CIBC Lowers Algonquin Power & Utilities (NYSE:AQN) Price Target to $5.50

Algonquin Power & Utilities (NYSE:AQN) had its target price lowered by equities research analysts at CIBC from $5.75 to $5.50 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the utilities provider’s stock. CIBC’s target price would indicate a potential upside of 9.24% from the company’s current price.

Other analysts have also issued reports about the company. Janney Montgomery Scott started coverage on Algonquin Power & Utilities in a report on Thursday, September 5th. They set a “neutral” rating and a $6.00 price objective for the company. Wells Fargo & Company cut their price objective on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research report on Wednesday, October 16th. Raymond James downgraded shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $7.75 to $7.00 in a research report on Monday, August 12th. National Bank Financial upgraded shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Finally, Scotiabank decreased their price objective on shares of Algonquin Power & Utilities from $6.50 to $5.75 and set a “sector perform” rating for the company in a report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $6.23.

Algonquin Power & Utilities Stock Down 0.7 %

AQN stock opened at $5.04 on Tuesday. The company’s 50 day simple moving average is $5.31 and its 200-day simple moving average is $5.84. Algonquin Power & Utilities has a 52-week low of $4.90 and a 52-week high of $6.79. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.97 and a quick ratio of 0.78. The firm has a market capitalization of $3.86 billion, a P/E ratio of -10.28 and a beta of 0.66.

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 the consensus estimate of $635.95 million. Algonquin Power & Utilities had a net margin of 4.70% and a return on equity of 5.36%. The company’s revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.08 EPS. As a group, equities research analysts anticipate that Algonquin Power & Utilities will post 0.43 EPS for the current year.

Hedge Funds Weigh In On Algonquin Power & Utilities

Institutional investors and hedge funds have recently bought and sold shares of the stock. Central Pacific Bank Trust Division bought a new stake in Algonquin Power & Utilities in the 3rd quarter valued at $54,000. Claro Advisors LLC acquired a new position in shares of Algonquin Power & Utilities during the second quarter valued at about $61,000. SeaCrest Wealth Management LLC bought a new stake in shares of Algonquin Power & Utilities in the second quarter valued at about $66,000. Larson Financial Group LLC acquired a new stake in Algonquin Power & Utilities during the first quarter worth about $76,000. Finally, SVB Wealth LLC bought a new position in Algonquin Power & Utilities during the first quarter valued at about $82,000. Institutional investors own 62.28% of the company’s stock.

About Algonquin Power & Utilities

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.