Algonquin Power & Utilities (NYSE:AQN) Price Target Raised to $6.50 at Royal Bank of Canada

Algonquin Power & Utilities (NYSE:AQN) had its price target lifted by Royal Bank of Canada from $6.00 to $6.50 in a research report sent to investors on Wednesday, MarketBeat Ratings reports. They currently have a sector perform rating on the utilities provider’s stock.

Other equities research analysts also recently issued research reports about the company. National Bank Financial downgraded Algonquin Power & Utilities from an “outperform” rating to a “sector perform” rating and set a $6.75 price objective for the company. in a research report on Wednesday. CIBC lowered their price target on Algonquin Power & Utilities from $5.50 to $5.25 and set a “neutral” rating for the company in a report on Thursday, April 24th. National Bankshares dropped their price objective on shares of Algonquin Power & Utilities from $6.75 to $6.25 and set an “outperform” rating for the company in a research note on Tuesday, February 11th. BMO Capital Markets restated a “market perform” rating and issued a $6.00 target price (up from $5.00) on shares of Algonquin Power & Utilities in a report on Monday, May 12th. Finally, Wall Street Zen lowered shares of Algonquin Power & Utilities from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. One analyst has rated the stock with a sell rating and twelve have given a hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $6.31.

Algonquin Power & Utilities Stock Performance

NYSE AQN opened at $5.86 on Wednesday. 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 has a fifty-two week low of $4.19 and a fifty-two week high of $6.36. The business has a fifty day moving average of $5.38 and a 200-day moving average of $4.93. The stock has a market cap of $4.50 billion, a price-to-earnings ratio of -4.54 and a beta of 0.67.

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

Algonquin Power & Utilities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date of this dividend is Monday, June 30th. Algonquin Power & Utilities’s payout ratio is -15.48%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in AQN. US Bancorp DE lifted its position in shares of Algonquin Power & Utilities by 85.7% during the first quarter. US Bancorp DE now owns 4,887 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 2,256 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Algonquin Power & Utilities in the 1st quarter worth approximately $31,000. SVB Wealth LLC bought a new stake in shares of Algonquin Power & Utilities in the 4th quarter valued at approximately $49,000. Atria Wealth Solutions Inc. bought a new position in Algonquin Power & Utilities during the first quarter worth $51,000. Finally, Avantax Advisory Services Inc. acquired a new position in Algonquin Power & Utilities in the fourth quarter worth $58,000. 62.28% of the stock is currently owned by institutional investors.

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.