Brokerages Set Algonquin Power & Utilities Corp (AQN) Price Target at $12.25

Brokerages Set Algonquin Power & Utilities Corp (AQN) Price Target at $12.25

Algonquin Power & Utilities Corp (NYSE:AQN) has earned a consensus rating of “Hold” from the nine ratings firms that are currently covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $12.25.

A number of research analysts recently commented on AQN shares. Zacks Investment Research raised Algonquin Power & Utilities from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Wednesday, February 13th. Canaccord Genuity downgraded Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a report on Friday, February 8th. Bank of America started coverage on Algonquin Power & Utilities in a report on Wednesday, February 27th. They issued a “neutral” rating and a $11.00 price target for the company. Raymond James reissued a “strong-buy” rating and issued a $13.00 price target on shares of Algonquin Power & Utilities in a report on Friday, March 1st. Finally, Desjardins reissued a “buy” rating and issued a $13.00 price target on shares of Algonquin Power & Utilities in a report on Tuesday, April 23rd.

A number of hedge funds and other institutional investors have recently made changes to their positions in AQN. GQG Partners LLC acquired a new stake in Algonquin Power & Utilities during the fourth quarter valued at approximately $75,686,000. Bank of Montreal Can raised its stake in Algonquin Power & Utilities by 15.1% during the first quarter. Bank of Montreal Can now owns 40,148,416 shares of the utilities provider’s stock valued at $452,472,000 after buying an additional 5,271,752 shares in the last quarter. Norges Bank acquired a new stake in Algonquin Power & Utilities during the fourth quarter valued at approximately $29,200,000. Citigroup Inc. raised its stake in Algonquin Power & Utilities by 93.1% during the fourth quarter. Citigroup Inc. now owns 5,465,222 shares of the utilities provider’s stock valued at $54,941,000 after buying an additional 2,634,569 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Algonquin Power & Utilities by 27.0% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,341,610 shares of the utilities provider’s stock valued at $124,067,000 after buying an additional 2,621,641 shares in the last quarter. Hedge funds and other institutional investors own 46.52% of the company’s stock.

Shares of NYSE AQN traded up $0.05 on Friday, hitting $11.34. The company had a trading volume of 51,944 shares, compared to its average volume of 290,369. Algonquin Power & Utilities has a 12-month low of $9.45 and a 12-month high of $11.60. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.99 and a quick ratio of 0.79. The company has a market capitalization of $5.54 billion, a price-to-earnings ratio of 17.17, a PEG ratio of 2.12 and a beta of 0.74.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings results on Thursday, February 28th. The utilities provider reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. The firm had revenue of $419.90 million during the quarter, compared to the consensus estimate of $414.08 million. Algonquin Power & Utilities had a return on equity of 9.35% and a net margin of 11.23%. Research analysts expect that Algonquin Power & Utilities will post 0.65 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were paid a dividend of $0.128 per share. This represents a $0.51 annualized dividend and a yield of 4.51%. The ex-dividend date of this dividend was Thursday, March 28th. Algonquin Power & Utilities’s payout ratio is currently 77.27%.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in Canada and the United States. It generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

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