TD Securities Upgrades Algonquin Power & Utilities (NYSE:AQN) to "Hold"

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 research analysts at TD Securities to a "hold" rating in a report released on Monday,Zacks.com reports.

A number of other research analysts have also weighed in on the stock. Raymond James Financial lifted their price target on shares of Algonquin Power & Utilities from $5.00 to $6.00 and gave the company a "market perform" rating in a research note on Wednesday, June 4th. Wall Street Zen downgraded shares of Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Royal Bank Of Canada lifted 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 report on Wednesday, June 4th. Desjardins lifted their price objective on shares of Algonquin Power & Utilities from $4.75 to $6.00 and gave the company a "hold" rating in a report on Wednesday, June 4th. Finally, National Bankshares downgraded shares of 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. One research analyst has rated the stock with a sell rating and twelve have given a hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $6.31.

Algonquin Power & Utilities Trading Down 0.5%

Algonquin Power & Utilities stock traded down $0.03 during midday trading on Monday, hitting $5.84. 3,596,734 shares of the stock were exchanged, compared to its average volume of 6,790,534. The company has a fifty day simple moving average of $5.84 and a two-hundred day simple moving average of $5.38. Algonquin Power & Utilities has a 52 week low of $4.19 and a 52 week high of $6.24. The stock has a market capitalization of $4.49 billion, a PE ratio of -3.24 and a beta of 0.67. The company has a quick ratio of 0.94, a current ratio of 1.09 and a debt-to-equity ratio of 1.22.

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

Hedge Funds Weigh In On Algonquin Power & Utilities

Institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new position in shares of Algonquin Power & Utilities in the first quarter valued at $288,000. Raymond James Financial Inc. acquired a new position in shares of Algonquin Power & Utilities in the fourth quarter valued at about $990,000. Sowell Financial Services LLC acquired a new position in shares of Algonquin Power & Utilities in the first quarter valued at about $59,000. Dimensional Fund Advisors LP grew its stake in shares of Algonquin Power & Utilities by 12.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,782,827 shares of the utilities provider's stock valued at $25,734,000 after acquiring an additional 654,006 shares in the last quarter. Finally, Corvex Management LP grew its stake in shares of Algonquin Power & Utilities by 10.0% in the fourth quarter. Corvex Management LP now owns 3,345,455 shares of the utilities provider's stock valued at $14,887,000 after acquiring an additional 303,829 shares in the last quarter. 62.28% of the stock is currently owned by institutional investors and hedge funds.

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.