Algonquin Power & Utilities (NYSE:AQN) Shares Gap Down to $6.75

Shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $6.75, but opened at $6.48. Algonquin Power & Utilities shares last traded at $6.69, with a volume of 1,577,695 shares.

Wall Street Analysts Forecast Growth

AQN has been the topic of a number of research analyst reports. StockNews.com raised shares of Algonquin Power & Utilities to a "sell" rating in a research note on Thursday, May 2nd. Desjardins raised shares of Algonquin Power & Utilities from a "sell" rating to a "hold" rating and boosted their target price for the stock from $4.75 to $5.75 in a research note on Monday, March 11th. Scotiabank decreased their price target on shares of Algonquin Power & Utilities from $7.50 to $6.50 and set a "sector perform" rating on the stock in a research note on Monday, April 22nd. Finally, TD Securities boosted their price objective on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a "hold" rating in a research note on Monday, March 11th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $7.67.

Algonquin Power & Utilities Stock Performance

The company has a debt-to-equity ratio of 1.23, a current ratio of 0.63 and a quick ratio of 0.50. The firm has a fifty day moving average of $6.15 and a 200 day moving average of $6.05. The stock has a market cap of $4.53 billion, a price-to-earnings ratio of 225.17 and a beta of 0.64.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last issued its earnings results on Friday, March 8th. The utilities provider reported $0.16 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.02. Algonquin Power & Utilities had a net margin of 1.06% and a return on equity of 5.64%. The company had revenue of $666.90 million for the quarter, compared to the consensus estimate of $661.73 million. During the same period in the previous year, the firm earned $0.22 earnings per share. Algonquin Power & Utilities's quarterly revenue was down 10.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Algonquin Power & Utilities Corp. will post 0.48 EPS for the current year.

Algonquin Power & Utilities Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $0.1085 per share. This represents a $0.43 dividend on an annualized basis and a dividend yield of 6.61%. The ex-dividend date was Wednesday, March 27th. Algonquin Power & Utilities's payout ratio is 1,433.33%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of AQN. Commonwealth Equity Services LLC boosted its position in shares of Algonquin Power & Utilities by 9.5% during the 3rd quarter. Commonwealth Equity Services LLC now owns 79,789 shares of the utilities provider's stock worth $472,000 after purchasing an additional 6,931 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Algonquin Power & Utilities by 313.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 770,885 shares of the utilities provider's stock valued at $4,584,000 after buying an additional 584,358 shares during the period. Advisor Partners II LLC lifted its stake in Algonquin Power & Utilities by 14.9% during the 3rd quarter. Advisor Partners II LLC now owns 15,486 shares of the utilities provider's stock worth $92,000 after acquiring an additional 2,009 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in Algonquin Power & Utilities by 2.7% during the 3rd quarter. CIBC Asset Management Inc now owns 659,519 shares of the utilities provider's stock valued at $3,916,000 after acquiring an additional 17,360 shares during the period. Finally, Triumph Capital Management grew its position in Algonquin Power & Utilities by 13.9% in the 3rd quarter. Triumph Capital Management now owns 18,931 shares of the utilities provider's stock valued at $114,000 after acquiring an additional 2,314 shares in the last quarter. Institutional investors and hedge funds own 62.28% of the company's stock.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.

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