Algonquin Power & Utilities (NYSE:AQN) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Algonquin Power & Utilities (NYSE:AQNGet Rating) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning, Zacks.com reports. The brokerage currently has $18.00 price objective on the utilities provider’s stock.

According to Zacks, “Algonquin Power & Utilities Corp. is a renewable energy and regulated utility company engaged in the ownership of power generation facilities, and water and energy utilities primarily in North America. The Corporation invests in hydroelectric, wind and solar power facilities, and sustainable utility distribution businesses (water, electricity and natural gas) through its subsidiaries. Algonquin Power & Utilities Corp. is headquartered in Oakville, Canada. “

Several other brokerages also recently weighed in on AQN. Raymond James set a $20.00 target price on Algonquin Power & Utilities and gave the stock an outperform rating in a research note on Friday, March 4th. CSFB set a $16.00 price target on Algonquin Power & Utilities and gave the stock a neutral rating in a research report on Thursday, December 16th. TD Securities dropped their price target on Algonquin Power & Utilities from $18.50 to $17.00 and set a buy rating for the company in a research report on Thursday, December 16th. National Bank Financial boosted their price target on Algonquin Power & Utilities from $15.50 to $16.00 and gave the stock an outperform rating in a research report on Monday, March 7th. Finally, StockNews.com started coverage on Algonquin Power & Utilities in a research report on Thursday, March 31st. They set a sell rating for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Algonquin Power & Utilities presently has an average rating of Hold and an average target price of $16.78.

Shares of AQN stock opened at $15.68 on Tuesday. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.56. The company has a market cap of $10.56 billion, a price-to-earnings ratio of 39.20, a PEG ratio of 2.45 and a beta of 0.40. The stock has a 50 day simple moving average of $14.79 and a 200-day simple moving average of $14.47. Algonquin Power & Utilities has a 1-year low of $13.39 and a 1-year high of $16.51.

Algonquin Power & Utilities (NYSE:AQNGet Rating) last announced its earnings results on Thursday, March 3rd. The utilities provider reported $0.21 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.21. Algonquin Power & Utilities had a return on equity of 6.97% and a net margin of 11.59%. During the same quarter in the prior year, the business posted $0.21 earnings per share. Analysts anticipate that Algonquin Power & Utilities will post 0.75 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 14th. Shareholders of record on Thursday, March 31st will be issued a $0.1706 dividend. This represents a $0.68 annualized dividend and a yield of 4.35%. The ex-dividend date of this dividend is Wednesday, March 30th. Algonquin Power & Utilities’s payout ratio is currently 170.00%.

A number of large investors have recently modified their holdings of the business. AGF Investments LLC grew its holdings in Algonquin Power & Utilities by 33.3% in the 3rd quarter. AGF Investments LLC now owns 3,092 shares of the utilities provider’s stock valued at $45,000 after buying an additional 773 shares in the last quarter. Wedbush Securities Inc. grew its holdings in Algonquin Power & Utilities by 2.6% in the 4th quarter. Wedbush Securities Inc. now owns 30,000 shares of the utilities provider’s stock valued at $434,000 after buying an additional 773 shares in the last quarter. Van ECK Associates Corp grew its holdings in Algonquin Power & Utilities by 24.2% in the 4th quarter. Van ECK Associates Corp now owns 4,171 shares of the utilities provider’s stock valued at $60,000 after buying an additional 813 shares in the last quarter. Stonehage Fleming Financial Services Holdings Ltd grew its holdings in Algonquin Power & Utilities by 53.8% in the 4th quarter. Stonehage Fleming Financial Services Holdings Ltd now owns 2,415 shares of the utilities provider’s stock valued at $34,000 after buying an additional 845 shares in the last quarter. Finally, Blair William & Co. IL grew its holdings in Algonquin Power & Utilities by 1.9% in the 4th quarter. Blair William & Co. IL now owns 48,356 shares of the utilities provider’s stock valued at $699,000 after buying an additional 900 shares in the last quarter. Institutional investors own 43.80% of the company’s stock.

Algonquin Power & Utilities Company Profile (Get Rating)

Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in Canada, the United States, Chile, and Bermuda. It generates and sells electrical energy through renewable and clean energy power generation facilities.

Further Reading

Get a free copy of the Zacks research report on Algonquin Power & Utilities (AQN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Algonquin Power & Utilities (NYSE:AQN)

Receive News & Ratings for Algonquin Power & Utilities Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Algonquin Power & Utilities and related companies with MarketBeat.com's FREE daily email newsletter.