Brokerages set Algonquin Power & Utilities Corp. (NYSE:AQN) PT at $6.33

VaselineSeptember 9, 2024

0 3 minutes read

Shares of Algonquin Power & Utilities Corp. (NYSE:AQN – Get Free Report ) has received an average recommendation of “Hold” from the eleven research firms that are presently covering the stock, MarketBeat Ratings reports. Nine research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $6.33.

Several equities analysts recently weighed in on the company. National Bankshares lifted their price target on Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a “sector perform” rating in a research report on Tuesday, May 28th. CIBC cut their price target on Algonquin Power & Utilities from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Monday, August 12th. Janney Montgomery Scott initiated coverage on shares of Algonquin Power & Utilities in a report on Thursday. They issued a “neutral” rating and a $6.00 price target on the stock. Desjardins cut their price objective on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating for the company in a research note on Monday, August 12th. Finally, Wells Fargo & Company cut shares of Algonquin Power & Utilities from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $8.50 to $6.00 in a report on Monday, August 12th.

Get the latest stock report on AQN

Algonquin Power & Utilities price performance

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Shares of NYSE AQN opened at $5.21 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.78, and a debt-to-equity ratio of 1.08. The stock has a fifty day simple moving average of $5.76 and a two hundred day simple moving average of $6.01. Algonquin Power & Utilities has a 1 year low of $4.90 and a 1 year high of $7.29. The firm has a market cap of $3.99 billion, a price-to-earnings ratio of -10.63 and a beta of 0.67.

Algonquin Power & Utilities (NYSE:AQN – Get Your Free Report ) last announced its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.09 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $635.95 million. During the same period in the previous year, the company posted EPS of $0.08. Algonquin Power & Utilities’s revenue was down 4.7% compared to the same quarter last year. Analysts anticipate that Algonquin Power & Utilities will post 0.46 earnings per share for the current year.

Algonquin Power & Utilities Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.065 per share. The ex-dividend date of this dividend is Monday, September 30. This represents an annualized dividend of $0.26 and a yield of 4.99%. Algonquin Power & Utilities’ payout ratio is currently -51.02%.

Hedge funds influence Algonquin Energy and Utilities

A number of institutional investors have recently made changes to their positions in AQN. Parallel Advisors LLC boosted its holdings in shares of Algonquin Power & Utilities by 76.3% during the 4th quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 1,882 shares during the period. shares in the last quarter. Claro Advisors LLC purchased a new stake in Algonquin Power & Utilities during the second quarter valued at approximately $61,000. SeaCrest Wealth Management LLC bought a new stake in Algonquin Power & Utilities in the second quarter valued at about $66,000. Seven Mile Advisory bought a new stake in Algonquin Power & Utilities during the fourth quarter valued at about $67,000. Finally, Larson Financial Group LLC acquired a new position in shares of Algonquin Power & Utilities in the first quarter worth about $76,000. Institutional investors own 62.28% of the company’s shares.

About Algonquin Power & Utilities

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Algonquin Power & Utilities Corp. operates in the energy and utilities industries in the United States, Canada and other regions. The company operates in two segments, the Regulated Services Group and the Renewable Energy Group. The Company primarily owns and operates a regulated electric power distribution, water distribution and wastewater collection system, as well as natural gas utility systems and transmission operations.