Algonquin Power & Utilities (NYSE:AQN) Downgraded to Buy at Industrial Alliance Securities

Algonquin Power & Utilities (NYSE:AQN) was downgraded by stock analysts at Industrial Alliance Securities to a “buy” rating in a research note issued to investors on Wednesday, TipRanks reports. They presently have a $19.00 price objective on the utilities provider’s stock. Industrial Alliance Securities’ price objective indicates a potential upside of 39.40% from the stock’s current price.

Several other equities analysts have also recently weighed in on the company. Zacks Investment Research raised Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a research report on Monday. CIBC reaffirmed an “average” rating and issued a $13.50 price target on shares of Algonquin Power & Utilities in a report on Monday, August 12th. Raymond James reaffirmed a “strong-buy” rating and issued a $15.00 price target on shares of Algonquin Power & Utilities in a report on Friday, August 9th. Royal Bank of Canada upped their price target on Algonquin Power & Utilities from $12.00 to $13.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Finally, ValuEngine cut Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Six equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $13.70.

Shares of AQN traded down $0.25 during trading hours on Wednesday, hitting $13.63. 8,354,205 shares of the company were exchanged, compared to its average volume of 387,407. The company has a market cap of $6.82 billion, a PE ratio of 20.65, a PEG ratio of 2.82 and a beta of 0.58. The firm’s 50 day moving average is $13.42 and its 200-day moving average is $12.34. Algonquin Power & Utilities has a 52 week low of $9.67 and a 52 week high of $14.45. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.83 and a current ratio of 1.03.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings results on Thursday, August 8th. The utilities provider reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.02). The company had revenue of $343.58 million for the quarter, compared to the consensus estimate of $372.40 million. Algonquin Power & Utilities had a return on equity of 7.57% and a net margin of 21.46%. As a group, equities analysts forecast that Algonquin Power & Utilities will post 0.6 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the company. Comerica Bank grew its position in Algonquin Power & Utilities by 11.6% during the 2nd quarter. Comerica Bank now owns 12,256 shares of the utilities provider’s stock worth $154,000 after acquiring an additional 1,278 shares during the last quarter. Verity Asset Management Inc. grew its position in Algonquin Power & Utilities by 14.0% during the 2nd quarter. Verity Asset Management Inc. now owns 12,670 shares of the utilities provider’s stock worth $153,000 after acquiring an additional 1,557 shares during the last quarter. Bank of Nova Scotia Trust Co. grew its position in Algonquin Power & Utilities by 5.3% during the 2nd quarter. Bank of Nova Scotia Trust Co. now owns 33,043 shares of the utilities provider’s stock worth $400,000 after acquiring an additional 1,651 shares during the last quarter. Advisor Group Inc. grew its position in Algonquin Power & Utilities by 16.0% during the 2nd quarter. Advisor Group Inc. now owns 13,517 shares of the utilities provider’s stock worth $163,000 after acquiring an additional 1,861 shares during the last quarter. Finally, Winslow Evans & Crocker Inc. bought a new stake in Algonquin Power & Utilities during the 2nd quarter worth approximately $28,000. Institutional investors own 45.89% 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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