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

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) had its target price increased by equities researchers at TD Securities from $6.00 to $6.50 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "hold" rating on the utilities provider's stock. TD Securities' price target would indicate a potential upside of 11.21% from the company's previous close.

Several other research firms have also commented on AQN. National Bankshares lowered shares of Algonquin Power & Utilities from an "outperform" rating to a "sector perform" rating and set a $6.75 price target on the stock. in a research report on Wednesday. Raymond James increased their target price on Algonquin Power & Utilities from $5.00 to $6.00 and gave the company a "market perform" rating in a report on Wednesday. Wall Street Zen downgraded Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Royal Bank of Canada upped their price objective on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "sector perform" rating in a research report on Wednesday. Finally, Desjardins increased their price objective on Algonquin Power & Utilities from $4.75 to $6.00 and gave the company a "hold" rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating and twelve have assigned a hold rating to the company's stock. According to MarketBeat.com, Algonquin Power & Utilities presently has a consensus rating of "Hold" and an average target price of $6.31.

Algonquin Power & Utilities Price Performance

Shares of AQN traded down $0.08 on Wednesday, reaching $5.85. The stock had a trading volume of 14,983,607 shares, compared to its average volume of 8,544,605. Algonquin Power & Utilities has a twelve month low of $4.19 and a twelve month high of $6.36. The firm has a market capitalization of $4.49 billion, a PE ratio of -4.53 and a beta of 0.67. The firm has a 50-day moving average of $5.36 and a 200 day moving average of $4.92. 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 (NYSE:AQN - Get Free Report) last announced its quarterly 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 business had revenue of $692.40 million during the quarter, compared to analysts' expectations of $699.08 million. During the same quarter last year, the business posted $0.14 earnings per share. Sell-side analysts expect that Algonquin Power & Utilities will post 0.38 EPS for the current year.

Hedge Funds Weigh In On Algonquin Power & Utilities

Large investors have recently bought and sold shares of the stock. EdgePoint Investment Group Inc. raised its position in shares of Algonquin Power & Utilities by 84.9% in the 1st quarter. EdgePoint Investment Group Inc. now owns 42,223,594 shares of the utilities provider's stock worth $216,868,000 after buying an additional 19,392,805 shares during the period. FIL Ltd raised its holdings in shares of Algonquin Power & Utilities by 85.6% in the 4th quarter. FIL Ltd now owns 40,886,793 shares of the utilities provider's stock worth $181,473,000 after purchasing an additional 18,857,515 shares during the period. Southpoint Capital Advisors LP acquired a new position in shares of Algonquin Power & Utilities in the 1st quarter valued at about $51,400,000. Norges Bank acquired a new position in shares of Algonquin Power & Utilities in the 4th quarter valued at about $31,508,000. Finally, Ariel Investments LLC purchased a new stake in shares of Algonquin Power & Utilities during the 1st quarter worth about $35,735,000. Hedge funds and other institutional investors own 62.28% of the company's stock.

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.