Algonquin Power & Utilities (NYSE:AQN) Price Target Cut to $8.00 by Analysts at Scotiabank

Algonquin Power & Utilities (NYSE:AQN) had its price target reduced by Scotiabank from $9.00 to $8.00 in a report released on Monday morning, BayStreet.CA reports. Scotiabank currently has a sector perform rating on the utilities provider’s stock.

A number of other brokerages also recently issued reports on AQN. Royal Bank of Canada cut their price objective on Algonquin Power & Utilities from $9.00 to $8.00 and set a sector perform rating for the company in a research note on Thursday, September 14th. StockNews.com started coverage on Algonquin Power & Utilities in a report on Thursday, August 17th. They issued a sell rating on the stock. BMO Capital Markets lowered their price target 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. Finally, CSFB lowered their price target 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. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $9.90.

Algonquin Power & Utilities Trading Down 1.2 %

Shares of Algonquin Power & Utilities stock opened at $7.12 on Monday. The company has a current ratio of 0.71, a quick ratio of 0.56 and a debt-to-equity ratio of 1.14. Algonquin Power & Utilities has a 1 year low of $6.41 and a 1 year high of $13.24. The firm’s 50 day moving average is $7.64 and its 200 day moving average is $8.09. The firm has a market capitalization of $4.90 billion, a PE ratio of -18.72, a price-to-earnings-growth ratio of 4.32 and a beta of 0.50.

Algonquin Power & Utilities (NYSE:AQN) last issued its earnings results on Thursday, August 10th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.02). The firm had revenue of $627.30 million during the quarter, compared to the consensus estimate of $611.83 million. Algonquin Power & Utilities had a positive return on equity of 5.99% and a negative net margin of 8.96%. The firm’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.16 EPS. Equities research analysts forecast that Algonquin Power & Utilities will post 0.55 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Thursday, September 28th will be issued a dividend of $0.108 per share. This represents a $0.43 annualized dividend and a dividend yield of 6.07%. The ex-dividend date is Wednesday, September 27th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -113.16%.

Hedge Funds Weigh In On Algonquin Power & Utilities

A number of institutional investors have recently made changes to their positions in AQN. Bank of Montreal Can acquired a new position in shares of Algonquin Power & Utilities during the 2nd quarter worth about $336,911,000. Starboard Value LP bought a new position in shares of Algonquin Power & Utilities during the second quarter valued at $281,985,000. Vanguard Group Inc. raised its stake in shares of Algonquin Power & Utilities by 3.7% during the third quarter. Vanguard Group Inc. now owns 23,806,124 shares of the utilities provider’s stock valued at $259,726,000 after acquiring an additional 856,114 shares during the last quarter. Norges Bank bought a new position in Algonquin Power & Utilities during the fourth quarter worth $107,390,000. Finally, Bank of Nova Scotia increased its stake in Algonquin Power & Utilities by 1.9% in the second quarter. Bank of Nova Scotia now owns 14,633,130 shares of the utilities provider’s stock valued at $120,978,000 after purchasing an additional 279,460 shares in the last quarter. 52.12% of the stock is currently owned by institutional investors.

About Algonquin Power & Utilities

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.