Algonquin Power & Utilities (NYSE:AQN) Now Covered by Analysts at Wells Fargo & Company

Investment analysts at Wells Fargo & Company started coverage on shares of Algonquin Power & Utilities (NYSE:AQN) in a research report issued on Tuesday. The brokerage set an “equal weight” rating and a $7.00 price target on the utilities provider’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 17.35% from the company’s previous close.

AQN has been the topic of a number of other reports. Desjardins lowered their price objective on shares of Algonquin Power & Utilities from $7.25 to $7.00 and set a “buy” rating on the stock in a research report on Monday, March 9th. Zacks Research lowered shares of Algonquin Power & Utilities from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 9th. TD Cowen lowered their price objective on shares of Algonquin Power & Utilities from $6.50 to $6.00 and set a “hold” rating on the stock in a research report on Monday, March 9th. Weiss Ratings upgraded shares of Algonquin Power & Utilities from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, April 21st. Finally, Canadian Imperial Bank of Commerce lifted their price objective on shares of Algonquin Power & Utilities from $6.25 to $6.50 and gave the company a “neutral” rating in a research report on Monday, April 20th. Six analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $6.77.

Algonquin Power & Utilities Stock Performance

Shares of AQN opened at $5.97 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 0.82 and a debt-to-equity ratio of 1.27. The firm has a market cap of $4.59 billion, a PE ratio of 27.11 and a beta of 0.74. The company’s 50 day simple moving average is $6.34 and its 200-day simple moving average is $6.26. Algonquin Power & Utilities has a 12-month low of $5.32 and a 12-month high of $7.11.

Algonquin Power & Utilities (NYSE:AQN) last announced its earnings results on Friday, May 8th. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The business had revenue of $713.69 million for the quarter, compared to analyst estimates of $713.69 million. Algonquin Power & Utilities had a net margin of 6.62% and a return on equity of 5.20%. During the same period last year, the firm posted $0.14 earnings per share. As a group, equities analysts predict that Algonquin Power & Utilities will post 0.36 EPS for the current year.

Institutional Investors Weigh In On Algonquin Power & Utilities

A number of hedge funds and other institutional investors have recently bought and sold shares of AQN. EdgePoint Investment Group Inc. lifted its holdings in Algonquin Power & Utilities by 32.6% in the fourth quarter. EdgePoint Investment Group Inc. now owns 81,727,385 shares of the utilities provider’s stock valued at $502,563,000 after acquiring an additional 20,074,709 shares during the period. Principal Financial Group Inc. acquired a new stake in Algonquin Power & Utilities in the fourth quarter valued at $74,263,000. Norges Bank acquired a new stake in Algonquin Power & Utilities in the fourth quarter valued at $67,065,000. Goldman Sachs Group Inc. lifted its holdings in Algonquin Power & Utilities by 65.0% in the first quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider’s stock valued at $62,738,000 after acquiring an additional 4,808,539 shares during the period. Finally, Packer & Co Ltd acquired a new stake in Algonquin Power & Utilities in the third quarter valued at $24,235,000. Institutional investors and hedge funds own 62.28% of the company’s stock.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp (NYSE: AQN) is a diversified generation, transmission and distribution utility company headquartered in Oakville, Ontario. Established in 1988, the firm operates through two primary business segments: Regulated Utilities and Renewable Energy. Its Regulated Utilities segment comprises electric, natural gas and water distribution networks serving residential, commercial and industrial customers across North America, while its Renewable Energy portfolio includes hydroelectric, solar, wind and thermal generation facilities.

The company’s renewable energy assets span multiple jurisdictions in Canada and the United States, reflecting its strategy to expand clean power capacity in regions with supportive regulatory frameworks.