Algonquin Power & Utilities Corp. (NYSE:AQN) Receives $6.33 Consensus Price Target from Brokerages

Algonquin Power & Utilities Corp. (NYSE:AQN - Get Free Report) has been given a consensus recommendation of "Hold" by the eleven brokerages that are covering the company, MarketBeat.com reports. Nine equities research analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $6.33.

Several research analysts recently issued reports on AQN shares. Scotiabank cut their target price 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. Desjardins reduced their target price on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a "hold" rating for the company in a research note on Monday, August 12th. Royal Bank of Canada lowered their target price on shares of Algonquin Power & Utilities from $7.00 to $6.00 and set a "sector perform" rating for the company in a report on Tuesday, August 13th. National Bank Financial upgraded shares of Algonquin Power & Utilities from a "hold" rating to a "strong-buy" rating in a report on Monday, August 12th. Finally, CIBC reduced their price objective on shares of Algonquin Power & Utilities from $7.00 to $6.00 and set a "neutral" rating for the company in a research report on Monday, August 12th.

Algonquin Power & Utilities Stock Up 1.3 %

AQN traded up $0.07 during trading on Tuesday, hitting $5.52. 4,899,320 shares of the company's stock were exchanged, compared to its average volume of 5,674,300. Algonquin Power & Utilities has a fifty-two week low of $4.90 and a fifty-two week high of $6.79. The stock has a market cap of $4.23 billion, a P/E ratio of -11.24 and a beta of 0.67. The business's 50 day moving average is $5.56 and its two-hundred day moving average is $5.95. The company has a quick ratio of 0.78, a current ratio of 0.97 and a debt-to-equity ratio of 1.08.

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

Algonquin Power & Utilities Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.065 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.26 annualized dividend and a yield of 4.71%. Algonquin Power & Utilities's payout ratio is -53.06%.

Institutional Trading of Algonquin Power & Utilities

Large investors have recently bought and sold shares of the company. Trexquant Investment LP bought a new position in shares of Algonquin Power & Utilities during the 4th quarter worth $413,000. Hsbc Holdings PLC increased its stake in shares of Algonquin Power & Utilities by 1.9% in the fourth quarter. Hsbc Holdings PLC now owns 356,479 shares of the utilities provider's stock worth $2,249,000 after purchasing an additional 6,694 shares in the last quarter. Parallel Advisors LLC raised its position in shares of Algonquin Power & Utilities by 76.3% in the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider's stock valued at $27,000 after purchasing an additional 1,882 shares during the period. Allianz Asset Management GmbH lifted its stake in shares of Algonquin Power & Utilities by 12.6% during the 4th quarter. Allianz Asset Management GmbH now owns 1,682,201 shares of the utilities provider's stock valued at $10,665,000 after buying an additional 187,687 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its holdings in Algonquin Power & Utilities by 2.7% in the 4th quarter. CIBC Asset Management Inc now owns 677,459 shares of the utilities provider's stock worth $4,288,000 after buying an additional 17,940 shares during the period. 62.28% of the stock is owned by hedge funds and other 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.