Algonquin Power & Utilities Corp. (NYSE:AQN) Given Average Recommendation of “Hold” by Brokerages

Algonquin Power & Utilities Corp. (NYSE:AQN) has earned a consensus rating of “Hold” from the thirteen research firms that are currently covering the stock, Marketbeat Ratings reports. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $6.7727.

A number of brokerages have weighed in on AQN. Wall Street Zen cut shares of Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a report on Sunday, March 15th. TD Cowen dropped their target price on shares of Algonquin Power & Utilities from $6.50 to $6.00 and set a “hold” rating on the stock in a report on Monday, March 9th. Raymond James Financial raised shares of Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $6.50 to $7.25 in a report on Monday, March 9th. Desjardins dropped their target price on shares of Algonquin Power & Utilities from $7.25 to $7.00 and set a “buy” rating on the stock in a report on Monday, March 9th. Finally, Canadian Imperial Bank of Commerce increased their target price on shares of Algonquin Power & Utilities from $6.25 to $6.50 and gave the stock a “neutral” rating in a report on Monday, April 20th.

Algonquin Power & Utilities Stock Up 1.1%

Shares of NYSE:AQN opened at $5.98 on Friday. The stock has a market capitalization of $4.60 billion, a price-to-earnings ratio of 27.16 and a beta of 0.74. Algonquin Power & Utilities has a 1-year low of $5.32 and a 1-year high of $7.11. The company’s fifty day moving average is $6.20 and its two-hundred day moving average is $6.27. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.87 and a current ratio of 1.05.

Algonquin Power & Utilities (NYSE:AQN) last issued its earnings results on Friday, May 8th. The utilities provider reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $713.69 million for the quarter, compared to analysts’ expectations of $713.69 million. Algonquin Power & Utilities had a net margin of 6.62% and a return on equity of 5.21%. During the same period in the prior year, the company earned $0.14 earnings per share. Equities analysts anticipate that Algonquin Power & Utilities will post 0.36 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend is Tuesday, June 30th. Algonquin Power & Utilities’s dividend payout ratio is 118.18%.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several institutional investors have recently modified their holdings of the company. Public Sector Pension Investment Board grew its position in shares of Algonquin Power & Utilities by 2.5% during the second quarter. Public Sector Pension Investment Board now owns 74,271 shares of the utilities provider’s stock worth $424,000 after acquiring an additional 1,800 shares during the last quarter. Assetmark Inc. grew its position in shares of Algonquin Power & Utilities by 9.4% during the first quarter. Assetmark Inc. now owns 22,141 shares of the utilities provider’s stock worth $136,000 after acquiring an additional 1,895 shares during the last quarter. Pictet Asset Management Holding SA grew its position in shares of Algonquin Power & Utilities by 1.5% during the fourth quarter. Pictet Asset Management Holding SA now owns 133,733 shares of the utilities provider’s stock worth $823,000 after acquiring an additional 1,966 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Algonquin Power & Utilities by 13.1% during the first quarter. Bank of New York Mellon Corp now owns 17,334 shares of the utilities provider’s stock worth $106,000 after acquiring an additional 2,010 shares during the last quarter. Finally, LPL Financial LLC grew its position in shares of Algonquin Power & Utilities by 5.7% during the fourth quarter. LPL Financial LLC now owns 37,364 shares of the utilities provider’s stock worth $230,000 after acquiring an additional 2,026 shares during the last quarter. Institutional investors own 62.28% of the company’s stock.

About Algonquin Power & Utilities

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.