Algonquin Power & Utilities (TSE:AQN) Reaches New 12-Month High at $23.71

Shares of Algonquin Power & Utilities Corp. (TSE:AQN) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$23.71 and last traded at C$7.15, with a volume of 634878 shares. The stock had previously closed at C$7.16.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. National Bank Financial upgraded Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Raymond James lowered shares of Algonquin Power & Utilities from a “moderate buy” rating to a “hold” rating in a report on Monday, August 12th. Wells Fargo & Company lowered shares of Algonquin Power & Utilities from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 12th. Finally, Desjardins decreased their price target on Algonquin Power & Utilities from C$5.75 to C$5.50 and set a “hold” rating for the company in a research note on Tuesday, April 30th. Four investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of C$6.25.

Algonquin Power & Utilities Price Performance

The company has a 50 day simple moving average of C$8.07 and a 200-day simple moving average of C$8.26. The stock has a market cap of C$5.57 billion, a price-to-earnings ratio of 33.09, a PEG ratio of 1.07 and a beta of 0.52. The company has a quick ratio of 0.37, a current ratio of 0.97 and a debt-to-equity ratio of 108.48.

Algonquin Power & Utilities Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 4.96%. The ex-dividend date is Friday, September 27th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently 163.64%.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.