Algonquin Power & Utilities (NYSE:AQN) Now Covered by Janney Montgomery Scott

Janney Montgomery Scott started coverage on shares of Algonquin Power & Utilities (NYSE:AQN) in a research report sent to investors on Thursday, Marketbeat.com reports. The firm issued a neutral rating and a $6.00 price objective on the utilities provider’s stock.

Other equities research analysts also recently issued reports about the stock. StockNews.com upgraded shares of Algonquin Power & Utilities to a sell rating in a research note on Friday, May 10th. National Bankshares raised their price objective on shares of Algonquin Power & Utilities from $6.75 to $7.25 and gave the stock a sector perform rating in a research report on Tuesday, May 28th. Desjardins cut their price objective on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a hold rating for the company in a research report on Monday, August 12th. Scotiabank cut their price objective on shares of Algonquin Power & Utilities from $6.50 to $5.75 and set a sector perform rating for the company in a research report on Tuesday, August 13th. Finally, CIBC cut their price objective on shares of Algonquin Power & Utilities from $7.00 to $6.00 and set a neutral rating for the company in a research report on Monday, August 12th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Algonquin Power & Utilities has an average rating of Hold and a consensus target price of $6.33.

Algonquin Power & Utilities Trading Down 1.5 %

Shares of NYSE:AQN opened at $5.21 on Thursday. Algonquin Power & Utilities has a 52-week low of $4.90 and a 52-week high of $7.29. The company has a market capitalization of $3.99 billion, a P/E ratio of -10.63 and a beta of 0.66. The company has a 50-day simple moving average of $5.76 and a 200 day simple moving average of $6.01. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.78 and a current ratio of 0.97.

Algonquin Power & Utilities (NYSE:AQN) last issued its earnings results on Friday, August 9th. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. Algonquin Power & Utilities had a net margin of 4.70% and a return on equity of 5.36%. The business had revenue of $598.60 million during the quarter, compared to the consensus estimate of $635.95 million. During the same period last year, the business posted $0.08 EPS. Algonquin Power & Utilities’s revenue was down 4.7% on a year-over-year basis. Sell-side analysts forecast that Algonquin Power & Utilities will post 0.46 earnings per share for the current year.

Algonquin Power & Utilities Cuts Dividend

The firm 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 $0.065 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.26 annualized dividend and a dividend yield of 4.99%. Algonquin Power & Utilities’s dividend payout ratio is presently -51.02%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. bought a new position in Algonquin Power & Utilities in the second quarter valued at approximately $144,000. Susquehanna Fundamental Investments LLC bought a new position in Algonquin Power & Utilities in the second quarter valued at approximately $298,000. The Manufacturers Life Insurance Company increased its stake in Algonquin Power & Utilities by 320.6% in the second quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider’s stock valued at $42,633,000 after acquiring an additional 5,544,063 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in Algonquin Power & Utilities in the second quarter valued at approximately $89,000. Finally, Troluce Capital Advisors LLC increased its stake in Algonquin Power & Utilities by 33.3% in the second quarter. Troluce Capital Advisors LLC now owns 2,575,000 shares of the utilities provider’s stock valued at $15,090,000 after acquiring an additional 643,352 shares during the last quarter. 62.28% of the stock is owned by institutional investors.

Algonquin Power & Utilities Company Profile

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.