Algonquin Power & Utilities (NYSE:AQN) Reaches New 12-Month Low – Should You Sell?

Algonquin Power & Utilities Corp. (NYSE:AQN) shares reached a new 52-week low during trading on Tuesday . The stock traded as low as $4.71 and last traded at $4.73, with a volume of 28532 shares. The stock had previously closed at $4.74.

Analyst Ratings Changes

Several equities analysts have recently issued reports on AQN shares. Raymond James cut Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $7.75 to $7.00 in a research note on Monday, August 12th. National Bank Financial upgraded Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Janney Montgomery Scott initiated coverage on shares of Algonquin Power & Utilities in a report on Thursday, September 5th. They issued a “neutral” rating and a $6.00 target price on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $6.00 price target on shares of Algonquin Power & Utilities in a research note on Friday, October 11th. Finally, Wells Fargo & Company reduced their target price on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $6.23.

Algonquin Power & Utilities Stock Up 0.8 %

The firm has a market capitalization of $3.67 billion, a P/E ratio of 29.75 and a beta of 0.68. The stock has a fifty day moving average price of $5.24 and a two-hundred day moving average price of $5.77. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.78 and a current ratio of 0.97.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. Algonquin Power & Utilities had a net margin of 4.70% and a return on equity of 5.36%. The business had revenue of $598.60 million for the quarter, compared to analysts’ expectations of $635.95 million. During the same period in the previous year, the business earned $0.08 earnings per share. The company’s revenue was down 4.7% on a year-over-year basis. Research analysts forecast that Algonquin Power & Utilities Corp. will post 0.43 EPS for the current year.

Algonquin Power & Utilities Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.065 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.26 annualized dividend and a yield of 5.44%. Algonquin Power & Utilities’s dividend payout ratio is presently 162.50%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of AQN. The Manufacturers Life Insurance Company lifted its holdings in Algonquin Power & Utilities by 320.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider’s stock worth $42,633,000 after purchasing an additional 5,544,063 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Algonquin Power & Utilities by 156.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock valued at $52,341,000 after buying an additional 5,426,523 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of Algonquin Power & Utilities by 851.0% during the 1st quarter. Jane Street Group LLC now owns 3,765,026 shares of the utilities provider’s stock worth $23,797,000 after acquiring an additional 3,369,124 shares during the period. Private Management Group Inc. acquired a new stake in shares of Algonquin Power & Utilities during the 3rd quarter valued at about $12,361,000. Finally, Davidson Kempner Capital Management LP lifted its stake in Algonquin Power & Utilities by 79.8% during the second quarter. Davidson Kempner Capital Management LP now owns 4,634,250 shares of the utilities provider’s stock worth $27,157,000 after purchasing an additional 2,056,534 shares during the period. Hedge funds and other institutional investors own 62.28% of the company’s stock.

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.