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

Key Points

• Raymond James Financial has raised the price target for Algonquin Power & Utilities from $6.00 to $6.50, indicating a potential upside of 12.95% from the current price.
• Algonquin Power & Utilities has received mixed ratings from analysts, with one "buy," nine "hold," and one "sell" rating, while its average price target stands at $6.55.
• The company's stock has recently traded at $5.76, with a one-year range between $4.19 and $6.24.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) had its price objective raised by equities researchers at Raymond James Financial from $6.00 to $6.50 in a research note issued on Friday,BayStreet.CA reports. The brokerage currently has a "market perform" rating on the utilities provider's stock. Raymond James Financial's price target suggests a potential upside of 12.95% from the company's current price.

A number of other research firms also recently commented on AQN. Weiss Ratings reissued a "sell (d)" rating on shares of Algonquin Power & Utilities in a report on Wednesday, October 8th. Desjardins raised their target price on Algonquin Power & Utilities from $6.25 to $6.75 and gave the company a "buy" rating in a report on Thursday, October 9th. Wall Street Zen downgraded Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a report on Saturday, October 18th. Finally, TD Securities raised Algonquin Power & Utilities to a "hold" rating in a research note on Monday, August 11th. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $6.55.

Algonquin Power & Utilities Price Performance

Algonquin Power & Utilities stock traded down $0.05 during midday trading on Friday, reaching $5.76. The company's stock had a trading volume of 2,663,974 shares, compared to its average volume of 9,126,298. Algonquin Power & Utilities has a fifty-two week low of $4.19 and a fifty-two week high of $6.24. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.86 and a current ratio of 1.09. The stock's 50 day simple moving average is $5.70 and its 200 day simple moving average is $5.66. The firm has a market capitalization of $4.42 billion, a PE ratio of -3.20 and a beta of 0.72.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last released its earnings results on Friday, August 8th. The utilities provider reported $0.04 EPS for the quarter, meeting 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 the consensus estimate of $535.64 million. During the same quarter last year, the company earned $0.09 earnings per share. On average, equities research analysts forecast that Algonquin Power & Utilities will post 0.38 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. US Bancorp DE raised its stake in shares of Algonquin Power & Utilities by 85.7% during the 1st quarter. US Bancorp DE now owns 4,887 shares of the utilities provider's stock worth $25,000 after buying an additional 2,256 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Algonquin Power & Utilities during the 1st quarter worth about $31,000. Atria Wealth Solutions Inc. purchased a new stake in Algonquin Power & Utilities during the 1st quarter worth about $51,000. Wedbush Securities Inc. purchased a new stake in Algonquin Power & Utilities during the 2nd quarter worth about $58,000. Finally, Oakwell Private Wealth Management LLC purchased a new stake in Algonquin Power & Utilities during the 1st quarter worth about $63,000. 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.

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