Algonquin Power & Utilities (NYSE:AQN) Price Target Lowered to $5.25 at Scotiabank

Algonquin Power & Utilities (NYSE:AQN) had its target price reduced by research analysts at Scotiabank from $5.75 to $5.25 in a report released on Friday,Benzinga reports. The brokerage presently has a “sector perform” rating on the utilities provider’s stock. Scotiabank’s price objective indicates a potential upside of 9.15% from the stock’s previous close.

Several other equities research analysts have also issued reports on the stock. Raymond James lowered shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $7.75 to $7.00 in a research note on Monday, August 12th. Desjardins dropped their target price 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. CIBC dropped their target price on shares of Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Janney Montgomery Scott started coverage on shares of Algonquin Power & Utilities in a report on Thursday, September 5th. They issued a “neutral” rating and a $6.00 target price on the stock. Finally, National Bank Financial upgraded shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $6.18.

Algonquin Power & Utilities Trading Up 0.2 %

Shares of NYSE:AQN opened at $4.81 on Friday. The firm has a fifty day moving average of $5.20 and a two-hundred day moving average of $5.75. The firm has a market capitalization of $3.69 billion, a P/E ratio of 30.06 and a beta of 0.68. Algonquin Power & Utilities has a 12-month low of $4.67 and a 12-month high of $6.79. The company has a quick ratio of 0.78, a current ratio of 0.97 and a debt-to-equity ratio of 1.08.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, beating 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 business had revenue of $598.60 million during the quarter, compared to analyst estimates of $635.95 million. During the same quarter in the previous year, the business earned $0.08 EPS. Algonquin Power & Utilities’s quarterly revenue was down 4.7% compared to the same quarter last year. On average, equities analysts expect that Algonquin Power & Utilities will post 0.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Algonquin Power & Utilities

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AQN. The Manufacturers Life Insurance Company boosted its position in 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 buying an additional 5,544,063 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in Algonquin Power & Utilities by 156.0% in 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 in the last quarter. Jane Street Group LLC boosted its position in Algonquin Power & Utilities by 851.0% in the first quarter. Jane Street Group LLC now owns 3,765,026 shares of the utilities provider’s stock valued at $23,797,000 after buying an additional 3,369,124 shares in the last quarter. Private Management Group Inc. acquired a new position in Algonquin Power & Utilities in the third quarter valued at about $12,361,000. Finally, Davidson Kempner Capital Management LP lifted its position in shares of Algonquin Power & Utilities by 79.8% during the second quarter. Davidson Kempner Capital Management LP now owns 4,634,250 shares of the utilities provider’s stock worth $27,157,000 after purchasing an additional 2,056,534 shares in the last quarter. 62.28% of the stock is currently owned by institutional investors and hedge funds.

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.