Royal Bank of Canada Lowers Algonquin Power & Utilities (NYSE:AQN) Price Target to $5.50

Algonquin Power & Utilities (NYSE:AQN) had its price target cut by stock analysts at Royal Bank of Canada from $6.00 to $5.50 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “sector perform” rating on the utilities provider’s stock. Royal Bank of Canada’s price target suggests a potential upside of 11.00% from the stock’s current price.

AQN has been the topic of several other reports. National Bankshares decreased their price objective on Algonquin Power & Utilities from $6.75 to $6.25 and set an “outperform” rating on the stock in a report on Tuesday, February 11th. Scotiabank increased their price target on Algonquin Power & Utilities from $5.25 to $5.50 and gave the company a “sector perform” rating in a report on Thursday, February 13th. CIBC decreased their price target on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $7.00 price target on shares of Algonquin Power & Utilities in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $6.00.

Algonquin Power & Utilities Stock Up 1.7 %

Shares of AQN opened at $4.96 on Tuesday. The stock has a market capitalization of $3.80 billion, a price-to-earnings ratio of -3.84 and a beta of 0.69. Algonquin Power & Utilities has a 1 year low of $4.19 and a 1 year high of $6.79. The business’s 50 day simple moving average is $4.49 and its 200-day simple moving average is $4.92. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several hedge funds have recently bought and sold shares of AQN. Private Advisor Group LLC grew its position in Algonquin Power & Utilities by 14.1% in the 3rd quarter. Private Advisor Group LLC now owns 17,769 shares of the utilities provider’s stock valued at $97,000 after acquiring an additional 2,201 shares during the last quarter. Private Management Group Inc. bought a new position in Algonquin Power & Utilities in the 3rd quarter valued at $12,361,000. Van ECK Associates Corp bought a new position in Algonquin Power & Utilities in the 3rd quarter valued at $1,058,000. Fiera Capital Corp bought a new position in Algonquin Power & Utilities in the 3rd quarter valued at $96,000. Finally, Verdence Capital Advisors LLC bought a new position in Algonquin Power & Utilities in the 3rd quarter valued at $61,000. Institutional investors own 62.28% of the company’s stock.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.