Algonquin Power & Utilities (NYSE:AQN) Given New $7.70 Price Target at CIBC

Algonquin Power & Utilities (NYSE:AQN) had its price objective lifted by CIBC from $7.50 to $7.70 in a research note issued to investors on Tuesday morning, BayStreet.CA reports. They currently have a neutral rating on the utilities provider’s stock.

Several other brokerages have also recently weighed in on AQN. Desjardins upped their price target on shares of Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a hold rating in a research report on Thursday, June 6th. Scotiabank dropped their price objective on Algonquin Power & Utilities from $7.50 to $6.50 and set a sector perform rating on the stock in a research report on Monday, April 22nd. Wells Fargo & Company increased their price target on shares of Algonquin Power & Utilities from $8.00 to $8.50 and gave the company an overweight rating in a research report on Monday, May 13th. TD Securities boosted their price objective on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a hold rating in a research note on Monday, March 11th. Finally, National Bankshares raised their target price on shares of Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a sector perform rating in a research note on Tuesday, May 28th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Algonquin Power & Utilities has a consensus rating of Hold and a consensus price target of $7.49.

Algonquin Power & Utilities Stock Performance

AQN stock opened at $5.92 on Tuesday. The firm has a market cap of $4.53 billion, a price-to-earnings ratio of -12.07 and a beta of 0.66. Algonquin Power & Utilities has a twelve month low of $4.90 and a twelve month high of $8.51. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.42. The business’s fifty day simple moving average is $6.23 and its two-hundred day simple moving average is $6.15.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings data on Friday, May 10th. The utilities provider reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.01). Algonquin Power & Utilities had a positive return on equity of 5.39% and a negative net margin of 12.44%. The firm had revenue of $737.10 million for the quarter, compared to analysts’ expectations of $813.38 million. During the same quarter in the previous year, the business earned $0.17 earnings per share. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. Analysts predict that Algonquin Power & Utilities will post 0.46 earnings per share for the current year.

Algonquin Power & Utilities Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $0.108 dividend. This represents a $0.43 annualized dividend and a dividend yield of 7.30%. The ex-dividend date of this dividend is Friday, June 28th. Algonquin Power & Utilities’s payout ratio is -87.76%.

Hedge Funds Weigh In On Algonquin Power & Utilities

A number of institutional investors have recently bought and sold shares of AQN. Parallel Advisors LLC lifted its position in Algonquin Power & Utilities by 76.3% during the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 1,882 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Algonquin Power & Utilities by 10.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 21,628 shares of the utilities provider’s stock worth $137,000 after buying an additional 1,972 shares during the last quarter. Mackenzie Financial Corp raised its position in Algonquin Power & Utilities by 0.8% during the fourth quarter. Mackenzie Financial Corp now owns 459,806 shares of the utilities provider’s stock valued at $2,902,000 after acquiring an additional 3,443 shares in the last quarter. Metis Global Partners LLC lifted its holdings in Algonquin Power & Utilities by 10.0% in the fourth quarter. Metis Global Partners LLC now owns 39,623 shares of the utilities provider’s stock valued at $250,000 after acquiring an additional 3,607 shares during the period. Finally, Pacifica Partners Inc. boosted its position in Algonquin Power & Utilities by 1,975.0% in the 4th quarter. Pacifica Partners Inc. now owns 4,150 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 3,950 shares in the last quarter. 62.28% of the stock is owned by hedge funds and other institutional investors.

About Algonquin Power & Utilities

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.