Algonquin Power & Utilities (NYSE:AQN) PT Lowered to $5.50 at Wells Fargo & Company

Algonquin Power & Utilities (NYSE:AQN) had its target price reduced by Wells Fargo & Company from $6.00 to $5.50 in a report published on Wednesday morning, Marketbeat.com reports. Wells Fargo & Company currently has an equal weight rating on the utilities provider’s stock.

A number of other equities analysts have also recently weighed in on the company. Janney Montgomery Scott began coverage on Algonquin Power & Utilities in a report on Thursday, September 5th. They set a “neutral” rating and a $6.00 price objective on the stock. National Bank Financial raised Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. CIBC decreased their price objective on Algonquin Power & Utilities from $6.00 to $5.75 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. Royal Bank of Canada reissued a “sector perform” rating and set a $6.00 price objective on shares of Algonquin Power & Utilities in a report on Friday, October 11th. Finally, Scotiabank decreased their price objective on Algonquin Power & Utilities from $6.50 to $5.75 and set a “sector perform” rating on the stock in a report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $6.25.

Algonquin Power & Utilities Stock Performance

Shares of AQN opened at $5.18 on Wednesday. The company has a market cap of $3.97 billion, a PE ratio of -10.57 and a beta of 0.66. The company has a current ratio of 0.97, a quick ratio of 0.78 and a debt-to-equity ratio of 1.08. The stock has a 50-day moving average price of $5.31 and a 200-day moving average price of $5.86. Algonquin Power & Utilities has a 12-month low of $4.90 and a 12-month high of $6.79.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The firm had revenue of $598.60 million during the quarter, compared to the consensus estimate of $635.95 million. Algonquin Power & Utilities had a return on equity of 5.36% and a net margin of 4.70%. The company’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same quarter last year, the company posted $0.08 EPS. As a group, equities analysts forecast that Algonquin Power & Utilities will post 0.43 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.065 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.26 dividend on an annualized basis and a yield of 5.02%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is currently -53.06%.

Hedge Funds Weigh In On Algonquin Power & Utilities

A number of large investors have recently bought and sold shares of the stock. Central Pacific Bank Trust Division purchased a new position in shares of Algonquin Power & Utilities during the third quarter valued at approximately $54,000. Claro Advisors LLC purchased a new position in shares of Algonquin Power & Utilities during the second quarter valued at approximately $61,000. SeaCrest Wealth Management LLC purchased a new position in shares of Algonquin Power & Utilities during the second quarter valued at approximately $66,000. Larson Financial Group LLC purchased a new position in shares of Algonquin Power & Utilities during the first quarter valued at approximately $76,000. Finally, SVB Wealth LLC purchased a new position in shares of Algonquin Power & Utilities during the first quarter valued at approximately $82,000. 62.28% of the stock is owned by hedge funds and other 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.