Algonquin Power & Utilities (AQN) Stock Rating Lowered by National Bank Financial

Algonquin Power & Utilities (NYSE:AQN) was downgraded by equities researchers at National Bank Financial from an “outperform overweight” rating to a “sector perform overweight” rating in a research report issued on Thursday.

Several other equities research analysts have also weighed in on AQN. Zacks Investment Research raised Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating and set a $11.00 price objective for the company in a research note on Wednesday, July 11th. Wells Fargo & Co reduced their price objective on Algonquin Power & Utilities from $14.00 to $12.00 and set a “market perform” rating for the company in a research note on Monday, August 20th. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $11.17.

AQN opened at $10.32 on Thursday. The firm has a market cap of $4.98 billion, a PE ratio of 17.79, a P/E/G ratio of 1.95 and a beta of 0.74. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.08 and a quick ratio of 0.87. Algonquin Power & Utilities has a fifty-two week low of $9.45 and a fifty-two week high of $11.34.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings data on Thursday, November 8th. The utilities provider reported $0.10 earnings per share for the quarter, hitting the consensus estimate of $0.10. The business had revenue of $366.50 million during the quarter, compared to analyst estimates of $480.48 million. Algonquin Power & Utilities had a return on equity of 10.25% and a net margin of 10.92%. Algonquin Power & Utilities’s quarterly revenue was up 3.6% on a year-over-year basis. Equities research analysts forecast that Algonquin Power & Utilities will post 0.68 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its holdings in shares of Algonquin Power & Utilities by 12.8% in the first quarter. Royal Bank of Canada now owns 24,230,460 shares of the utilities provider’s stock valued at $240,365,000 after purchasing an additional 2,751,903 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Algonquin Power & Utilities by 7.8% in the fourth quarter. Bank of Montreal Can now owns 22,104,111 shares of the utilities provider’s stock valued at $246,683,000 after purchasing an additional 1,605,282 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Algonquin Power & Utilities by 89.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 14,499,935 shares of the utilities provider’s stock valued at $161,820,000 after purchasing an additional 6,860,548 shares in the last quarter. TD Asset Management Inc. lifted its holdings in shares of Algonquin Power & Utilities by 1.0% in the third quarter. TD Asset Management Inc. now owns 9,456,874 shares of the utilities provider’s stock valued at $97,744,000 after purchasing an additional 90,676 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Algonquin Power & Utilities by 5.3% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,746,863 shares of the utilities provider’s stock valued at $84,447,000 after purchasing an additional 444,054 shares in the last quarter. Institutional investors own 42.34% of the company’s stock.

About Algonquin Power & Utilities

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. The company generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

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