Algonquin Power & Utilities (NYSE:AQN) Price Target Raised to $6.75 at Desjardins

Key Points

• Desjardins has raised the price target for Algonquin Power & Utilities from $6.25 to $6.75, suggesting a potential upside of 16.28% from the current stock price.
• The company's stock currently has a consensus rating of "Hold" from analysts, with one "Buy," ten "Hold," and one "Sell" rating assigned.
• Algonquin Power & Utilities reported a quarterly earnings per share (EPS) of $0.04, matching analysts' expectations, with revenues slightly below forecasts at $535.59 million.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) had its price target hoisted by equities researchers at Desjardins from $6.25 to $6.75 in a note issued to investors on Thursday,BayStreet.CA reports. The firm currently has a "buy" rating on the utilities provider's stock. Desjardins' price objective would indicate a potential upside of 16.28% from the stock's current price.

AQN has been the subject of a number of other reports. Wall Street Zen upgraded shares of Algonquin Power & Utilities from a "sell" rating to a "hold" rating in a report on Saturday, October 4th. TD Securities upgraded shares of Algonquin Power & Utilities to a "hold" rating in a report on Monday, August 11th. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of Algonquin Power & Utilities in a report on Wednesday. One investment analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $6.41.

Algonquin Power & Utilities Trading Down 1.4%

NYSE AQN traded down $0.09 during mid-day trading on Thursday, reaching $5.81. 3,861,247 shares of the stock were exchanged, compared to its average volume of 9,391,385. Algonquin Power & Utilities has a one year low of $4.19 and a one year high of $6.24. The stock has a 50 day simple moving average of $5.69 and a 200-day simple moving average of $5.60. The stock has a market cap of $4.46 billion, a P/E ratio of -3.22 and a beta of 0.72. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.09 and a quick ratio of 0.86.

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

Institutional Investors Weigh In On Algonquin Power & Utilities

A number of institutional investors have recently made changes to their positions in the business. US Bancorp DE raised its holdings in Algonquin Power & Utilities by 85.7% in the 1st quarter. US Bancorp DE now owns 4,887 shares of the utilities provider's stock worth $25,000 after purchasing an additional 2,256 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Algonquin Power & Utilities in the 1st quarter worth $31,000. Atria Wealth Solutions Inc. bought a new position in Algonquin Power & Utilities in the 1st quarter worth $51,000. Wedbush Securities Inc. bought a new position in Algonquin Power & Utilities in the 2nd quarter worth $58,000. Finally, Sowell Financial Services LLC bought a new position in Algonquin Power & Utilities in the 1st quarter worth $59,000. Hedge funds and other institutional investors own 62.28% of the company's stock.

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.

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