Algonquin Power & Utilities (NYSE:AQN) Reaches New 52-Week Low on Analyst Downgrade

Posted by Defense World Staff on Oct 26th, 2023

Shares of Algonquin Power & Utilities Corp. (NYSE:AQN – Get Free Report) reached a new 52-week low on Wednesday after Desjardins lowered their price target on the stock from $6.50 to $4.75. Desjardins currently has a sell rating on the stock. Algonquin Power & Utilities traded as low as $4.90 and last traded at $4.99, with a volume of 1330263 shares traded. The stock had previously closed at $5.05.

Other research analysts have also recently issued research reports about the company. TD Securities lowered their price objective on Algonquin Power & Utilities from $8.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, October 18th. Royal Bank of Canada reissued a “sector perform” rating and set a $8.00 target price on shares of Algonquin Power & Utilities in a report on Tuesday, October 10th. BMO Capital Markets reduced their target price on Algonquin Power & Utilities from $8.50 to $8.00 and set a “market perform” rating on the stock in a report on Friday, September 8th. CSFB reduced their target price on Algonquin Power & Utilities from $10.50 to $10.00 and set an “outperform” rating on the stock in a report on Monday, July 24th. Finally, National Bankshares reduced their target price on Algonquin Power & Utilities from $9.50 to $8.50 and set a “sector perform” rating on the stock in a report on Tuesday, October 17th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $8.25.

Read Our Latest Stock Analysis on AQN

Institutional Trading of Algonquin Power & Utilities

A number of hedge funds have recently made changes to their positions in the company. SVB Wealth LLC boosted its stake in shares of Algonquin Power & Utilities by 4.7% during the second quarter. SVB Wealth LLC now owns 15,683 shares of the utilities provider’s stock valued at $210,000 after purchasing an additional 704 shares in the last quarter. Newbridge Financial Services Group Inc. raised its position in shares of Algonquin Power & Utilities by 33.3% during the second quarter. Newbridge Financial Services Group Inc. now owns 5,000 shares of the utilities provider’s stock worth $41,000 after acquiring an additional 1,250 shares during the last quarter. Captrust Financial Advisors raised its position in shares of Algonquin Power & Utilities by 66.4% during the second quarter. Captrust Financial Advisors now owns 3,526 shares of the utilities provider’s stock worth $47,000 after acquiring an additional 1,407 shares during the last quarter. Raymond James Trust N.A. raised its position in shares of Algonquin Power & Utilities by 12.9% during the first quarter. Raymond James Trust N.A. now owns 12,676 shares of the utilities provider’s stock worth $197,000 after acquiring an additional 1,450 shares during the last quarter. Finally, Cerity Partners LLC raised its position in shares of Algonquin Power & Utilities by 4.3% during the first quarter. Cerity Partners LLC now owns 43,960 shares of the utilities provider’s stock worth $369,000 after acquiring an additional 1,831 shares during the last quarter. 52.12% of the stock is owned by institutional investors and hedge funds.

Algonquin Power & Utilities Stock Down 0.5 %

The company has a debt-to-equity ratio of 1.14, a current ratio of 0.71 and a quick ratio of 0.56. The company has a market capitalization of $3.46 billion, a P/E ratio of -13.22, a P/E/G ratio of 3.08 and a beta of 0.56. The stock has a 50-day moving average price of $6.54 and a 200-day moving average price of $7.69.

Algonquin Power & Utilities (NYSE:AQN – Get Free Report) last issued its quarterly earnings data on Thursday, August 10th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Algonquin Power & Utilities had a positive return on equity of 5.99% and a negative net margin of 8.96%. The company had revenue of $627.30 million for the quarter, compared to the consensus estimate of $611.83 million. During the same quarter last year, the business earned $0.16 earnings per share. Algonquin Power & Utilities’s revenue was up .5% compared to the same quarter last year. On average, research analysts predict that Algonquin Power & Utilities Corp. will post 0.54 EPS for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Thursday, September 28th were given a dividend of $0.108 per share. The ex-dividend date of this dividend was Wednesday, September 27th. This represents a $0.43 dividend on an annualized basis and a dividend yield of 8.60%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is -113.16%.

Algonquin Power & Utilities Company Profile

(Get Free Report)

Algonquin Power & Utilities Corp., a renewable energy and utility company, that provides energy and water solutions and services in North America and internationally. The company operates through two segments, Regulated Services Group and Renewable Energy Group. The Regulated Services Group segment provides a portfolio of rate-regulated water, electricity, and gas utility services.