Algonquin Power & Utilities (NYSE:AQN) PT Lowered to $6.50

Algonquin Power & Utilities (NYSE:AQN) had its price objective decreased by Scotiabank from $7.50 to $6.50 in a research report released on Monday, Marketbeat.com reports. Scotiabank currently has a sector perform rating on the utilities provider’s stock.

AQN has been the subject of several other research reports. National Bankshares reduced their target price on shares of Algonquin Power & Utilities from $7.50 to $7.25 and set a sector perform rating for the company in a research note on Tuesday, January 9th. TD Securities boosted their price objective on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a hold rating in a research note on Monday, March 11th. CIBC boosted their price objective on shares of Algonquin Power & Utilities from $7.00 to $7.50 and gave the company a neutral rating in a research note on Tuesday, January 9th. BMO Capital Markets raised shares of Algonquin Power & Utilities from a market perform rating to an outperform rating and boosted their price objective for the company from $7.00 to $7.50 in a research note on Monday, January 8th. Finally, StockNews.com raised shares of Algonquin Power & Utilities to a sell rating in a research note on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $7.67.

Algonquin Power & Utilities Stock Performance

NYSE AQN opened at $6.06 on Monday. Algonquin Power & Utilities has a 52-week low of $4.90 and a 52-week high of $9.14. The company has a 50-day simple moving average of $6.03 and a 200 day simple moving average of $5.98. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.50 and a current ratio of 0.63. The company has a market capitalization of $4.18 billion, a PE ratio of 202.00 and a beta of 0.66.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Friday, March 8th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. Algonquin Power & Utilities had a net margin of 1.06% and a return on equity of 5.64%. The business had revenue of $666.90 million during the quarter, compared to the consensus estimate of $661.73 million. During the same quarter last year, the company posted $0.22 earnings per share. The firm’s quarterly revenue was down 10.8% compared to the same quarter last year. On average, research analysts predict that Algonquin Power & Utilities will post 0.49 EPS for the current year.

Algonquin Power & Utilities Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a dividend of $0.1085 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.43 annualized dividend and a yield of 7.16%. Algonquin Power & Utilities’s payout ratio is presently 1,433.33%.

Institutional Investors Weigh In On Algonquin Power & Utilities

Several hedge funds have recently bought and sold shares of AQN. Goldman Sachs Group Inc. lifted its holdings in shares of Algonquin Power & Utilities by 754.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 15,552,484 shares of the utilities provider’s stock worth $98,292,000 after acquiring an additional 13,731,305 shares during the last quarter. Norges Bank bought a new stake in shares of Algonquin Power & Utilities in the 4th quarter worth approximately $28,322,000. Sasco Capital Inc. CT bought a new stake in shares of Algonquin Power & Utilities in the 3rd quarter worth approximately $18,156,000. Hudson Bay Capital Management LP bought a new stake in shares of Algonquin Power & Utilities in the 3rd quarter worth approximately $8,936,000. Finally, Toronto Dominion Bank lifted its holdings in shares of Algonquin Power & Utilities by 7.9% in the 3rd quarter. Toronto Dominion Bank now owns 13,293,748 shares of the utilities provider’s stock worth $78,699,000 after acquiring an additional 978,758 shares during the last quarter. 62.28% of the stock is currently owned by institutional investors.

Algonquin Power & Utilities Company Profile

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.