Algonquin Power & Utilities (NYSE:AQN) Cut 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 released on Thursday, ValuEngine reports.

Several other equities analysts also recently weighed in on AQN. TheStreet raised Algonquin Power & Utilities from a d rating to a b rating in a research note on Wednesday, May 8th. National Bank Financial raised their price objective 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. Industrial Alliance Securities reaffirmed a buy rating on shares of Algonquin Power & Utilities in a research note on Tuesday, June 4th. Desjardins reiterated a buy rating and set a $13.00 target price on shares of Algonquin Power & Utilities in a report on Tuesday, April 23rd. Finally, Zacks Investment Research cut Algonquin Power & Utilities from a buy rating to a hold rating in a report on Monday, July 29th. Six investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of Buy and a consensus target price of $12.44.

NYSE AQN opened at $12.76 on Thursday. Algonquin Power & Utilities has a 1-year low of $9.63 and a 1-year high of $12.79. The stock has a market cap of $6.27 billion, a P/E ratio of 19.33, a P/E/G ratio of 2.60 and a beta of 0.65. The company has a 50 day moving average price of $12.38. The company has a quick ratio of 1.10, a current ratio of 1.29 and a debt-to-equity ratio of 1.03.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings data on Thursday, May 9th. The utilities provider reported $0.19 earnings per share for the quarter, missing the consensus estimate 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. Equities research analysts anticipate that Algonquin Power & Utilities will post 0.64 earnings per share for the current year.

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

A number of large investors have recently made changes to their positions in the business. Bank of Montreal Can grew its holdings in Algonquin Power & Utilities by 15.1% during the 1st quarter. Bank of Montreal Can now owns 40,148,416 shares of the utilities provider’s stock valued at $452,472,000 after buying an additional 5,271,752 shares during the last quarter. TD Asset Management Inc. grew its holdings in Algonquin Power & Utilities by 2.7% during the 2nd quarter. TD Asset Management Inc. now owns 11,263,390 shares of the utilities provider’s stock valued at $136,790,000 after buying an additional 295,846 shares during the last quarter. Toronto Dominion Bank grew its holdings in Algonquin Power & Utilities by 21.7% during the 1st quarter. Toronto Dominion Bank now owns 8,846,445 shares of the utilities provider’s stock valued at $99,739,000 after buying an additional 1,578,194 shares during the last quarter. GQG Partners LLC grew its holdings in Algonquin Power & Utilities by 10.7% during the 1st quarter. GQG Partners LLC now owns 8,334,820 shares of the utilities provider’s stock valued at $93,770,000 after buying an additional 805,896 shares during the last quarter. Finally, Intact Investment Management Inc. grew its holdings in Algonquin Power & Utilities by 9.0% during the 1st quarter. Intact Investment Management Inc. now owns 6,529,760 shares of the utilities provider’s stock valued at $98,012,000 after buying an additional 536,700 shares during the last quarter. Hedge funds and other 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.

Further Reading: Certificate of Deposit (CD)

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

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