Algonquin Power & Utilities Corp (AQN) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Algonquin Power & Utilities Corp (NYSE:AQN) have been given an average rating of “Buy” by the eight ratings firms that are currently covering the stock, MarketBeat reports. Five investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $11.92.

A number of research analysts have weighed in on the stock. TD Securities lifted their price objective on shares of Algonquin Power & Utilities from $12.00 to $12.50 and gave the company a “buy” rating in a report on Monday, March 4th. Zacks Investment Research raised shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a report on Tuesday, February 5th. Bank of America assumed coverage on shares of Algonquin Power & Utilities in a report on Wednesday, February 27th. They issued a “neutral” rating and a $11.00 price objective for the company. Canaccord Genuity cut shares of Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a report on Friday, February 8th. Finally, Raymond James reaffirmed a “strong-buy” rating and issued a $13.00 price objective on shares of Algonquin Power & Utilities in a report on Friday, March 1st.

AQN traded up $0.09 on Friday, reaching $11.28. The stock had a trading volume of 217,237 shares, compared to its average volume of 289,504. Algonquin Power & Utilities has a 12-month low of $9.45 and a 12-month high of $11.34. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.79 and a current ratio of 0.99. The stock has a market capitalization of $5.47 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 1.63 and a beta of 0.75.

The business also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be paid a dividend of $0.128 per share. The ex-dividend date is Thursday, March 28th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 4.54%. Algonquin Power & Utilities’s dividend payout ratio is currently 77.27%.

Several hedge funds have recently added to or reduced their stakes in the company. Bank of Montreal Can increased its stake in shares of Algonquin Power & Utilities by 4.7% during the fourth quarter. Bank of Montreal Can now owns 34,876,664 shares of the utilities provider’s stock worth $350,511,000 after purchasing an additional 1,564,434 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Algonquin Power & Utilities by 27.0% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,341,610 shares of the utilities provider’s stock worth $124,067,000 after purchasing an additional 2,621,641 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Algonquin Power & Utilities by 16.4% during the third quarter. Vanguard Group Inc. now owns 11,589,361 shares of the utilities provider’s stock worth $120,066,000 after purchasing an additional 1,634,962 shares in the last quarter. Vanguard Group Inc increased its stake in shares of Algonquin Power & Utilities by 16.4% during the third quarter. Vanguard Group Inc now owns 11,589,361 shares of the utilities provider’s stock worth $120,066,000 after purchasing an additional 1,634,962 shares in the last quarter. Finally, TD Asset Management Inc. increased its stake in shares of Algonquin Power & Utilities by 5.8% during the fourth quarter. TD Asset Management Inc. now owns 10,002,650 shares of the utilities provider’s stock worth $100,554,000 after purchasing an additional 545,776 shares in the last quarter. 45.95% of the stock is owned by institutional investors and hedge funds.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in Canada and the United States. The company generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

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Analyst Recommendations for Algonquin Power & Utilities (NYSE:AQN)

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