.06%.

Institutional Trading of Algonquin Power & Utilities

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Algonquin Power & Utilities by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock worth $165,893,000 after acquiring an additional 262,333 shares in the last quarter. Goldman Sachs Group Inc. increased its position 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 valued at $98,292,000 after buying an additional 13,731,305 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Algonquin Power & Utilities by 3.4% during the 2nd quarter. National Bank of Canada FI now owns 10,565,940 shares of the utilities provider’s stock valued at $61,759,000 after buying an additional 342,528 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in Algonquin Power & Utilities by 156.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock worth $52,341,000 after acquiring an additional 5,426,523 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Algonquin Power & Utilities by 320.6% during the second quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider’s stock valued at $42,633,000 after purchasing an additional 5,544,063 shares in the last quarter. 62.28% of the stock is owned by hedge funds and other institutional investors.

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.