Algonquin Power & Utilities (NYSE:AQN) Price Target Cut to $5.50

Algonquin Power & Utilities (NYSE:AQN) had its price target dropped by equities research analysts at CIBC from $5.75 to $5.50 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the utilities provider’s stock. CIBC’s price objective indicates a potential upside of 9.24% from the stock’s current price.

A number of other brokerages also recently commented on AQN. Janney Montgomery Scott assumed coverage on Algonquin Power & Utilities in a research report on Thursday, September 5th. They set a “neutral” rating and a $6.00 price objective on the stock. Scotiabank dropped their price target on shares of Algonquin Power & Utilities from $6.50 to $5.75 and set a “sector perform” rating on the stock in a research note on Tuesday, August 13th. Raymond James lowered shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $7.75 to $7.00 in a research report on Monday, August 12th. National Bank Financial raised shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Finally, Wells Fargo & Company reduced their price target on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $6.23.

Algonquin Power & Utilities Stock Performance

Algonquin Power & Utilities stock opened at $5.04 on Tuesday. The company has a market cap of $3.86 billion, a PE ratio of -10.28 and a beta of 0.66. The company has a quick ratio of 0.78, a current ratio of 0.97 and a debt-to-equity ratio of 1.08. The company’s 50-day moving average price is $5.31 and its 200-day moving average price is $5.84. Algonquin Power & Utilities has a twelve month low of $4.90 and a twelve month high of $6.79.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. The business had revenue of $598.60 million for the quarter, compared to the consensus estimate of $635.95 million. Algonquin Power & Utilities had a return on equity of 5.36% and a net margin of 4.70%. The business’s revenue was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.08 EPS. On average, equities research analysts forecast that Algonquin Power & Utilities will post 0.43 EPS for the current fiscal year.

Institutional Investors Weigh In On Algonquin Power & Utilities

Several institutional investors and hedge funds have recently modified their holdings of AQN. Central Pacific Bank Trust Division acquired a new position in shares of Algonquin Power & Utilities in the third quarter worth about $54,000. Claro Advisors LLC bought a new stake in shares of Algonquin Power & Utilities in the 2nd quarter worth approximately $61,000. SeaCrest Wealth Management LLC bought a new stake in Algonquin Power & Utilities in the 2nd quarter valued at about $66,000. Larson Financial Group LLC bought a new position in Algonquin Power & Utilities in the 1st quarter worth approximately $76,000. Finally, SVB Wealth LLC bought a new position in Algonquin Power & Utilities in the 1st quarter valued at about $82,000. Hedge funds and other institutional investors own 62.28% of the company’s stock.

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.