Algonquin Power & Utilities (NYSE:AQN) Rating Lowered to Hold at ValuEngine

ValuEngine cut shares of Algonquin Power & Utilities (NYSE:AQN) from a buy rating to a hold rating in a research report sent to investors on Thursday morning, ValuEngine reports.

A number of other brokerages also recently commented on AQN. Raymond James restated a strong-buy rating and issued a $13.00 target price on shares of Algonquin Power & Utilities in a research note on Tuesday, June 4th. Industrial Alliance Securities restated a buy rating on shares of Algonquin Power & Utilities in a research note on Tuesday, June 4th. National Bank Financial boosted their target price on Algonquin Power & Utilities from $12.00 to $12.50 and gave the company a sector perform rating in a research note on Friday, June 21st. Desjardins restated a buy rating and issued a $13.00 target price on shares of Algonquin Power & Utilities in a research note on Tuesday, April 23rd. Finally, TheStreet upgraded Algonquin Power & Utilities from a d rating to a b rating in a research note on Wednesday, May 8th. Six equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Algonquin Power & Utilities presently has a consensus rating of Buy and a consensus price target of $12.44.

NYSE AQN traded up $0.13 on Thursday, reaching $12.76. The stock had a trading volume of 402,246 shares, compared to its average volume of 316,871. The firm has a 50 day simple moving average of $12.38. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.29 and a quick ratio of 1.10. Algonquin Power & Utilities has a 1 year low of $9.63 and a 1 year high of $12.79. The company has a market capitalization of $6.20 billion, a P/E ratio of 19.33, a price-to-earnings-growth ratio of 2.57 and a beta of 0.65.

Algonquin Power & Utilities (NYSE:AQN) last issued its earnings results on Thursday, May 9th. The utilities provider reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.03). Algonquin Power & Utilities had a net margin of 15.57% and a return on equity of 7.64%. The firm had revenue of $477.23 million during the quarter, compared to analysts’ expectations of $498.08 million. On average, research analysts forecast that Algonquin Power & Utilities will post 0.64 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a dividend of $0.142 per share. This represents a $0.57 annualized dividend and a dividend yield of 4.45%. The ex-dividend date of this dividend was Thursday, June 27th. This is an increase from Algonquin Power & Utilities’s previous quarterly dividend of $0.13. Algonquin Power & Utilities’s dividend payout ratio is 84.85%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Winslow Evans & Crocker Inc. bought a new stake in shares of Algonquin Power & Utilities during the 2nd quarter worth about $28,000. Steward Partners Investment Advisory LLC bought a new stake in shares of Algonquin Power & Utilities during the 2nd quarter worth about $34,000. Advisor Group Inc. boosted its stake in shares of Algonquin Power & Utilities by 48.3% during the 4th quarter. Advisor Group Inc. now owns 8,906 shares of the utilities provider’s stock worth $89,000 after acquiring an additional 2,899 shares in the last quarter. Comerica Bank lifted its position in shares of Algonquin Power & Utilities by 9.6% during the 1st quarter. Comerica Bank now owns 10,978 shares of the utilities provider’s stock worth $126,000 after purchasing an additional 963 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. acquired a new position in shares of Algonquin Power & Utilities during the 4th quarter worth about $135,000. Institutional investors own 46.15% of the company’s stock.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in Canada and the United States. It generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

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Analyst Recommendations for Algonquin Power & Utilities (NYSE:AQN)

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