JPMorgan Chase & Co. Reaffirms Neutral Rating for Algonquin Power & Utilities (NYSE:AQN)

Algonquin Power & Utilities (NYSE:AQN)‘s stock had its “neutral” rating reiterated by investment analysts at JPMorgan Chase & Co. in a note issued to investors on Thursday, Marketbeat reports. They currently have a $7.00 target price on the utilities provider’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 56.77% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on AQN. Scotiabank decreased their target price on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Royal Bank of Canada reissued a “sector perform” rating and issued a $6.00 target price on shares of Algonquin Power & Utilities in a report on Friday, October 11th. Wells Fargo & Company dropped their price target on Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research note on Wednesday, October 16th. CIBC decreased their price objective on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Finally, Janney Montgomery Scott assumed coverage on shares of Algonquin Power & Utilities in a research note on Thursday, September 5th. They issued a “neutral” rating and a $6.00 price objective on the stock. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $6.25.

Algonquin Power & Utilities Stock Performance

Shares of AQN opened at $4.47 on Thursday. The stock has a 50-day simple moving average of $4.87 and a 200-day simple moving average of $5.44. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92. Algonquin Power & Utilities has a 1 year low of $4.42 and a 1 year high of $6.79. The stock has a market capitalization of $3.43 billion, a PE ratio of -3.46 and a beta of 0.68.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). The firm had revenue of $573.20 million for the quarter, compared to analyst estimates of $620.46 million. Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The company’s revenue was up 1.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.11 EPS. On average, analysts predict that Algonquin Power & Utilities will post 0.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Algonquin Power & Utilities

A number of institutional investors have recently made changes to their positions in AQN. Central Pacific Bank Trust Division acquired a new position in Algonquin Power & Utilities in the 3rd quarter valued at about $54,000. Claro Advisors LLC acquired a new position in Algonquin Power & Utilities in the 2nd quarter valued at $61,000. Capstone Investment Advisors LLC acquired a new stake in shares of Algonquin Power & Utilities during the third quarter worth $58,000. Walleye Capital LLC purchased a new stake in shares of Algonquin Power & Utilities in the third quarter valued at $59,000. Finally, SeaCrest Wealth Management LLC acquired a new position in Algonquin Power & Utilities in the second quarter valued at $66,000. 62.28% of the stock is owned by institutional investors and hedge funds.

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.