Algonquin Power & Utilities Corp. (NYSE:AQN – Get Free Report)’s share price gapped down before the market opened on Friday . The stock had previously closed at $6.19, but opened at $5.85. Algonquin Power & Utilities shares last traded at $5.36, with a volume of 4,457,975 shares traded.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on AQN shares. Scotiabank decreased their target price on shares of Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating on the stock in a report on Monday, April 22nd. National Bankshares lifted their target price on Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a “sector perform” rating in a research report on Tuesday, May 28th. Royal Bank of Canada reiterated a “sector perform” rating and set a $7.00 price target on shares of Algonquin Power & Utilities in a report on Wednesday, July 10th. Wells Fargo & Company boosted their price objective on shares of Algonquin Power & Utilities from $8.00 to $8.50 and gave the company an “overweight” rating in a report on Monday, May 13th. Finally, Desjardins increased their target price on shares of Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a “hold” rating in a research note on Thursday, June 6th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Algonquin Power & Utilities presently has a consensus rating of “Hold” and a consensus target price of $7.06.
Get Our Latest Research Report on AQN
Algonquin Power & Utilities Trading Down 12.6 %
The company has a debt-to-equity ratio of 1.42, a current ratio of 0.98 and a quick ratio of 0.79. The firm has a market cap of $4.15 billion, a PE ratio of -11.04 and a beta of 0.66. The company’s 50 day moving average price is $6.02 and its 200 day moving average price is $6.10.
Algonquin Power & Utilities (NYSE:AQN – Get Free Report) last issued its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. The company had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $635.95 million. Algonquin Power & Utilities had a negative net margin of 12.44% and a positive return on equity of 5.39%. The firm’s revenue was down 4.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.08 EPS. As a group, analysts forecast that Algonquin Power & Utilities Corp. will post 0.46 EPS for the current fiscal year.
Algonquin Power & Utilities Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date is Monday, September 30th. Algonquin Power & Utilities’s dividend payout ratio is presently -87.76%.
Institutional Trading of Algonquin Power & Utilities
Several hedge funds have recently added to or reduced their stakes in AQN. Goldman Sachs Group Inc. raised its holdings in shares of Algonquin Power & Utilities by 754.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 15,552,484 shares of the utilities provider’s stock valued at $98,292,000 after purchasing an additional 13,731,305 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Algonquin Power & Utilities by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock worth $165,893,000 after buying an additional 262,333 shares during the last quarter. Nomura Holdings Inc. acquired a new position in shares of Algonquin Power & Utilities during the 4th quarter worth about $318,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Algonquin Power & Utilities by 151.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,900 shares of the utilities provider’s stock valued at $176,000 after acquiring an additional 16,800 shares during the last quarter. Finally, 13D Management LLC raised its position in shares of Algonquin Power & Utilities by 76.3% during the 4th quarter. 13D Management LLC now owns 845,814 shares of the utilities provider’s stock worth $5,346,000 after acquiring an additional 366,088 shares in the last quarter. Institutional investors and hedge funds 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.
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