Algonquin Power & Utilities (NYSE:AQN) Stock Price Up 5.1%

Algonquin Power & Utilities Corp. (NYSE:AQN) rose 5.1% during mid-day trading on Monday . The company traded as high as $6.20 and last traded at $6.16. Approximately 719,695 shares were traded during trading, a decline of 86% from the average daily volume of 5,296,295 shares. The stock had previously closed at $5.86.

Analysts Set New Price Targets

AQN has been the subject of a number of research reports. Wells Fargo & Company increased their price target on Algonquin Power & Utilities from $8.00 to $8.50 and gave the company an “overweight” rating in a research note on Monday, May 13th. Scotiabank decreased their price target on Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating for the company in a research note on Monday, April 22nd. Desjardins increased their price target on Algonquin Power & Utilities from $5.25 to $5.50 and gave the company a “hold” rating in a research note on Thursday, June 6th. CIBC increased their price objective on Algonquin Power & Utilities from $7.50 to $7.70 and gave the company a “neutral” rating in a research report on Tuesday. Finally, StockNews.com upgraded Algonquin Power & Utilities to a “sell” rating in a research report on Friday, May 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Algonquin Power & Utilities has a consensus rating of “Hold” and an average target price of $7.49.

Algonquin Power & Utilities Price Performance

The stock has a fifty day moving average price of $6.23 and a 200-day moving average price of $6.15. The company has a market cap of $4.53 billion, a PE ratio of -12.07 and a beta of 0.66. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.98 and a quick ratio of 0.79.

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

Algonquin Power & Utilities Cuts Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 7.30%. The ex-dividend date of this dividend is Friday, June 28th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -87.76%.

Hedge Funds Weigh In On Algonquin Power & Utilities

A number of hedge funds have recently modified their holdings of AQN. Pacifica Partners Inc. increased its position in Algonquin Power & Utilities by 1,975.0% during the fourth quarter. Pacifica Partners Inc. now owns 4,150 shares of the utilities provider’s stock worth $26,000 after buying an additional 3,950 shares during the last quarter. Parallel Advisors LLC increased 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 worth $27,000 after buying an additional 1,882 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Algonquin Power & Utilities in the fourth quarter valued at about $64,000. Seven Mile Advisory acquired a new stake in shares of Algonquin Power & Utilities in the fourth quarter valued at about $67,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Algonquin Power & Utilities in the fourth quarter valued at about $70,000. 62.28% of the stock is owned by institutional investors and hedge funds.

Algonquin Power & Utilities Company Profile

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.