Algonquin Power & Utilities (NYSE:AQN) Cut to "Sell" at Wall Street Zen

Key Points

• Algonquin Power & Utilities was downgraded from a "hold" rating to a "sell" rating by Wall Street Zen.
• The company's stock has a consensus rating of "Hold" among analysts, with an average target price of $6.50.
• Recent changes among hedge funds include EdgePoint Investment Group increasing its position in Algonquin by 84.9% in the first quarter.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

Other analysts have also issued research reports about the company. TD Securities upgraded Algonquin Power & Utilities to a "hold" rating in a report on Monday, August 11th. Weiss Ratings reiterated a "sell (d)" rating on shares of Algonquin Power & Utilities in a report on Wednesday, October 8th. Finally, Desjardins increased their price objective on Algonquin Power & Utilities from $6.25 to $6.75 and gave the company a "buy" rating in a report on Thursday, October 9th. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Algonquin Power & Utilities has a consensus rating of "Hold" and an average target price of $6.50.

Algonquin Power & Utilities Stock Up 0.4%

Algonquin Power & Utilities stock opened at $5.98 on Friday. The business has a fifty day moving average of $5.69 and a two-hundred day moving average of $5.63. The company has a quick ratio of 0.86, a current ratio of 1.09 and a debt-to-equity ratio of 1.22. The firm has a market cap of $4.59 billion, a P/E ratio of -3.32 and a beta of 0.72. Algonquin Power & Utilities has a twelve month low of $4.19 and a twelve month high of $6.24.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its earnings results on Friday, August 8th. The utilities provider reported $0.04 earnings per share for the quarter, hitting analysts' consensus estimates of $0.04. Algonquin Power & Utilities had a positive return on equity of 4.76% and a negative net margin of 57.66%.The company had revenue of $535.59 million during the quarter, compared to analyst estimates of $535.64 million. During the same quarter in the prior year, the business earned $0.09 earnings per share. On average, analysts forecast that Algonquin Power & Utilities will post 0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several hedge funds have recently made changes to their positions in AQN. EdgePoint Investment Group Inc. increased its position in shares of Algonquin Power & Utilities by 84.9% in the 1st quarter. EdgePoint Investment Group Inc. now owns 42,223,594 shares of the utilities provider's stock valued at $216,868,000 after acquiring an additional 19,392,805 shares during the period. Southpoint Capital Advisors LP acquired a new position in shares of Algonquin Power & Utilities in the 1st quarter valued at $51,400,000. Norges Bank acquired a new position in shares of Algonquin Power & Utilities in the 2nd quarter valued at $51,370,000. Ariel Investments LLC acquired a new position in shares of Algonquin Power & Utilities in the 1st quarter valued at $35,735,000. Finally, Goldman Sachs Group Inc. grew its position in Algonquin Power & Utilities by 65.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider's stock worth $62,738,000 after purchasing an additional 4,808,539 shares during the period. 62.28% of the stock is owned by institutional investors and hedge funds.

About Algonquin Power & Utilities

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.