Algonquin Power & Utilities (NYSE:AQN) Sets New 12-Month High on Analyst Upgrade

Algonquin Power & Utilities Corp. (NYSE:AQN)’s share price hit a new 52-week high during mid-day trading on Wednesday after Natl Bk Canada upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $6.62 and last traded at $6.4410, with a volume of 1010777 shares. The stock had previously closed at $6.21.

AQN has been the subject of a number of other research reports. Scotiabank raised shares of Algonquin Power & Utilities from a “sector perform” rating to a “sector outperform” rating and set a $6.50 price target for the company in a report on Tuesday, December 16th. Raymond James Financial boosted their price objective on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a “market perform” rating in a research report on Friday, October 24th. National Bank Financial upgraded Algonquin Power & Utilities from a “sector perform” rating to an “outperform” rating and set a $7.50 target price for the company in a research note on Wednesday. Wall Street Zen upgraded Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. Finally, Janney Montgomery Scott set a $7.00 price target on Algonquin Power & Utilities in a report on Monday, November 10th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $6.70.

Institutional Trading of Algonquin Power & Utilities

Several institutional investors have recently modified their holdings of the business. EdgePoint Investment Group Inc. boosted its position in Algonquin Power & Utilities by 34.4% during the second quarter. EdgePoint Investment Group Inc. now owns 56,764,441 shares of the utilities provider’s stock valued at $324,934,000 after acquiring an additional 14,540,847 shares during the last quarter. Norges Bank acquired a new position in shares of Algonquin Power & Utilities in the 2nd quarter valued at about $51,370,000. Ariel Investments LLC boosted its position in shares of Algonquin Power & Utilities by 88.6% during the 2nd quarter. Ariel Investments LLC now owns 13,112,831 shares of the utilities provider’s stock valued at $75,137,000 after purchasing an additional 6,160,490 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Algonquin Power & Utilities by 65.0% during the first quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider’s stock worth $62,738,000 after purchasing an additional 4,808,539 shares during the period. Finally, Packer & Co Ltd acquired a new stake in Algonquin Power & Utilities during the third quarter worth approximately $24,235,000. Institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Performance

The company has a debt-to-equity ratio of 1.26, a current ratio of 1.23 and a quick ratio of 0.98. The stock has a fifty day simple moving average of $6.04 and a two-hundred day simple moving average of $5.86. The firm has a market capitalization of $4.78 billion, a P/E ratio of -155.59 and a beta of 0.75.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings results on Friday, November 7th. The utilities provider reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. Algonquin Power & Utilities had a negative net margin of 1.11% and a positive return on equity of 5.14%. The business had revenue of $600.80 million during the quarter, compared to analysts’ expectations of $596.67 million. During the same period last year, the company posted $0.08 earnings per share. On average, research analysts predict that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be given a $0.065 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.26 annualized dividend and a yield of 4.2%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -650.00%.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp (NYSE: AQN) is a diversified generation, transmission and distribution utility company headquartered in Oakville, Ontario. Established in 1988, the firm operates through two primary business segments: Regulated Utilities and Renewable Energy. Its Regulated Utilities segment comprises electric, natural gas and water distribution networks serving residential, commercial and industrial customers across North America, while its Renewable Energy portfolio includes hydroelectric, solar, wind and thermal generation facilities.

The company’s renewable energy assets span multiple jurisdictions in Canada and the United States, reflecting its strategy to expand clean power capacity in regions with supportive regulatory frameworks.