Algonquin Power & Utilities (NYSE:AQN) PT Lowered to $5.75 at CIBC

Algonquin Power & Utilities (NYSE:AQN) had its price target lowered by CIBC from $6.00 to $5.75 in a research report sent to investors on Tuesday, MarketBeat Ratings reports. CIBC currently has a neutral rating on the utilities provider’s stock.

Several other equities research analysts also recently issued reports on AQN. Janney Montgomery Scott initiated coverage on Algonquin Power & Utilities in a report on Thursday, September 5th. They set a neutral rating and a $6.00 price target for the company. Wells Fargo & Company lowered shares of Algonquin Power & Utilities from an overweight rating to an equal weight rating and dropped their price target for the company from $8.50 to $6.00 in a research report on Monday, August 12th. Desjardins cut their price target on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a hold rating on the stock in a report on Monday, August 12th. Raymond James lowered shares of Algonquin Power & Utilities from an outperform rating to a market perform rating and decreased their price objective for the company from $7.75 to $7.00 in a research note on Monday, August 12th. Finally, Scotiabank cut their target price on Algonquin Power & Utilities from $6.50 to $5.75 and set a sector perform rating on the stock in a research note on Tuesday, August 13th. 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 company. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $6.30.

Algonquin Power & Utilities Stock Performance

AQN opened at $4.99 on Tuesday. Algonquin Power & Utilities has a 1-year low of $4.90 and a 1-year high of $6.79. The company has a market cap of $3.82 billion, a price-to-earnings ratio of -10.17 and a beta of 0.66. The company’s fifty day moving average price is $5.41 and its two-hundred day moving average price is $5.91. 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 (NYSE:AQN) last posted its earnings results on Friday, August 9th. The utilities provider reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. The company had revenue of $598.60 million for the quarter, compared to analyst estimates 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 revenue was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.08 EPS. On average, analysts expect that Algonquin Power & Utilities will post 0.43 EPS for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 5.22%. The ex-dividend date is Monday, September 30th. Algonquin Power & Utilities’s dividend payout ratio is currently -53.06%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its stake in Algonquin Power & Utilities by 754.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 15,552,484 shares of the utilities provider’s stock valued at $98,292,000 after acquiring an additional 13,731,305 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of 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 lifted its stake in shares of Algonquin Power & Utilities by 156.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock valued at $52,341,000 after buying an additional 5,426,523 shares in the last quarter. Jane Street Group LLC boosted its holdings in Algonquin Power & Utilities by 851.0% in the 1st quarter. Jane Street Group LLC now owns 3,765,026 shares of the utilities provider’s stock worth $23,797,000 after buying an additional 3,369,124 shares during the period. Finally, Davidson Kempner Capital Management LP grew its stake in Algonquin Power & Utilities by 79.8% in the 2nd quarter. Davidson Kempner Capital Management LP now owns 4,634,250 shares of the utilities provider’s stock valued at $27,157,000 after buying an additional 2,056,534 shares in the last quarter. 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.