Algonquin Power & Utilities (TSE:AQN) Stock Price Down 14.6% After Analyst Downgrade

Algonquin Power & Utilities Corp. (TSE:AQNGet Rating)’s stock price was down 14.6% during mid-day trading on Friday after National Bankshares lowered their price target on the stock from C$14.25 to C$13.50. The company traded as low as C$12.33 and last traded at C$13.06. Approximately 5,043,539 shares changed hands during trading, an increase of 117% from the average daily volume of 2,321,530 shares. The stock had previously closed at C$15.29.

Separately, JPMorgan Chase & Co. lifted their price objective on Algonquin Power & Utilities from C$20.00 to C$21.00 in a report on Tuesday, August 23rd. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of C$19.90.

Algonquin Power & Utilities Price Performance

The company has a market cap of C$8.36 billion and a PE ratio of 30.10. The company has a debt-to-equity ratio of 102.90, a quick ratio of 0.42 and a current ratio of 0.77. The stock has a 50 day moving average of C$15.68 and a 200-day moving average of C$17.17.

Algonquin Power & Utilities (TSE:AQNGet Rating) last released its quarterly earnings data on Thursday, August 11th. The company reported C$0.21 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.19 by C$0.02. The company had revenue of C$796.83 million for the quarter, compared to analysts’ expectations of C$778.60 million. Equities analysts predict that Algonquin Power & Utilities Corp. will post 1.0800001 earnings per share for the current year.

Algonquin Power & Utilities Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 13th. Stockholders of record on Friday, December 30th will be given a dividend of $0.246 per share. This represents a $0.98 dividend on an annualized basis and a dividend yield of 7.97%. The ex-dividend date is Thursday, December 29th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently 168.93%.

About Algonquin Power & Utilities

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Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets. The company operates through two segments, Regulated Services Group and Renewable Energy Group. The Regulated Services Group segment operates a portfolio of rate-regulated utilities located in the United States, Canada, Chile, and Bermuda.

Further Reading

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