CIBC Cuts Algonquin Power & Utilities (NYSE:AQN) Price Target to $5.50

Algonquin Power & Utilities (NYSE:AQN) had its target price cut by CIBC from $5.75 to $5.50 in a research note published on Tuesday morning, Benzinga reports. They currently have a neutral rating on the utilities provider’s stock.

Several other research firms have also issued reports on AQN. Janney Montgomery Scott began coverage on shares of Algonquin Power & Utilities in a research report on Thursday, September 5th. They set a “neutral” rating and a $6.00 price target on the stock. National Bank Financial upgraded Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Scotiabank dropped their target price on shares of Algonquin Power & Utilities from $6.50 to $5.75 and set a “sector perform” rating for the company in a report on Tuesday, August 13th. Raymond James lowered shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $7.75 to $7.00 in a report on Monday, August 12th. Finally, Wells Fargo & Company dropped their price objective on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $6.23.

Algonquin Power & Utilities Stock Down 2.3 %

Shares of AQN opened at $4.92 on Tuesday. The company has a current ratio of 0.97, a quick ratio of 0.78 and a debt-to-equity ratio of 1.08. Algonquin Power & Utilities has a 12 month low of $4.88 and a 12 month high of $6.79. The firm’s 50 day moving average is $5.30 and its 200-day moving average is $5.83. The stock has a market capitalization of $3.77 billion, a PE ratio of -10.03 and a beta of 0.66.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. The firm had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $635.95 million. Algonquin Power & Utilities had a return on equity of 5.36% and a net margin of 4.70%. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.08 EPS. Equities research analysts forecast that Algonquin Power & Utilities will post 0.43 EPS for the current year.

Algonquin Power & Utilities Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.065 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.26 dividend on an annualized basis and a yield of 5.29%. Algonquin Power & Utilities’s payout ratio is -53.06%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Krilogy Financial LLC raised its position in shares of Algonquin Power & Utilities by 0.3% during the second quarter. Krilogy Financial LLC now owns 707,000 shares of the utilities provider’s stock worth $4,143,000 after acquiring an additional 1,800 shares during the last quarter. Private Advisor Group LLC raised its holdings in Algonquin Power & Utilities by 14.1% during the 3rd quarter. Private Advisor Group LLC now owns 17,769 shares of the utilities provider’s stock worth $97,000 after purchasing an additional 2,201 shares during the last quarter. Hennessy Advisors Inc. lifted its position in shares of Algonquin Power & Utilities by 4.1% in the 2nd quarter. Hennessy Advisors Inc. now owns 108,564 shares of the utilities provider’s stock worth $636,000 after purchasing an additional 4,300 shares during the period. Value Partners Investments Inc. boosted its stake in shares of Algonquin Power & Utilities by 31.8% in the 1st quarter. Value Partners Investments Inc. now owns 18,338 shares of the utilities provider’s stock valued at $116,000 after purchasing an additional 4,428 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of Algonquin Power & Utilities by 25.7% during the second quarter. EverSource Wealth Advisors LLC now owns 28,704 shares of the utilities provider’s stock worth $179,000 after buying an additional 5,863 shares during the period. 62.28% of the stock is owned by institutional investors and hedge funds.

Algonquin Power & Utilities Company Profile

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.