Algonquin Power & Utilities (NYSE:AQN) Price Target Raised to $6.50 at Scotiabank

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) had its price objective hoisted by investment analysts at Scotiabank from $6.00 to $6.50 in a research report issued on Wednesday, MarketBeat Ratings reports. The firm presently has a "sector perform" rating on the utilities provider's stock. Scotiabank's price target suggests a potential upside of 11.21% from the company's current price.

A number of other research analysts have also recently issued reports on AQN. Royal Bank of Canada lifted their target price on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "sector perform" rating in a research report on Wednesday. Wall Street Zen downgraded shares of Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. BMO Capital Markets reissued a "market perform" rating and issued a $6.00 price objective (up previously from $5.00) on shares of Algonquin Power & Utilities in a research note on Monday, May 12th. National Bankshares dropped their price objective on shares of Algonquin Power & Utilities from $6.75 to $6.25 and set an "outperform" rating for the company in a research note on Tuesday, February 11th. Finally, CIBC dropped their price objective on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a "neutral" rating for the company in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating and twelve have issued a hold rating to the company. According to MarketBeat.com, Algonquin Power & Utilities has a consensus rating of "Hold" and an average target price of $6.31.

Algonquin Power & Utilities Price Performance

Shares of NYSE:AQN traded down $0.08 during midday trading on Wednesday, hitting $5.85. The stock had a trading volume of 14,983,607 shares, compared to its average volume of 8,544,605. The company's 50-day moving average price is $5.35 and its 200-day moving average price is $4.91. The company has a market capitalization of $4.49 billion, a P/E ratio of -4.53 and a beta of 0.67. The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17. Algonquin Power & Utilities has a fifty-two week low of $4.19 and a fifty-two week high of $6.36.

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

Hedge Funds Weigh In On Algonquin Power & Utilities

Hedge funds have recently bought and sold shares of the company. US Bancorp DE raised its stake in Algonquin Power & Utilities by 85.7% during the first 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 last quarter. Caitong International Asset Management Co. Ltd bought a new position in Algonquin Power & Utilities during the first quarter worth $31,000. Atria Wealth Solutions Inc. bought a new position in Algonquin Power & Utilities during the first quarter worth $51,000. SVB Wealth LLC bought a new position in Algonquin Power & Utilities during the fourth quarter worth $49,000. Finally, Sowell Financial Services LLC bought a new position in Algonquin Power & Utilities during the first quarter worth $59,000. Institutional investors own 62.28% of the company's stock.

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.