Algonquin Power & Utilities (NYSE:AQN) Stock Price Expected to Rise, Desjardins Analyst Says

Algonquin Power & Utilities (NYSE:AQN) had its target price boosted by Desjardins from $4.75 to $6.00 in a research note issued to investors on Wednesday,BayStreet.CA reports. The firm currently has a hold rating on the utilities provider’s stock.

Other research analysts have also issued reports about the company. Raymond James raised their price target on Algonquin Power & Utilities from $5.00 to $6.00 and gave the company a “market perform” rating in a report on Wednesday. National Bank Financial lowered shares of Algonquin Power & Utilities from an “outperform” rating to a “sector perform” rating and set a $6.75 target price for the company. in a research report on Wednesday. National Bankshares lowered their target price on shares of Algonquin Power & Utilities from $6.75 to $6.25 and set an “outperform” rating on the stock in a research note on Tuesday, February 11th. Scotiabank upped their price target on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “sector perform” rating in a research note on Wednesday. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $6.00 price objective (up from $5.00) on shares of Algonquin Power & Utilities in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating and twelve have given a hold rating to the company’s stock. According to MarketBeat, Algonquin Power & Utilities has a consensus rating of “Hold” and an average target price of $6.31.

Algonquin Power & Utilities Stock Performance

AQN opened at $5.92 on Wednesday. The company has a current ratio of 0.92, a quick ratio of 0.73 and a debt-to-equity ratio of 1.17. The business’s 50 day moving average is $5.35 and its 200-day moving average is $4.91. The stock has a market cap of $4.55 billion, a PE ratio of -4.59 and a beta of 0.67. Algonquin Power & Utilities has a twelve month low of $4.19 and a twelve month high of $6.36.

Algonquin Power & Utilities (NYSE:AQN) last posted its earnings results on Friday, May 9th. The utilities provider reported $0.14 EPS for the quarter, beating the consensus estimate of $0.09 by $0.05. The firm had revenue of $692.40 million for the quarter, compared to analysts’ expectations of $699.08 million. Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. During the same period last year, the firm earned $0.14 EPS. On average, analysts predict that Algonquin Power & Utilities will post 0.38 earnings per share for the current year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.065 per share. The ex-dividend date is Monday, June 30th. This represents a $0.26 annualized dividend and a dividend yield of 4.39%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is -15.48%.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several hedge funds have recently made changes to their positions in the business. EdgePoint Investment Group Inc. lifted its stake in Algonquin Power & Utilities by 84.9% during the first quarter. EdgePoint Investment Group Inc. now owns 42,223,594 shares of the utilities provider’s stock valued at $216,868,000 after purchasing an additional 19,392,805 shares during the last quarter. FIL Ltd grew its position in Algonquin Power & Utilities by 85.6% in the fourth quarter. FIL Ltd now owns 40,886,793 shares of the utilities provider’s stock worth $181,473,000 after buying an additional 18,857,515 shares during the last quarter. Southpoint Capital Advisors LP acquired a new position in Algonquin Power & Utilities in the first quarter worth approximately $51,400,000. Norges Bank bought a new position in shares of Algonquin Power & Utilities in the fourth quarter valued at $31,508,000. Finally, Ariel Investments LLC bought a new position in shares of Algonquin Power & Utilities in the first quarter valued at $35,735,000. Institutional investors and hedge funds own 62.28% of the company’s stock.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.