Algonquin Power & Utilities (NYSE:AQN) Receives Sector Perform Rating from Royal Bank of Canada

Algonquin Power & Utilities (NYSE:AQN)‘s stock had its “sector perform” rating reissued by research analysts at Royal Bank of Canada in a note issued to investors on Friday, Benzinga reports. They currently have a $6.00 target price on the utilities provider’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 21.46% from the stock’s current price.

Several other equities research analysts also recently commented on the stock. Scotiabank reduced their target price on shares of 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. CIBC dropped their price target on Algonquin Power & Utilities from $6.00 to $5.75 and set a “neutral” rating on the stock in a research report on Tuesday. Desjardins lowered their price objective 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. Janney Montgomery Scott initiated coverage on shares of Algonquin Power & Utilities in a research note on Thursday, September 5th. They set a “neutral” rating and a $6.00 price objective on the stock. Finally, Raymond James downgraded shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $7.75 to $7.00 in a research report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Algonquin Power & Utilities currently has a consensus rating of “Hold” and an average price target of $6.30.

Algonquin Power & Utilities Stock Performance

Shares of AQN traded down $0.04 during mid-day trading on Friday, hitting $4.94. The company’s stock had a trading volume of 2,481,547 shares, compared to its average volume of 5,657,307. The stock’s 50-day moving average is $5.41 and its two-hundred day moving average is $5.91. The firm has a market capitalization of $3.79 billion, a PE ratio of 30.88 and a beta of 0.66. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.78 and a current ratio of 0.97. Algonquin Power & Utilities has a one year low of $4.90 and a one year high of $6.79.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. Algonquin Power & Utilities had a net margin of 4.70% and a return on equity of 5.36%. The company had revenue of $598.60 million for the quarter, compared to the consensus estimate of $635.95 million. During the same quarter in the previous year, the firm posted $0.08 EPS. The business’s revenue was down 4.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Algonquin Power & Utilities will post 0.43 EPS for the current year.

Institutional Trading of Algonquin Power & Utilities

A number of large investors have recently bought and sold shares of the company. Central Pacific Bank Trust Division purchased a new stake in shares of Algonquin Power & Utilities during the 3rd quarter valued at $54,000. Claro Advisors LLC bought a new position in shares of Algonquin Power & Utilities during the 2nd quarter valued at $61,000. SeaCrest Wealth Management LLC bought a new stake in Algonquin Power & Utilities in the second quarter worth $66,000. Larson Financial Group LLC purchased a new stake in Algonquin Power & Utilities during the first quarter valued at about $76,000. Finally, SVB Wealth LLC bought a new position in shares of Algonquin Power & Utilities during the first quarter valued at about $82,000. 62.28% of the stock is 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.