Algonquin Power & Utilities (NYSE:AQN) Downgraded by Wells Fargo & Company to Equal Weight

Wells Fargo & Company lowered shares of Algonquin Power & Utilities (NYSE:AQN) from an overweight rating to an equal weight rating in a research report sent to investors on Monday, Marketbeat reports. They currently have $6.00 price target on the utilities provider’s stock, down from their prior price target of $8.50.

A number of other research firms also recently weighed in on AQN. StockNews.com raised shares of Algonquin Power & Utilities to a sell rating in a research note on Friday, May 10th. Desjardins raised their price objective on Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a hold rating in a research note on Thursday, June 6th. CIBC lifted their price target on shares of Algonquin Power & Utilities from $7.50 to $7.70 and gave the company a neutral rating in a research note on Tuesday, July 2nd. Scotiabank dropped their price target on Algonquin Power & Utilities from $7.50 to $6.50 and set a sector perform rating on the stock in a research note on Monday, April 22nd. Finally, National Bankshares upped their target price on Algonquin Power & Utilities from $6.75 to $7.25 and gave the stock a sector perform rating in a report on Tuesday, May 28th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $6.36.

Algonquin Power & Utilities Stock Performance

Algonquin Power & Utilities stock opened at $5.20 on Monday. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.98 and a quick ratio of 0.79. The company has a market cap of $3.99 billion, a P/E ratio of -10.61 and a beta of 0.66. Algonquin Power & Utilities has a fifty-two week low of $4.90 and a fifty-two week high of $7.67. The firm’s 50 day simple moving average is $5.95 and its 200-day simple moving average is $6.08.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The business had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $635.95 million. Algonquin Power & Utilities had a negative net margin of 12.44% and a positive return on equity of 5.39%. The firm’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period last year, the company posted $0.08 earnings per share. As a group, equities research analysts predict that Algonquin Power & Utilities will post 0.46 EPS for the current year.

Algonquin Power & Utilities Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a dividend yield of 5.00%. The ex-dividend date of this dividend is Monday, September 30th. Algonquin Power & Utilities’s payout ratio is presently -53.06%.

Institutional Investors Weigh In On Algonquin Power & Utilities

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Algonquin Power & Utilities by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock valued at $165,893,000 after purchasing an additional 262,333 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of 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 worth $98,292,000 after purchasing an additional 13,731,305 shares in the last quarter. National Bank of Canada FI raised its stake in Algonquin Power & Utilities by 3.4% in the second quarter. National Bank of Canada FI now owns 10,565,940 shares of the utilities provider’s stock valued at $61,759,000 after buying an additional 342,528 shares during the last quarter. Bank of Nova Scotia boosted its stake in Algonquin Power & Utilities by 5.6% in the 4th quarter. Bank of Nova Scotia now owns 10,226,131 shares of the utilities provider’s stock worth $64,521,000 after purchasing an additional 542,696 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Algonquin Power & Utilities by 156.0% during the second 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 during the last quarter. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

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.