Algonquin Power & Utilities (NYSE:AQN) Sets New 12-Month Low - Here's Why

Algonquin Power & Utilities Corp. (NYSE:AQN - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $4.90 and last traded at $4.91, with a volume of 4298067 shares trading hands. The stock had previously closed at $5.03.

Analyst Upgrades and Downgrades

AQN has been the topic of a number of recent research reports. National Bank Financial raised Algonquin Power & Utilities from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 12th. Wells Fargo & Company dropped their target price on Algonquin Power & Utilities from $6.00 to $5.50 and set an "equal weight" rating on the stock in a research report on Wednesday, October 16th. Janney Montgomery Scott assumed coverage on Algonquin Power & Utilities in a research report on Thursday, September 5th. They set a "neutral" rating and a $6.00 price target on the stock. Scotiabank lowered their price target on Algonquin Power & Utilities from $6.50 to $5.75 and set a "sector perform" rating on the stock in a research report on Tuesday, August 13th. Finally, Raymond James lowered Algonquin Power & Utilities from an "outperform" rating to a "market perform" rating and lowered their price target for the stock from $7.75 to $7.00 in a research report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $6.23.

Algonquin Power & Utilities Trading Down 2.3 %

The business has a 50 day moving average of $5.30 and a two-hundred day moving average of $5.83. The company has a current ratio of 0.97, a quick ratio of 0.78 and a debt-to-equity ratio of 1.08. The firm has a market cap of $3.77 billion, a P/E ratio of -10.03 and a beta of 0.66.

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

Algonquin Power & Utilities Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.065 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.26 annualized dividend and a yield of 5.29%. Algonquin Power & Utilities's dividend payout ratio is presently -53.06%.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several large investors have recently bought and sold shares of the company. Krilogy Financial LLC raised its position in Algonquin Power & Utilities by 0.3% in the second quarter. Krilogy Financial LLC now owns 707,000 shares of the utilities provider's stock valued at $4,143,000 after purchasing an additional 1,800 shares during the last quarter. Private Advisor Group LLC raised its position in Algonquin Power & Utilities by 14.1% in the third quarter. Private Advisor Group LLC now owns 17,769 shares of the utilities provider's stock valued at $97,000 after purchasing an additional 2,201 shares during the last quarter. Hennessy Advisors Inc. raised its position in Algonquin Power & Utilities by 4.1% in the second quarter. Hennessy Advisors Inc. now owns 108,564 shares of the utilities provider's stock valued at $636,000 after purchasing an additional 4,300 shares during the last quarter. Value Partners Investments Inc. raised its position in Algonquin Power & Utilities by 31.8% in the first quarter. Value Partners Investments Inc. now owns 18,338 shares of the utilities provider's stock valued at $116,000 after purchasing an additional 4,428 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Algonquin Power & Utilities by 25.7% in the second quarter. EverSource Wealth Advisors LLC now owns 28,704 shares of the utilities provider's stock valued at $179,000 after purchasing an additional 5,863 shares during the last quarter. 62.28% of the stock is currently owned by institutional investors.

About Algonquin Power & Utilities

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.