Algonquin Power & Utilities (NYSE:AQN) Given “Sector Perform” Rating at Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Algonquin Power & Utilities (NYSE:AQNFree Report) in a research report report published on Wednesday morning, Benzinga reports. The brokerage currently has a $7.00 price objective on the utilities provider’s stock.

Several other research analysts have also issued reports on AQN. Wells Fargo & Company increased their price target on Algonquin Power & Utilities from $8.00 to $8.50 and gave the stock an overweight rating in a report on Monday, May 13th. Desjardins raised their target price on Algonquin Power & Utilities from $5.25 to $5.50 and gave the company a hold rating in a report on Thursday, June 6th. National Bankshares raised their target price on Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a sector perform rating in a report on Tuesday, May 28th. CIBC raised their target price on Algonquin Power & Utilities from $7.50 to $7.70 and gave the company a neutral rating in a report on Tuesday, July 2nd. Finally, Scotiabank dropped their target price on Algonquin Power & Utilities from $7.50 to $6.50 and set a sector perform rating on the stock in a report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $7.38.

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Algonquin Power & Utilities Trading Up 2.2 %

Shares of AQN stock opened at $6.13 on Wednesday. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of -12.51 and a beta of 0.66. The stock has a 50-day moving average of $6.21 and a 200-day moving average of $6.13. The company has a current ratio of 0.98, a quick ratio of 0.79 and a debt-to-equity ratio of 1.42. Algonquin Power & Utilities has a 1-year low of $4.90 and a 1-year high of $8.49.

Algonquin Power & Utilities (NYSE:AQNGet Free Report) last issued its quarterly earnings results on Friday, May 10th. The utilities provider reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). Algonquin Power & Utilities had a negative net margin of 12.44% and a positive return on equity of 5.39%. The company had revenue of $737.10 million during the quarter, compared to analyst estimates of $813.38 million. During the same period in the previous year, the company posted $0.17 EPS. The company’s quarterly revenue was down 5.3% on a year-over-year basis. On average, equities research analysts forecast that Algonquin Power & Utilities will post 0.46 earnings per share for the current year.

Algonquin Power & Utilities Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a $0.108 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.43 dividend on an annualized basis and a dividend yield of 7.05%. Algonquin Power & Utilities’s dividend payout ratio is currently -87.76%.

Institutional Trading of Algonquin Power & Utilities

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Algonquin Power & Utilities by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock valued at $165,893,000 after buying an additional 262,333 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Algonquin Power & Utilities by 754.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 15,552,484 shares of the utilities provider’s stock valued at $98,292,000 after buying an additional 13,731,305 shares during the period. Bank of Nova Scotia lifted its holdings in shares of Algonquin Power & Utilities by 5.6% during the 4th quarter. Bank of Nova Scotia now owns 10,226,131 shares of the utilities provider’s stock valued at $64,521,000 after buying an additional 542,696 shares during the period. National Bank of Canada FI lifted its holdings in shares of Algonquin Power & Utilities by 6.5% during the 1st quarter. National Bank of Canada FI now owns 10,223,412 shares of the utilities provider’s stock valued at $67,050,000 after buying an additional 620,593 shares during the period. Finally, Intact Investment Management Inc. lifted its holdings in shares of Algonquin Power & Utilities by 2.4% during the 4th quarter. Intact Investment Management Inc. now owns 4,962,219 shares of the utilities provider’s stock valued at $31,309,000 after buying an additional 114,060 shares during the period. 62.28% of the stock is owned by institutional investors.

Algonquin Power & Utilities Company Profile

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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.

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