Algonquin Power & Utilities (NYSE:AQN) Price Target Raised to $6.50 at TD Securities

Algonquin Power & Utilities (NYSE:AQN) had its price target boosted by TD Securities from $6.00 to $6.50 in a report released on Wednesday,Benzinga reports. The firm currently has a hold rating on the utilities provider’s stock.

A number of other equities analysts have also recently weighed in on AQN. Wall Street Zen cut Algonquin Power & Utilities from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. Scotiabank lifted their price target on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “sector perform” rating in a research note on Wednesday. Raymond James boosted their price objective on shares of Algonquin Power & Utilities from $5.00 to $6.00 and gave the stock a “market perform” rating in a report on Wednesday. BMO Capital Markets reaffirmed a “market perform” rating and issued a $6.00 price objective (up previously from $5.00) on shares of Algonquin Power & Utilities in a research note on Monday, May 12th. Finally, CIBC lifted their target price on shares of Algonquin Power & Utilities from $5.75 to $6.25 and gave the stock a “neutral” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating and twelve have assigned a hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $6.31.

Algonquin Power & Utilities Trading Down 4.8%

Shares of Algonquin Power & Utilities stock opened at $5.92 on Wednesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73. Algonquin Power & Utilities has a 1 year low of $4.19 and a 1 year high of $6.36. The firm has a market cap of $4.55 billion, a PE ratio of -4.59 and a beta of 0.67. The company has a 50 day simple moving average of $5.35 and a two-hundred day simple moving average of $4.91.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Friday, May 9th. The utilities provider reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.05. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The firm had revenue of $692.40 million for the quarter, compared to analysts’ expectations of $699.08 million. During the same quarter last year, the company posted $0.14 EPS. Analysts expect that Algonquin Power & Utilities will post 0.38 earnings per share for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.39%. The ex-dividend date of this dividend is Monday, June 30th. Algonquin Power & Utilities’s payout ratio is -15.48%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its holdings in Algonquin Power & Utilities by 16.3% in the 1st quarter. Bank of New York Mellon Corp now owns 14,809 shares of the utilities provider’s stock worth $76,000 after buying an additional 2,073 shares during the period. US Bancorp DE lifted its stake in Algonquin Power & Utilities by 85.7% in the first quarter. US Bancorp DE now owns 4,887 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 2,256 shares during the period. Northwest & Ethical Investments L.P. lifted its stake in Algonquin Power & Utilities by 6.6% in the fourth quarter. Northwest & Ethical Investments L.P. now owns 50,251 shares of the utilities provider’s stock worth $223,000 after acquiring an additional 3,096 shares during the period. CIBC Asset Management Inc boosted its holdings in Algonquin Power & Utilities by 0.4% in the fourth quarter. CIBC Asset Management Inc now owns 935,130 shares of the utilities provider’s stock valued at $4,141,000 after acquiring an additional 3,656 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its position in Algonquin Power & Utilities by 40.5% during the 4th quarter. Quadrant Capital Group LLC now owns 17,555 shares of the utilities provider’s stock valued at $78,000 after purchasing an additional 5,060 shares during the period. Hedge funds and other institutional investors own 62.28% of the company’s stock.

About Algonquin Power & Utilities

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