CIBC Issues Positive Forecast for Algonquin Power & Utilities (NYSE:AQN) Stock Price

Algonquin Power & Utilities (NYSE:AQN) had its price target lifted by CIBC from $5.75 to $6.25 in a report issued on Wednesday,Benzinga reports. CIBC currently has a neutral rating on the utilities provider’s stock.

A number of other research analysts have also recently weighed in on the stock. Royal Bank of Canada boosted their target price on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a “sector perform” rating in a research note on Wednesday. Scotiabank lifted 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 report on Wednesday. National Bankshares dropped their price objective on 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. National Bank Financial lowered Algonquin Power & Utilities from an “outperform” rating to a “sector perform” rating and set a $6.75 price objective for the company. in a report on Wednesday. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $6.00 target price (up from $5.00) on shares of Algonquin Power & Utilities in a research report on Monday, May 12th. One analyst has rated the stock with a sell rating and twelve have assigned a hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $6.31.

Algonquin Power & Utilities Stock Down 4.8%

AQN stock opened at $5.92 on Wednesday. The stock has a market cap of $4.55 billion, a P/E ratio of -4.59 and a beta of 0.67. 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 stock’s fifty day simple moving average is $5.35 and its two-hundred day simple moving average is $4.91. Algonquin Power & Utilities has a 1-year low of $4.19 and a 1-year high of $6.36.

Algonquin Power & Utilities (NYSE:AQN) last released its earnings results on Friday, May 9th. The utilities provider reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. The company 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 in the previous year, the business posted $0.14 EPS. Analysts expect that Algonquin Power & Utilities will post 0.38 EPS for the current year.

Algonquin Power & Utilities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.39%. The ex-dividend date of this dividend is Monday, June 30th. Algonquin Power & Utilities’s payout ratio is currently -15.48%.

Institutional Trading of Algonquin Power & Utilities

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its holdings in Algonquin Power & Utilities by 16.3% during the 1st quarter. Bank of New York Mellon Corp now owns 14,809 shares of the utilities provider’s stock valued at $76,000 after buying an additional 2,073 shares in the last quarter. US Bancorp DE lifted its holdings in shares of Algonquin Power & Utilities by 85.7% in the first quarter. US Bancorp DE now owns 4,887 shares of the utilities provider’s stock worth $25,000 after buying an additional 2,256 shares in the last quarter. Northwest & Ethical Investments L.P. boosted its position in shares of Algonquin Power & Utilities by 6.6% in the fourth quarter. Northwest & Ethical Investments L.P. now owns 50,251 shares of the utilities provider’s stock valued at $223,000 after acquiring an additional 3,096 shares during the period. CIBC Asset Management Inc grew its stake in Algonquin Power & Utilities by 0.4% during the fourth quarter. CIBC Asset Management Inc now owns 935,130 shares of the utilities provider’s stock valued at $4,141,000 after acquiring an additional 3,656 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in Algonquin Power & Utilities by 40.5% during the 4th quarter. Quadrant Capital Group LLC now owns 17,555 shares of the utilities provider’s stock worth $78,000 after acquiring an additional 5,060 shares during the period. 62.28% of the stock is currently owned by institutional investors.

Algonquin Power & Utilities Company Profile

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.