Desjardins Boosts Algonquin Power & Utilities (NYSE:AQN) Price Target to $6.75

Algonquin Power & Utilities (NYSE:AQN) had its price target lifted by Desjardins from $6.25 to $6.75 in a research note issued to investors on Thursday,BayStreet.CA reports. The brokerage presently has a “buy” rating on the utilities provider’s stock. Desjardins’ target price suggests a potential upside of 16.58% from the stock’s current price.

Several other research analysts also recently commented on the stock. Wall Street Zen raised shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a research note on Saturday, October 4th. TD Securities raised Algonquin Power & Utilities to a “hold” rating in a research note on Monday, August 11th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Algonquin Power & Utilities in a research note on Wednesday. One analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $6.41.

Algonquin Power & Utilities Price Performance

Shares of AQN stock opened at $5.79 on Thursday. Algonquin Power & Utilities has a 52-week low of $4.19 and a 52-week high of $6.24. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.86 and a current ratio of 1.09. The firm has a market capitalization of $4.45 billion, a P/E ratio of -3.22 and a beta of 0.72. The stock has a 50 day moving average price of $5.69 and a 200 day moving average price of $5.61.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings results on Friday, August 8th. The utilities provider reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. The company had revenue of $535.59 million for the quarter, compared to the consensus estimate of $535.64 million. Algonquin Power & Utilities had a negative net margin of 57.66% and a positive return on equity of 4.76%. During the same quarter last year, the firm posted $0.09 EPS. As a group, sell-side analysts predict that Algonquin Power & Utilities will post 0.38 earnings per share for the current year.

Hedge Funds Weigh In On Algonquin Power & Utilities

Large investors have recently bought and sold shares of the business. US Bancorp DE grew its stake in Algonquin Power & Utilities by 85.7% in the first quarter. US Bancorp DE now owns 4,887 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 2,256 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Algonquin Power & Utilities in the first quarter valued at about $31,000. Atria Wealth Solutions Inc. purchased a new position in Algonquin Power & Utilities in the first quarter valued at about $51,000. Wedbush Securities Inc. purchased a new position in Algonquin Power & Utilities in the second quarter valued at about $58,000. Finally, Sowell Financial Services LLC purchased a new position in Algonquin Power & Utilities in the first quarter valued at about $59,000. 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.