Canaccord Genuity Downgrades Algonquin Power & Utilities (AQN) to Hold

Algonquin Power & Utilities (NYSE:AQN) was downgraded by analysts at Canaccord Genuity from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, The Fly reports.

Several other research firms have also weighed in on AQN. National Bank Financial lowered Algonquin Power & Utilities from an “outperform overweight” rating to a “sector perform overweight” rating in a research report on Thursday, November 8th. TD Securities lifted their price objective on Algonquin Power & Utilities from $11.50 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, December 5th. Zacks Investment Research lowered Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a research report on Monday, October 15th. Finally, Raymond James lifted their price objective on Algonquin Power & Utilities from $12.50 to $13.00 and gave the stock a “strong-buy” rating in a research report on Friday, December 7th. Five equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $11.75.

Shares of AQN stock traded down $0.07 during mid-day trading on Friday, hitting $11.08. The company’s stock had a trading volume of 1,970 shares, compared to its average volume of 227,304. Algonquin Power & Utilities has a 52 week low of $9.45 and a 52 week high of $11.18. The company has a current ratio of 1.17, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. The firm has a market cap of $5.43 billion, a PE ratio of 19.10, a price-to-earnings-growth ratio of 1.80 and a beta of 0.73.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Thursday, November 8th. The utilities provider reported $0.10 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.10. Algonquin Power & Utilities had a return on equity of 9.59% and a net margin of 11.48%. The firm had revenue of $366.50 million during the quarter, compared to analyst estimates of $480.48 million. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, analysts forecast that Algonquin Power & Utilities will post 0.66 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of the stock. Acadian Asset Management LLC bought a new stake in Algonquin Power & Utilities in the 4th quarter valued at about $1,493,000. Opus Capital Group LLC increased its position in Algonquin Power & Utilities by 2.3% in the 4th quarter. Opus Capital Group LLC now owns 255,795 shares of the utilities provider’s stock valued at $2,570,000 after buying an additional 5,768 shares in the last quarter. Mackenzie Financial Corp increased its position in Algonquin Power & Utilities by 52.1% in the 4th quarter. Mackenzie Financial Corp now owns 4,502,620 shares of the utilities provider’s stock valued at $45,251,000 after buying an additional 1,541,476 shares in the last quarter. Stevens Capital Management LP bought a new stake in Algonquin Power & Utilities in the 4th quarter valued at about $200,000. Finally, Jarislowsky Fraser Ltd increased its position in Algonquin Power & Utilities by 88.4% in the 4th quarter. Jarislowsky Fraser Ltd now owns 27,945 shares of the utilities provider’s stock valued at $280,000 after buying an additional 13,112 shares in the last quarter. 42.45% of the stock is owned by institutional investors and hedge funds.

Algonquin Power & Utilities Company Profile

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.

See Also: Cost of Goods Sold (COGS)

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Analyst Recommendations for Algonquin Power & Utilities (NYSE:AQN)

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