Algonquin Power & Utilities (NYSE:AQN) Trading 11.7% Higher

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Algonquin Power & Utilities Corp (NYSE:AQN)’s share price traded up 11.7% during mid-day trading on Wednesday . The stock traded as high as $10.63 and last traded at $11.78, 250,041 shares traded hands during trading. A decline of 81% from the average session volume of 1,333,505 shares. The stock had previously closed at $10.55.

Several research analysts have issued reports on the stock. Morgan Stanley cut shares of Algonquin Power & Utilities from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $17.00 to $15.50 in a report on Tuesday, March 10th. Zacks Investment Research upgraded shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating and set a $17.00 price target on the stock in a report on Tuesday, February 4th. Howard Weil cut shares of Algonquin Power & Utilities from a “sector outperform” rating to a “sector perform” rating in a report on Wednesday, December 4th. Scotiabank cut shares of Algonquin Power & Utilities from an “outperform” rating to a “sector perform” rating in a report on Wednesday, December 4th. Finally, National Bank Financial upgraded shares of Algonquin Power & Utilities from a “sector perform” rating to an “outperform” rating and set a $14.00 price target on the stock in a report on Friday, March 13th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $15.42.

The firm has a market capitalization of $6.31 billion, a P/E ratio of 12.31, a PEG ratio of 2.30 and a beta of 0.56. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.48 and a current ratio of 0.59. The business’s fifty day moving average price is $14.76 and its two-hundred day moving average price is $14.20.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings results on Thursday, February 27th. The utilities provider reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.02. Algonquin Power & Utilities had a net margin of 32.65% and a return on equity of 8.42%. The business had revenue of $439.70 million for the quarter, compared to analysts’ expectations of $443.87 million. Sell-side analysts predict that Algonquin Power & Utilities Corp will post 0.67 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a $0.141 dividend. This represents a $0.56 annualized dividend and a dividend yield of 4.36%. The ex-dividend date is Monday, March 30th. Algonquin Power & Utilities’s payout ratio is currently 88.89%.

Several institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can raised its position in shares of Algonquin Power & Utilities by 0.3% in the 4th quarter. Bank of Montreal Can now owns 39,878,859 shares of the utilities provider’s stock valued at $564,286,000 after purchasing an additional 105,847 shares during the last quarter. Toronto Dominion Bank raised its position in shares of Algonquin Power & Utilities by 51.8% in the 4th quarter. Toronto Dominion Bank now owns 13,920,074 shares of the utilities provider’s stock valued at $197,323,000 after purchasing an additional 4,747,351 shares during the last quarter. Pictet Asset Management Ltd. raised its position in shares of Algonquin Power & Utilities by 23.6% in the 4th quarter. Pictet Asset Management Ltd. now owns 10,220,353 shares of the utilities provider’s stock valued at $144,785,000 after purchasing an additional 1,950,942 shares during the last quarter. FMR LLC raised its position in shares of Algonquin Power & Utilities by 117.0% in the 4th quarter. FMR LLC now owns 4,492,746 shares of the utilities provider’s stock valued at $63,568,000 after purchasing an additional 2,422,716 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Algonquin Power & Utilities by 40.6% in the 4th quarter. Renaissance Technologies LLC now owns 3,241,686 shares of the utilities provider’s stock valued at $45,870,000 after purchasing an additional 936,425 shares during the last quarter. 43.06% of the stock is owned by hedge funds and other institutional investors.

About Algonquin Power & Utilities (NYSE:AQN)

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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