Algonquin Power & Utilities (NYSE:AQN) Price Target Raised to $6.50 at TD Securities

Algonquin Power & Utilities (NYSE:AQN) had its price target upped by TD Securities from $6.00 to $6.50 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a hold rating on the utilities provider’s stock.

Other analysts have also issued reports about the stock. Scotiabank increased their price target on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “sector perform” rating in a research report on Wednesday. BMO Capital Markets reissued a “market perform” rating and issued a $6.00 price target (up from $5.00) on shares of Algonquin Power & Utilities in a research report on Monday, May 12th. Raymond James increased their price target on shares of Algonquin Power & Utilities from $5.00 to $6.00 and gave the stock a “market perform” rating in a research report on Wednesday. CIBC increased their price target on shares of Algonquin Power & Utilities from $5.75 to $6.25 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Desjardins increased their price objective on Algonquin Power & Utilities from $4.75 to $6.00 and gave the stock a “hold” rating in a report on Wednesday. One analyst has rated the stock with a sell rating and twelve have assigned a hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $6.31.

Algonquin Power & Utilities Price Performance

NYSE AQN opened at $5.86 on Wednesday. The company has a 50 day simple moving average of $5.38 and a 200-day simple moving average of $4.93. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of -4.54 and a beta of 0.67. Algonquin Power & Utilities has a 52-week low of $4.19 and a 52-week high of $6.36.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings results on Friday, May 9th. The utilities provider reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. The business had revenue of $692.40 million during the quarter, compared to analyst estimates 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 period in the prior year, the firm earned $0.14 earnings per share. Equities research analysts predict that Algonquin Power & Utilities will post 0.38 earnings per share for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

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

Hedge Funds Weigh In On Algonquin Power & Utilities

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its holdings in Algonquin Power & Utilities by 16.3% during the first quarter. Bank of New York Mellon Corp now owns 14,809 shares of the utilities provider’s stock valued at $76,000 after purchasing an additional 2,073 shares during the last quarter. US Bancorp DE grew its holdings in Algonquin Power & Utilities by 85.7% during 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. Northwest & Ethical Investments L.P. grew its holdings in Algonquin Power & Utilities by 6.6% during the fourth quarter. Northwest & Ethical Investments L.P. now owns 50,251 shares of the utilities provider’s stock valued at $223,000 after purchasing an additional 3,096 shares during the last quarter. CIBC Asset Management Inc grew its holdings in Algonquin Power & Utilities by 0.4% during the fourth quarter. CIBC Asset Management Inc now owns 935,130 shares of the utilities provider’s stock valued at $4,141,000 after purchasing an additional 3,656 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its holdings in Algonquin Power & Utilities by 40.5% during the fourth quarter. Quadrant Capital Group LLC now owns 17,555 shares of the utilities provider’s stock valued at $78,000 after purchasing an additional 5,060 shares during the last quarter. Institutional investors and hedge funds 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.