Algonquin Power & Utilities (NYSE:AQN) PT Lowered to $6.50 at Scotiabank

Algonquin Power & Utilities (NYSE:AQN) had its price target trimmed by Scotiabank from $7.50 to $6.50 in a report released on Monday morning, MarketBeat.com reports. The firm currently has a sector perform rating on the utilities provider’s stock.

A number of other equities research analysts have also commented on the company. National Bankshares decreased their price target on Algonquin Power & Utilities from $7.50 to $7.25 and set a sector perform rating on the stock in a research report on Tuesday, January 9th. CIBC increased their price objective on Algonquin Power & Utilities from $7.00 to $7.50 and gave the company a neutral rating in a research report on Tuesday, January 9th. StockNews.com upgraded Algonquin Power & Utilities to a sell rating in a research report on Wednesday, April 17th. BMO Capital Markets upgraded Algonquin Power & Utilities from a market perform rating to an outperform rating and increased their price objective for the company from $7.00 to $7.50 in a research report on Monday, January 8th. Finally, TD Securities increased their price objective on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a hold rating in a research report on Monday, March 11th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $7.67.

Algonquin Power & Utilities Stock Up 0.4 %

NYSE AQN opened at $6.19 on Monday. The firm has a market cap of $4.27 billion, a PE ratio of 206.17 and a beta of 0.66. Algonquin Power & Utilities has a one year low of $4.90 and a one year high of $9.14. The stock’s 50 day simple moving average is $6.04 and its 200 day simple moving average is $5.98. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.63 and a quick ratio of 0.50.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings results on Friday, March 8th. The utilities provider reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. The business had revenue of $666.90 million for the quarter, compared to analyst estimates of $661.73 million. Algonquin Power & Utilities had a return on equity of 5.64% and a net margin of 1.06%. Algonquin Power & Utilities’s revenue for the quarter was down 10.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.22 EPS. As a group, sell-side analysts forecast that Algonquin Power & Utilities will post 0.49 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a $0.1085 dividend. This represents a $0.43 dividend on an annualized basis and a dividend yield of 7.02%. The ex-dividend date was Wednesday, March 27th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is currently 1,433.33%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Krilogy Financial LLC lifted its stake in shares of Algonquin Power & Utilities by 38.8% in the 1st quarter. Krilogy Financial LLC now owns 705,200 shares of the utilities provider’s stock valued at $4,457,000 after purchasing an additional 197,200 shares during the period. Verity & Verity LLC acquired a new position in shares of Algonquin Power & Utilities in the 1st quarter valued at $115,000. PFG Investments LLC lifted its stake in shares of Algonquin Power & Utilities by 71.3% in the 1st quarter. PFG Investments LLC now owns 63,371 shares of the utilities provider’s stock valued at $401,000 after purchasing an additional 26,369 shares during the period. Alpha Omega Wealth Management LLC raised its stake in Algonquin Power & Utilities by 8.2% during the 1st quarter. Alpha Omega Wealth Management LLC now owns 592,430 shares of the utilities provider’s stock worth $3,744,000 after buying an additional 44,714 shares during the period. Finally, DGS Capital Management LLC acquired a new stake in Algonquin Power & Utilities during the 1st quarter worth $169,000. Institutional investors and hedge funds own 62.28% of the company’s stock.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.