Algonquin Power & Utilities (TSE:AQN) Sets New 12-Month High at $24.00

Algonquin Power & Utilities Corp. (TSE:AQN)’s stock price hit a new 52-week high on Thursday . The stock traded as high as C$24.00 and last traded at C$7.34, with a volume of 998982 shares. The stock had previously closed at C$7.27.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AQN. National Bank Financial upgraded shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Wells Fargo & Company downgraded shares of Algonquin Power & Utilities from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 12th. Raymond James cut Algonquin Power & Utilities from a “moderate buy” rating to a “hold” rating in a report on Monday, August 12th. Finally, Janney Montgomery Scott raised Algonquin Power & Utilities to a “hold” rating in a report on Thursday, September 5th. Five analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Algonquin Power & Utilities presently has an average rating of “Hold” and an average target price of C$6.25.

Algonquin Power & Utilities Price Performance

The company has a debt-to-equity ratio of 108.48, a quick ratio of 0.37 and a current ratio of 0.97. The company’s 50-day moving average price is C$7.84 and its 200 day moving average price is C$8.20. The stock has a market capitalization of C$5.74 billion, a P/E ratio of 33.27, a P/E/G ratio of 1.07 and a beta of 0.52.

Algonquin Power & Utilities (TSE:AQN) last posted its quarterly earnings results on Friday, August 9th. The company reported C$0.12 EPS for the quarter, beating analysts’ consensus estimates of C$0.11 by C$0.01. The business had revenue of C$819.06 million for the quarter, compared to analysts’ expectations of C$851.84 million. Algonquin Power & Utilities had a return on equity of 0.24% and a net margin of 4.70%. As a group, equities analysts expect that Algonquin Power & Utilities Corp. will post 0.5010395 earnings per share for the current year.

Algonquin Power & Utilities Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.36 dividend on an annualized basis and a dividend yield of ∞. Algonquin Power & Utilities’s dividend payout ratio is 163.64%.

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.