Algonquin Power & Utilities (NYSE:AQN) Price Target Cut to $5.50

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) had its price target decreased by investment analysts at CIBC from $5.75 to $5.50 in a report released on Tuesday, Benzinga reports. The brokerage presently has a "neutral" rating on the utilities provider's stock. CIBC's target price suggests a potential upside of 8.48% from the company's current price.

Several other brokerages have also issued reports on AQN. Raymond James lowered Algonquin Power & Utilities from an "outperform" rating to a "market perform" rating and dropped their price target for the stock from $7.75 to $7.00 in a research note on Monday, August 12th. Desjardins cut their target price on Algonquin Power & Utilities from $5.50 to $5.25 and set a "hold" rating on the stock in a research note on Monday, August 12th. National Bank Financial raised shares of Algonquin Power & Utilities from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 12th. Janney Montgomery Scott initiated 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. Finally, Royal Bank of Canada reiterated a "sector perform" rating and set a $6.00 target price on shares of Algonquin Power & Utilities in a report on Friday, October 11th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Algonquin Power & Utilities presently has an average rating of "Hold" and an average price target of $6.23.

Algonquin Power & Utilities Trading Down 0.6 %

AQN stock traded down $0.03 during mid-day trading on Tuesday, reaching $5.07. The company's stock had a trading volume of 3,526,561 shares, compared to its average volume of 5,613,381. The company has a current ratio of 0.97, a quick ratio of 0.78 and a debt-to-equity ratio of 1.08. Algonquin Power & Utilities has a 12 month low of $4.90 and a 12 month high of $6.79. The business's 50 day moving average price is $5.31 and its 200 day moving average price is $5.85. The company has a market cap of $3.89 billion, a price-to-earnings ratio of -10.35 and a beta of 0.66.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.08 by $0.01. The business had revenue of $598.60 million during the quarter, compared to the consensus estimate 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 quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.08 earnings per share. On average, equities research analysts predict that Algonquin Power & Utilities will post 0.43 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AQN. The Manufacturers Life Insurance Company increased its stake in Algonquin Power & Utilities by 320.6% in the second quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider's stock valued at $42,633,000 after purchasing an additional 5,544,063 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Algonquin Power & Utilities by 156.0% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider's stock worth $52,341,000 after buying an additional 5,426,523 shares during the period. Jane Street Group LLC grew its holdings in Algonquin Power & Utilities by 851.0% in the first quarter. Jane Street Group LLC now owns 3,765,026 shares of the utilities provider's stock valued at $23,797,000 after purchasing an additional 3,369,124 shares during the last quarter. Davidson Kempner Capital Management LP increased its stake in shares of Algonquin Power & Utilities by 79.8% during the 2nd 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 in the last quarter. Finally, Capital Research Global Investors acquired a new position in Algonquin Power & Utilities in the 1st quarter valued at about $9,924,000. Hedge funds and other institutional investors own 62.28% of the company's stock.

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.

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