CIBC Raises Algonquin Power & Utilities (NYSE:AQN) Price Target to $6.25

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) had its price target boosted by analysts at CIBC from $5.75 to $6.25 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the utilities provider's stock. CIBC's price target points to a potential upside of 6.93% from the stock's current price.

Several other research firms have also recently commented on AQN. Scotiabank boosted their price objective on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "sector perform" rating in a research report on Wednesday. National Bankshares cut their price objective on shares of Algonquin Power & Utilities from $6.75 to $6.25 and set an "outperform" rating on the stock in a research report on Tuesday, February 11th. Wall Street Zen cut shares of Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. BMO Capital Markets reaffirmed a "market perform" rating and issued a $6.00 price objective (up from $5.00) on shares of Algonquin Power & Utilities in a research report on Monday, May 12th. Finally, Royal Bank of Canada boosted their price objective on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "sector perform" rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating and twelve have issued a hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $6.31.

Algonquin Power & Utilities Trading Down 1.3%

Shares of NYSE AQN traded down $0.08 during midday trading on Wednesday, reaching $5.85. 14,983,607 shares of the stock were exchanged, compared to its average volume of 8,544,605. The business has a 50-day simple moving average of $5.35 and a two-hundred day simple moving average of $4.91. The company has a market capitalization of $4.49 billion, a price-to-earnings ratio of -4.53 and a beta of 0.67. Algonquin Power & Utilities has a 12 month low of $4.19 and a 12 month high of $6.36. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last announced its quarterly earnings results on Friday, May 9th. The utilities provider reported $0.14 earnings per share for the quarter, topping analysts' consensus estimates of $0.09 by $0.05. The company had revenue of $692.40 million for the quarter, compared to analysts' expectations of $699.08 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. During the same period last year, the firm posted $0.14 earnings per share. As a group, equities research analysts expect that Algonquin Power & Utilities will post 0.38 EPS for the current year.

Institutional Investors Weigh In On Algonquin Power & Utilities

Several institutional investors and hedge funds have recently added to or reduced their stakes in AQN. Goldman Sachs Group Inc. increased its stake in shares of 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 last quarter. EdgePoint Investment Group Inc. boosted its holdings 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 valued at $216,868,000 after purchasing an additional 19,392,805 shares during the period. Corvex Management LP boosted its holdings in Algonquin Power & Utilities by 69.9% in the 1st quarter. Corvex Management LP now owns 5,683,855 shares of the utilities provider's stock valued at $29,215,000 after purchasing an additional 2,338,400 shares during the period. Ariel Investments LLC bought a new stake in Algonquin Power & Utilities in the 1st quarter valued at about $35,735,000. Finally, Southpoint Capital Advisors LP bought a new stake in Algonquin Power & Utilities in the 1st quarter valued at about $51,400,000. 62.28% of the stock is owned by institutional investors.

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.