Algonquin Power & Utilities (NYSE:AQN) PT Raised to $10.00 at Wells Fargo & Company

Posted by Defense World Staff on May 14th, 2023

Algonquin Power & Utilities (NYSE:AQN – Get Rating) had its price objective upped by stock analysts at Wells Fargo & Company from $9.50 to $10.00 in a research report issued on Friday, The Fly reports. Wells Fargo & Company‘s target price would suggest a potential upside of 16.14% from the company’s previous close.

AQN has been the subject of a number of other research reports. StockNews.com raised shares of Algonquin Power & Utilities to a “sell” rating in a report on Monday, March 20th. TD Securities boosted their price target on shares of Algonquin Power & Utilities from $8.00 to $9.00 and gave the company a “hold” rating in a report on Monday, April 17th. Credit Suisse Group cut their price objective on shares of Algonquin Power & Utilities from $11.00 to $10.50 and set an “outperform” rating on the stock in a research note on Friday, January 13th. Raymond James cut their price objective on shares of Algonquin Power & Utilities from $11.50 to $10.00 and set an “outperform” rating on the stock in a research note on Friday, January 13th. Finally, Desjardins cut shares of Algonquin Power & Utilities from a “hold” rating to a “sell” rating in a research report on Friday, January 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $10.13.

Algonquin Power & Utilities Trading Down 0.1 %

NYSE AQN opened at $8.61 on Friday. Algonquin Power & Utilities has a one year low of $6.41 and a one year high of $14.85. The company’s 50 day moving average price is $8.27 and its 200 day moving average price is $7.96. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.57 and a current ratio of 0.71. The firm has a market capitalization of $5.93 billion, a price-to-earnings ratio of -26.91, a PEG ratio of 5.01 and a beta of 0.51.

Algonquin Power & Utilities (NYSE:AQN – Get Rating) last released its quarterly earnings results on Friday, March 17th. The utilities provider reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. The business had revenue of $748.00 million during the quarter, compared to the consensus estimate of $703.54 million. Algonquin Power & Utilities had a negative net margin of 7.64% and a positive return on equity of 7.01%. The business’s quarterly revenue was up 26.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.21 earnings per share. On average, sell-side analysts predict that Algonquin Power & Utilities will post 0.58 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Power Corp of Canada acquired a new stake in shares of Algonquin Power & Utilities in the first quarter valued at $31,000. US Bancorp DE increased its stake in shares of Algonquin Power & Utilities by 83.7% in the third quarter. US Bancorp DE now owns 2,485 shares of the utilities provider’s stock valued at $28,000 after buying an additional 1,132 shares in the last quarter. Ten Capital Wealth Advisors LLC acquired a new stake in shares of Algonquin Power & Utilities in the third quarter valued at $28,000. Pacifica Partners Inc. increased its stake in shares of Algonquin Power & Utilities by 866.7% in the first quarter. Pacifica Partners Inc. now owns 2,900 shares of the utilities provider’s stock valued at $25,000 after buying an additional 2,600 shares in the last quarter. Finally, Captrust Financial Advisors increased its stake in shares of Algonquin Power & Utilities by 66.4% in the second quarter. Captrust Financial Advisors now owns 3,526 shares of the utilities provider’s stock valued at $47,000 after buying an additional 1,407 shares in the last quarter. 41.26% of the stock is currently owned by institutional investors and hedge funds.

About Algonquin Power & Utilities

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