Brokerages Set Algonquin Power & Utilities Corp. (NYSE:AQN) Price Target at $5.94

Shares of Algonquin Power & Utilities Corp. (NYSE:AQN) have been assigned an average rating of “Hold” from the ten analysts that are covering the stock, MarketBeat reports. Eight equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $5.94.

AQN has been the subject of a number of recent analyst reports. Royal Bank of Canada lowered their target price on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set a “sector perform” rating for the company in a report on Tuesday, February 18th. National Bankshares dropped their price objective on Algonquin Power & Utilities from $6.75 to $6.25 and set an “outperform” rating for the company in a report on Tuesday, February 11th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $7.00 price target on shares of Algonquin Power & Utilities in a research report on Thursday, December 12th. Finally, Scotiabank upped their price target on Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a “sector perform” rating in a research note on Thursday, February 13th.

Algonquin Power & Utilities Price Performance

Shares of NYSE:AQN opened at $5.15 on Tuesday. The company has a market cap of $3.95 billion, a P/E ratio of -3.99 and a beta of 0.71. The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17. Algonquin Power & Utilities has a 52 week low of $4.19 and a 52 week high of $6.79. The business has a fifty day simple moving average of $4.79 and a 200-day simple moving average of $4.83.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings results on Friday, March 7th. The utilities provider reported $0.06 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.04). Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The business had revenue of $584.80 million during the quarter, compared to analysts’ expectations of $644.73 million. Equities research analysts forecast that Algonquin Power & Utilities will post 0.38 EPS for the current year.

Algonquin Power & Utilities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.065 per share. The ex-dividend date is Monday, March 31st. This represents a $0.26 annualized dividend and a dividend yield of 5.05%. Algonquin Power & Utilities’s payout ratio is currently -14.44%.

Hedge Funds Weigh In On Algonquin Power & Utilities

Institutional investors and hedge funds have recently bought and sold shares of the stock. Northwest & Ethical Investments L.P. grew its holdings in Algonquin Power & Utilities by 6.6% during the 4th quarter. Northwest & Ethical Investments L.P. now owns 50,251 shares of the utilities provider’s stock valued at $223,000 after purchasing an additional 3,096 shares in the last quarter. Raymond James Trust N.A. boosted its position in Algonquin Power & Utilities by 33.4% in the 3rd quarter. Raymond James Trust N.A. now owns 13,343 shares of the utilities provider’s stock valued at $73,000 after buying an additional 3,343 shares during the last quarter. CIBC Asset Management Inc grew its stake in shares of Algonquin Power & Utilities by 0.4% during 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. Quadrant Capital Group LLC increased its position in shares of Algonquin Power & Utilities by 40.5% during the fourth quarter. Quadrant Capital Group LLC now owns 17,555 shares of the utilities provider’s stock worth $78,000 after acquiring an additional 5,060 shares during the last quarter. Finally, Redwood Investment Management LLC lifted its stake in shares of Algonquin Power & Utilities by 1.2% in the third quarter. Redwood Investment Management LLC now owns 505,299 shares of the utilities provider’s stock worth $2,794,000 after acquiring an additional 6,176 shares in the last quarter. 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.