Algonquin Power & Utilities (NYSE:AQN) Price Target Lowered to $6.00 at CIBC

Algonquin Power & Utilities (NYSE:AQN) had its price target decreased by CIBC from $7.00 to $6.00 in a research report released on Monday morning, MarketBeat.com reports. CIBC currently has a neutral rating on the utilities provider’s stock.

AQN has been the subject of a number of other research reports. StockNews.com upgraded shares of Algonquin Power & Utilities to a sell rating in a research report on Friday, May 10th. Royal Bank of Canada reaffirmed a sector perform rating and set a $7.00 price objective on shares of Algonquin Power & Utilities in a report on Wednesday, July 10th. Wells Fargo & Company downgraded Algonquin Power & Utilities from an overweight rating to an equal weight rating and reduced their target price for the stock from $8.50 to $6.00 in a report on Monday. National Bankshares raised their price target on Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a sector perform rating in a report on Tuesday, May 28th. Finally, Raymond James lowered Algonquin Power & Utilities from an outperform rating to a market perform rating and reduced their price objective for the stock from $7.75 to $7.00 in a research note on Monday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Algonquin Power & Utilities has a consensus rating of Hold and a consensus target price of $6.36.

Algonquin Power & Utilities Stock Performance

Shares of NYSE AQN opened at $5.20 on Monday. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of -10.61 and a beta of 0.66. Algonquin Power & Utilities has a one year low of $4.90 and a one year high of $7.67. The business has a fifty day simple moving average of $5.95 and a 200 day simple moving average of $6.08. The company has a current ratio of 0.98, a quick ratio of 0.79 and a debt-to-equity ratio of 1.42.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. Algonquin Power & Utilities had a positive return on equity of 5.39% and a negative net margin of 12.44%. The company had revenue of $598.60 million for the quarter, compared to the consensus estimate of $635.95 million. During the same period in the previous year, the business earned $0.08 earnings per share. The company’s quarterly revenue was down 4.7% on a year-over-year basis. Sell-side analysts expect that Algonquin Power & Utilities will post 0.46 EPS for the current year.

Algonquin Power & Utilities Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.065 dividend. This represents a $0.26 annualized dividend and a dividend yield of 5.00%. The ex-dividend date of this dividend is Monday, September 30th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -53.06%.

Institutional Investors Weigh In On Algonquin Power & Utilities

A number of institutional investors and hedge funds have recently modified their holdings of the business. Parallel Advisors LLC raised its position in shares of Algonquin Power & Utilities by 76.3% during the 4th quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 1,882 shares during the last quarter. Claro Advisors LLC bought a new stake in Algonquin Power & Utilities in the second quarter valued at about $61,000. SG Americas Securities LLC acquired a new position in Algonquin Power & Utilities in the fourth quarter valued at about $64,000. SeaCrest Wealth Management LLC bought a new position in Algonquin Power & Utilities during the second quarter worth about $66,000. Finally, Seven Mile Advisory acquired a new position in shares of Algonquin Power & Utilities during the 4th quarter worth about $67,000. 62.28% of the stock is owned by institutional investors.

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.