Algonquin Power & Utilities (NYSE:AQN) Upgraded by TD Securities to "Hold" Rating

Key Points

• Algonquin Power & Utilities has been upgraded to a "hold" rating by TD Securities, amidst various other ratings adjustments by analysts.
• Several firms increased their target price for the stock, with the average target price now at $6.31, while the stock is currently trading around $5.75.
• Large institutional investors have increased their stake in the company, with hedge funds now holding 62.28% of the company's stock.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) was upgraded by equities researchers at TD Securities to a "hold" rating in a note issued to investors on Monday,Zacks.com reports.

A number of other research analysts have also weighed in on the company. BMO Capital Markets reissued a "market perform" rating and set a $6.00 target price (up from $5.00) on shares of Algonquin Power & Utilities in a report on Monday, May 12th. Raymond James Financial upped their price objective on Algonquin Power & Utilities from $5.00 to $6.00 and gave the company a "market perform" rating in a report on Wednesday, June 4th. National Bankshares lowered Algonquin Power & Utilities from an "outperform" rating to a "sector perform" rating and set a $6.75 price objective on the stock. in a report on Wednesday, June 4th. Wall Street Zen lowered Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Finally, Scotiabank upped their price objective on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating and twelve have given a hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $6.31.

Algonquin Power & Utilities Stock Performance

Shares of AQN stock traded down $0.03 during trading on Monday, reaching $5.84. 3,596,734 shares of the company's stock were exchanged, compared to its average volume of 6,790,534. The company has a quick ratio of 0.94, a current ratio of 1.09 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $4.49 billion, a PE ratio of -3.24 and a beta of 0.67. Algonquin Power & Utilities has a twelve month low of $4.19 and a twelve month high of $6.24. The firm's fifty day moving average price is $5.84 and its 200-day moving average price is $5.37.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its earnings results on Friday, August 8th. The utilities provider reported $0.04 earnings per share for the quarter, hitting analysts' consensus estimates of $0.04. The business had revenue of $535.59 million for the quarter, compared to analyst estimates 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 period in the previous year, the firm earned $0.09 EPS. As a group, sell-side analysts anticipate that Algonquin Power & Utilities will post 0.38 EPS for the current year.

Institutional Trading of Algonquin Power & Utilities

Institutional investors have recently modified their holdings of the stock. Public Sector Pension Investment Board boosted its stake in Algonquin Power & Utilities by 2.5% in the second quarter. Public Sector Pension Investment Board now owns 74,271 shares of the utilities provider's stock valued at $424,000 after buying an additional 1,800 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Algonquin Power & Utilities by 16.3% in the first quarter. Bank of New York Mellon Corp now owns 14,809 shares of the utilities provider's stock valued at $76,000 after buying an additional 2,073 shares in the last quarter. Ballentine Partners LLC raised its position in Algonquin Power & Utilities by 10.6% in the second quarter. Ballentine Partners LLC now owns 23,484 shares of the utilities provider's stock valued at $135,000 after purchasing an additional 2,242 shares during the last quarter. US Bancorp DE raised its position in Algonquin Power & Utilities by 85.7% in the first quarter. US Bancorp DE now owns 4,887 shares of the utilities provider's stock valued at $25,000 after purchasing an additional 2,256 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in Algonquin Power & Utilities by 5.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 114,834 shares of the utilities provider's stock valued at $583,000 after purchasing an additional 5,693 shares during the last quarter. 62.28% of the stock is currently 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.