Algonquin Power & Utilities’ (AQN) Market Perform Rating Reiterated at BMO Capital Markets

BMO Capital Markets restated their market perform rating on shares of Algonquin Power & Utilities (NYSE:AQN) in a report released on Monday, MarketBeat reports. BMO Capital Markets currently has a $6.00 target price on the utilities provider’s stock, up from their previous target price of $5.00.

Other research analysts have also recently issued research reports about the stock. Royal Bank of Canada lifted their price objective on shares of Algonquin Power & Utilities from $5.50 to $6.00 and gave the company a “sector perform” rating in a report on Monday. CIBC cut their price objective on Algonquin Power & Utilities from $5.50 to $5.25 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. Scotiabank lifted their target price on Algonquin Power & Utilities from $5.50 to $6.00 and gave the company a “sector perform” rating in a report on Monday. Finally, National Bankshares cut their price target on Algonquin Power & Utilities from $6.75 to $6.25 and set an “outperform” rating on the stock in a report on Tuesday, February 11th. Ten research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Algonquin Power & Utilities presently has an average rating of “Hold” and an average price target of $6.03.

Algonquin Power & Utilities Stock Down 2.7%

NYSE:AQN opened at $5.46 on Monday. Algonquin Power & Utilities has a 52 week low of $4.19 and a 52 week high of $6.75. The stock’s fifty day moving average is $5.19 and its two-hundred day moving average is $4.83. The stock has a market capitalization of $4.19 billion, a price-to-earnings ratio of -4.23 and a beta of 0.67. The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17.

Algonquin Power & Utilities (NYSE:AQN) last posted its earnings results on Friday, May 9th. The utilities provider reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.05. Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The firm had revenue of $692.40 million for the quarter, compared to analyst estimates of $699.08 million. During the same quarter in the prior year, the company earned $0.14 EPS. Research analysts anticipate that Algonquin Power & Utilities will post 0.38 EPS for the current year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.065 dividend. The ex-dividend date is Monday, June 30th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.76%. Algonquin Power & Utilities’s payout ratio is currently -15.48%.

Institutional Investors Weigh In On Algonquin Power & Utilities

Several institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE lifted its position in shares of Algonquin Power & Utilities by 85.7% during the 1st quarter. US Bancorp DE now owns 4,887 shares of the utilities provider’s stock worth $25,000 after buying an additional 2,256 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Algonquin Power & Utilities during the 1st quarter worth $31,000. SVB Wealth LLC purchased a new stake in Algonquin Power & Utilities in the fourth quarter valued at $49,000. Atria Wealth Solutions Inc. acquired a new position in Algonquin Power & Utilities in the first quarter valued at $51,000. Finally, Avantax Advisory Services Inc. purchased a new position in shares of Algonquin Power & Utilities during the fourth quarter worth about $58,000. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Company Profile

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