Algonquin Power & Utilities Corp. (NYSE:AQN) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Algonquin Power & Utilities Corp. (NYSE:AQN) have earned an average recommendation of “Hold” from the eleven analysts that are presently covering the company, MarketBeat reports. Ten investment analysts have rated the stock with a hold rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have covered the stock in the last year is $6.13.

Several research firms recently commented on AQN. Scotiabank reduced their price objective on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a research note on Friday, November 8th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $7.00 target price on shares of Algonquin Power & Utilities in a report on Thursday, December 12th. Royal Bank of Canada reissued a “sector perform” rating and issued a $6.00 price target on shares of Algonquin Power & Utilities in a research note on Friday, October 11th. CIBC dropped their price objective on shares of Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Finally, Wells Fargo & Company decreased their target price on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research note on Wednesday, October 16th.

Algonquin Power & Utilities Stock Performance

AQN opened at $4.28 on Thursday. The firm’s fifty day simple moving average is $4.61 and its two-hundred day simple moving average is $5.19. Algonquin Power & Utilities has a 52-week low of $4.19 and a 52-week high of $6.79. The company has a market cap of $3.28 billion, a price-to-earnings ratio of -3.32 and a beta of 0.69. The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The firm had revenue of $573.20 million during the quarter, compared to analyst estimates of $620.46 million. During the same quarter in the previous year, the firm posted $0.11 earnings per share. The company’s quarterly revenue was up 1.5% on a year-over-year basis. Equities analysts anticipate that Algonquin Power & Utilities will post 0.39 earnings per share for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $0.065 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $0.26 dividend on an annualized basis and a yield of 6.07%. Algonquin Power & Utilities’s dividend payout ratio is currently -20.16%.

Hedge Funds Weigh In On Algonquin Power & Utilities

Hedge funds have recently modified their holdings of the business. Bank of Montreal Can lifted its position in Algonquin Power & Utilities by 6.0% in the third quarter. Bank of Montreal Can now owns 20,882,966 shares of the utilities provider’s stock valued at $115,175,000 after buying an additional 1,190,236 shares during the last quarter. EdgePoint Investment Group Inc. raised its stake in shares of Algonquin Power & Utilities by 5.1% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 17,190,084 shares of the utilities provider’s stock valued at $93,918,000 after acquiring an additional 832,739 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Algonquin Power & Utilities by 45.5% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 12,959,770 shares of the utilities provider’s stock worth $70,806,000 after acquiring an additional 4,054,711 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Algonquin Power & Utilities by 6.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 7,720,474 shares of the utilities provider’s stock worth $42,105,000 after purchasing an additional 447,246 shares during the period. Finally, Point72 Asset Management L.P. increased its holdings in Algonquin Power & Utilities by 31.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 5,956,389 shares of the utilities provider’s stock valued at $34,989,000 after purchasing an additional 1,415,889 shares during the last quarter. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Company Profile

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.