Algonquin Power & Utilities (NYSE:AQN) Rating Increased to Buy at ValuEngine

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ValuEngine upgraded shares of Algonquin Power & Utilities (NYSE:AQN) from a hold rating to a buy rating in a report published on Monday morning, ValuEngine reports.

A number of other analysts also recently issued reports on AQN. Zacks Investment Research downgraded Algonquin Power & Utilities from a buy rating to a hold rating in a research report on Monday, July 29th. National Bank Financial lifted their price target on Algonquin Power & Utilities from $12.00 to $12.50 and gave the company a sector perform rating in a research report on Friday, June 21st. TD Securities lifted their price target on Algonquin Power & Utilities from $14.00 to $14.50 and gave the company a buy rating in a research report on Monday, August 12th. CIBC reiterated an average rating and set a $13.50 price target on shares of Algonquin Power & Utilities in a research report on Monday, August 12th. Finally, Industrial Alliance Securities reiterated a buy rating on shares of Algonquin Power & Utilities in a research report on Monday, August 12th. Five research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $13.11.

Shares of AQN opened at $13.46 on Monday. The company has a market cap of $6.69 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 2.77 and a beta of 0.60. The company has a current ratio of 1.03, a quick ratio of 0.83 and a debt-to-equity ratio of 1.01. The stock has a 50-day moving average price of $13.00 and a 200-day moving average price of $12.05. Algonquin Power & Utilities has a 12-month low of $9.63 and a 12-month high of $13.62.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings results on Thursday, August 8th. The utilities provider reported $0.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.13 by ($0.02). The business had revenue of $343.58 million for the quarter, compared to the consensus estimate of $372.40 million. Algonquin Power & Utilities had a net margin of 21.46% and a return on equity of 7.57%. As a group, analysts predict that Algonquin Power & Utilities will post 0.63 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.142 per share. The ex-dividend date is Friday, September 27th. This represents a $0.57 dividend on an annualized basis and a dividend yield of 4.22%. Algonquin Power & Utilities’s dividend payout ratio is 84.85%.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Toronto Dominion Bank increased its stake in Algonquin Power & Utilities by 8.8% in the 2nd quarter. Toronto Dominion Bank now owns 9,624,166 shares of the utilities provider’s stock worth $116,878,000 after purchasing an additional 777,721 shares during the period. Cresset Asset Management LLC increased its stake in Algonquin Power & Utilities by 223.0% in the 2nd quarter. Cresset Asset Management LLC now owns 19,859 shares of the utilities provider’s stock worth $243,000 after purchasing an additional 13,711 shares during the period. Prudential PLC purchased a new position in Algonquin Power & Utilities in the 2nd quarter worth approximately $509,000. Royal Bank of Canada increased its stake in Algonquin Power & Utilities by 3.0% in the 2nd quarter. Royal Bank of Canada now owns 26,281,502 shares of the utilities provider’s stock worth $318,268,000 after purchasing an additional 775,818 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. increased its stake in Algonquin Power & Utilities by 1,049.6% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,334 shares of the utilities provider’s stock worth $53,000 after purchasing an additional 3,957 shares during the period. 45.95% of the stock is currently owned by institutional investors.

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.

Further Reading: Return on Investment (ROI)

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Analyst Recommendations for Algonquin Power & Utilities (NYSE:AQN)

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