Algonquin Power & Utilities’ (AQN) “Sector Perform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Algonquin Power & Utilities (NYSE:AQN) in a research report report published on Friday morning, Benzinga reports. The firm currently has a $6.00 target price on the utilities provider’s stock.

AQN has been the topic of several other reports. Janney Montgomery Scott initiated coverage on shares of Algonquin Power & Utilities in a research note on Thursday, September 5th. They set a neutral rating and a $6.00 target price on the stock. Raymond James downgraded Algonquin Power & Utilities from an outperform rating to a market perform rating and lowered their price target for the stock from $7.75 to $7.00 in a research report on Monday, August 12th. Wells Fargo & Company cut Algonquin Power & Utilities from an overweight rating to an equal weight rating and cut their price objective for the company from $8.50 to $6.00 in a research report on Monday, August 12th. Scotiabank decreased their target price on Algonquin Power & Utilities from $6.50 to $5.75 and set a sector perform rating on the stock in a research report on Tuesday, August 13th. Finally, Desjardins dropped their price target on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a hold rating on the stock in a research note on Monday, August 12th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Algonquin Power & Utilities currently has an average rating of Hold and a consensus price target of $6.30.

Algonquin Power & Utilities Stock Up 0.3 %

Shares of AQN stock opened at $5.00 on Friday. Algonquin Power & Utilities has a twelve month low of $4.90 and a twelve month high of $6.79. The stock has a market cap of $3.83 billion, a P/E ratio of 31.22 and a beta of 0.66. The stock has a 50 day moving average of $5.39 and a 200 day moving average of $5.90. The company has a current ratio of 0.97, a quick ratio of 0.78 and a debt-to-equity ratio of 1.08.

Algonquin Power & Utilities (NYSE:AQN) last posted its earnings results on Friday, August 9th. The utilities provider reported $0.09 earnings per share 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 firm had revenue of $598.60 million during the quarter, compared to analyst estimates of $635.95 million. During the same period in the previous year, the firm earned $0.08 EPS. The business’s quarterly revenue was down 4.7% on a year-over-year basis. As a group, sell-side analysts expect that Algonquin Power & Utilities will post 0.43 EPS for the current year.

Algonquin Power & Utilities Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $0.065 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.26 dividend on an annualized basis and a yield of 5.21%. Algonquin Power & Utilities’s payout ratio is currently 162.50%.

Institutional Investors Weigh In On Algonquin Power & Utilities

Large investors have recently modified their holdings of the business. Wedge Capital Management L L P NC acquired a new position in shares of Algonquin Power & Utilities during the 3rd quarter worth approximately $3,586,000. A. D. Beadell Investment Counsel Inc. acquired a new position in Algonquin Power & Utilities during the third quarter worth $186,000. Central Pacific Bank Trust Division purchased a new stake in Algonquin Power & Utilities in the 3rd quarter valued at $54,000. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Algonquin Power & Utilities by 15.7% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,551,736 shares of the utilities provider’s stock valued at $9,121,000 after buying an additional 209,991 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its stake in shares of Algonquin Power & Utilities by 31.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 5,956,389 shares of the utilities provider’s stock worth $34,989,000 after acquiring an additional 1,415,889 shares during the last quarter. Hedge funds and other institutional investors own 62.28% of the company’s stock.

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.