Royal Bank of Canada Boosts Algonquin Power & Utilities (NYSE:AQN) Price Target to $13.00

Algonquin Power & Utilities (NYSE:AQN) had its target price boosted by Royal Bank of Canada from $12.00 to $13.00 in a report issued on Tuesday, BayStreet.CA reports. They currently have an outperform rating on the utilities provider’s stock.

AQN has been the topic of several other reports. TD Securities boosted their price target on Algonquin Power & Utilities from $14.00 to $14.50 and gave the stock a buy rating in a research report on Monday, August 12th. National Bank Financial boosted their price target on Algonquin Power & Utilities from $12.00 to $12.50 and gave the stock a sector perform rating in a research report on Friday, June 21st. ValuEngine lowered Algonquin Power & Utilities from a buy rating to a hold rating in a research report on Thursday, August 1st. TheStreet raised Algonquin Power & Utilities from a d rating to a b rating in a research report on Wednesday, May 8th. Finally, CIBC reaffirmed an average rating and issued a $13.50 target price on shares of Algonquin Power & Utilities in a research report on Monday, August 12th. Seven research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $13.00.

Algonquin Power & Utilities stock opened at $12.88 on Tuesday. The stock’s 50 day moving average price is $12.54 and its 200 day moving average price is $11.72. The firm has a market capitalization of $6.40 billion, a PE ratio of 23.91, a price-to-earnings-growth ratio of 2.66 and a beta of 0.66. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.10 and a current ratio of 1.03. Algonquin Power & Utilities has a one year low of $9.63 and a one year high of $13.07.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings results on Thursday, August 8th. The utilities provider reported $0.11 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.02). The company had revenue of $343.58 million for the quarter, compared to analyst estimates of $372.40 million. Algonquin Power & Utilities had a return on equity of 7.57% and a net margin of 21.46%. On average, analysts forecast that Algonquin Power & Utilities will post 0.63 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $0.142 dividend. This represents a $0.57 dividend on an annualized basis and a dividend yield of 4.41%. The ex-dividend date is Friday, September 27th. Algonquin Power & Utilities’s payout ratio is 84.85%.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Winslow Evans & Crocker Inc. acquired a new stake in shares of Algonquin Power & Utilities during the 2nd quarter valued at approximately $28,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of Algonquin Power & Utilities during the 2nd quarter valued at approximately $34,000. Comerica Bank raised its position in shares of Algonquin Power & Utilities by 9.6% during the 1st quarter. Comerica Bank now owns 10,978 shares of the utilities provider’s stock valued at $126,000 after acquiring an additional 963 shares in the last quarter. Csenge Advisory Group acquired a new stake in shares of Algonquin Power & Utilities during the 2nd quarter valued at approximately $146,000. Finally, Verity Asset Management Inc. raised its position in shares of Algonquin Power & Utilities by 14.0% during the 2nd quarter. Verity Asset Management Inc. now owns 12,670 shares of the utilities provider’s stock valued at $153,000 after acquiring an additional 1,557 shares in the last quarter. 46.86% of the stock is currently owned by institutional investors.

Algonquin Power & Utilities Company Profile

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. It generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

Further Reading: Retained Earnings

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

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