Algonquin Power & Utilities (NYSE:AQN) Rating Increased to Hold at Wall Street Zen

Key Points

• Algonquin Power & Utilities was upgraded from a "sell" rating to a "hold" rating by Wall Street Zen, reflecting improved sentiments about the company's stock.
• Desjardins also raised its rating on the company from "hold" to "buy," while the consensus target price for Algonquin Power is currently set at $6.36.
• The company's recent earnings report indicated earnings per share of $0.04, meeting analysts' expectations, amid a challenging financial backdrop characterized by a negative net margin of 57.66%.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Saturday.

Several other research analysts also recently commented on AQN. Desjardins raised shares of Algonquin Power & Utilities from a "hold" rating to a "buy" rating and increased their price objective for the company from $6.00 to $6.25 in a report on Wednesday. TD Securities raised shares of Algonquin Power & Utilities to a "hold" rating in a report on Monday, August 11th. National Bank Financial raised shares of Algonquin Power & Utilities to a "hold" rating in a report on Sunday, June 8th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Algonquin Power & Utilities in a report on Saturday, September 27th. One investment analyst has rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Algonquin Power & Utilities presently has a consensus rating of "Hold" and a consensus target price of $6.36.

Algonquin Power & Utilities Trading Up 1.0%

Shares of Algonquin Power & Utilities stock opened at $5.79 on Friday. The company has a market capitalization of $4.44 billion, a P/E ratio of -3.21 and a beta of 0.72. 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 company has a fifty day moving average of $5.70 and a 200 day moving average of $5.58. Algonquin Power & Utilities has a fifty-two week low of $4.19 and a fifty-two week high of $6.24.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. EdgePoint Investment Group Inc. raised its position in 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 worth $216,868,000 after purchasing an additional 19,392,805 shares during the period. Southpoint Capital Advisors LP purchased a new stake in Algonquin Power & Utilities in the 1st quarter worth about $51,400,000. Norges Bank purchased a new stake in Algonquin Power & Utilities in the 2nd quarter worth about $51,370,000. Ariel Investments LLC purchased a new stake in Algonquin Power & Utilities in the 1st quarter worth about $35,735,000. Finally, Goldman Sachs Group Inc. raised its position in Algonquin Power & Utilities by 65.0% in 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. 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.

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.