Algonquin Power & Utilities (NYSE:AQN) Upgraded at Desjardins

Key Points

• Algonquin Power & Utilities has been upgraded from a "hold" to a "buy" rating by Desjardins, with a target price increased from $6.00 to $6.25.
• Other analysts, including Scotiabank and Royal Bank of Canada, have set target prices for the stock at $6.50, contributing to a consensus rating of "Hold".
• The stock has shown a one-year range with a low of $4.19 and a high of $6.24, currently trading at $5.74.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) was upgraded by equities researchers at Desjardins from a "hold" rating to a "buy" rating in a research note issued to investors on Wednesday,BayStreet.CA reports. The firm currently has a $6.25 target price on the utilities provider's stock, up from their prior target price of $6.00. Desjardins' target price would suggest a potential upside of 8.98% from the company's previous close.

Other equities research analysts also recently issued reports about the stock. Scotiabank lifted their target price on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. Royal Bank Of Canada raised their target price on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. Raymond James Financial raised their price objective on Algonquin Power & Utilities from $5.00 to $6.00 and gave the stock a "market perform" rating in a research report on Wednesday, June 4th. TD Securities upgraded shares of Algonquin Power & Utilities to a "hold" rating in a research report on Monday, August 11th. Finally, CIBC increased their price objective on shares of Algonquin Power & Utilities from $5.75 to $6.25 and gave the stock a "neutral" rating in a research report on Wednesday, June 4th. One equities research analyst has rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat, Algonquin Power & Utilities currently has a consensus rating of "Hold" and an average target price of $6.36.

Algonquin Power & Utilities Stock Performance

AQN traded up $0.37 during trading on Wednesday, hitting $5.74. The stock had a trading volume of 7,436,787 shares, compared to its average volume of 9,493,463. The company has a 50 day moving average price of $5.72 and a 200-day moving average price of $5.57. The firm has a market cap of $4.40 billion, a price-to-earnings ratio of -3.19 and a beta of 0.69. Algonquin Power & Utilities has a one year low of $4.19 and a one year high of $6.24. 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 released its quarterly earnings data on Friday, August 8th. The utilities provider reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. The company had revenue of $535.59 million for the quarter, compared to the consensus estimate of $535.64 million. Algonquin Power & Utilities had a positive return on equity of 4.76% and a negative net margin of 57.66%.During the same quarter last year, the business posted $0.09 EPS. As a group, research analysts predict that Algonquin Power & Utilities will post 0.38 EPS for the current year.

Institutional Trading of Algonquin Power & Utilities

Several large investors have recently made changes to their positions in the company. US Bancorp DE raised its stake in 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 period. Caitong International Asset Management Co. Ltd bought a new stake in Algonquin Power & Utilities during the 1st quarter valued at $31,000. Atria Wealth Solutions Inc. acquired a new position in Algonquin Power & Utilities during the first quarter worth $51,000. Wedbush Securities Inc. bought a new stake in shares of Algonquin Power & Utilities during the second quarter worth about $58,000. Finally, Sowell Financial Services LLC acquired a new stake in shares of Algonquin Power & Utilities in the 1st quarter worth about $59,000. 62.28% of the stock is currently 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.

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