Analysts Set Algonquin Power & Utilities Corp. (NYSE:AQN) Price Target at $9.67

Posted by Defense World Staff on May 23rd, 2023

Shares of Algonquin Power & Utilities Corp. (NYSE:AQN – Get Rating) have been assigned a consensus rating of “Hold” from the thirteen research firms that are currently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $9.67.

Several analysts have recently commented on AQN shares. TD Securities raised their price objective on shares of Algonquin Power & Utilities from $8.00 to $9.00 and gave the stock a “hold” rating in a research report on Monday, April 17th. Bank of America cut Algonquin Power & Utilities from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $9.00 to $8.50 in a research note on Tuesday, April 18th. Wells Fargo & Company lifted their price objective on Algonquin Power & Utilities from $9.50 to $10.00 in a report on Friday, May 12th. CIBC lowered Algonquin Power & Utilities from a “sector outperform” rating to a “neutral” rating and decreased their price objective for the stock from $17.00 to $10.00 in a report on Monday, April 17th. Finally, Royal Bank of Canada lifted their target price on Algonquin Power & Utilities from $8.00 to $9.00 and gave the company a “sector perform” rating in a report on Wednesday, April 12th.

Algonquin Power & Utilities Trading Up 1.1 %

AQN opened at $8.55 on Friday. The stock has a market capitalization of $5.89 billion, a price-to-earnings ratio of -142.48, a P/E/G ratio of 4.85 and a beta of 0.51. The company has a quick ratio of 0.61, a current ratio of 0.75 and a debt-to-equity ratio of 1.07. Algonquin Power & Utilities has a twelve month low of $6.41 and a twelve month high of $14.85. The company has a 50-day simple moving average of $8.38 and a 200 day simple moving average of $7.84.

Algonquin Power & Utilities (NYSE:AQN – Get Rating) last posted its earnings results on Friday, March 17th. The utilities provider reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. The firm had revenue of $748.00 million during the quarter, compared to analysts’ expectations of $703.54 million. Algonquin Power & Utilities had a negative net margin of 1.17% and a positive return on equity of 6.74%. The business’s revenue for the quarter was up 26.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.21 earnings per share. Analysts predict that Algonquin Power & Utilities will post 0.58 EPS for the current fiscal year.

Algonquin Power & Utilities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 30th will be given a dividend of $0.216 per share. The ex-dividend date is Thursday, June 29th. This is a positive change from Algonquin Power & Utilities’s previous quarterly dividend of $0.11. This represents a $0.86 dividend on an annualized basis and a yield of 10.11%. Algonquin Power & Utilities’s payout ratio is -716.55%.

Institutional Trading of Algonquin Power & Utilities

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position in shares of Algonquin Power & Utilities by 0.3% in the first quarter. Bank of New York Mellon Corp now owns 720,888 shares of the utilities provider’s stock valued at $11,188,000 after purchasing an additional 1,979 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Algonquin Power & Utilities by 31.1% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 42,274 shares of the utilities provider’s stock valued at $656,000 after acquiring an additional 10,029 shares during the period. Private Advisor Group LLC acquired a new position in Algonquin Power & Utilities in the 1st quarter valued at about $250,000. Natixis Advisors L.P. increased its position in Algonquin Power & Utilities by 39.8% in the 1st quarter. Natixis Advisors L.P. now owns 19,708 shares of the utilities provider’s stock valued at $306,000 after acquiring an additional 5,608 shares during the period. Finally, BlackRock Inc. increased its position in Algonquin Power & Utilities by 57,813.0% in the 1st quarter. BlackRock Inc. now owns 422,186 shares of the utilities provider’s stock valued at $6,552,000 after acquiring an additional 421,457 shares during the period. Institutional investors and hedge funds own 41.26% of the company’s stock.

About Algonquin Power & Utilities

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Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the following business segments: Regulated Services Group, Renewable Energy Group, and Corporate. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.