Algonquin Power & Utilities Corp (NYSE:AQN) Receives $12.33 Average Price Target from Brokerages

Shares of Algonquin Power & Utilities Corp (NYSE:AQN) have received a consensus recommendation of “Buy” from the eleven brokerages that are presently covering the stock, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $12.33.

Several analysts have commented on AQN shares. TheStreet raised shares of Algonquin Power & Utilities from a “d” rating to a “b” rating in a research note on Wednesday, May 8th. TD Securities lifted their target price on shares of Algonquin Power & Utilities from $12.00 to $12.50 and gave the stock a “buy” rating in a research note on Monday, March 4th. Desjardins reaffirmed a “buy” rating and issued a $13.00 target price on shares of Algonquin Power & Utilities in a research note on Tuesday, April 23rd. ValuEngine raised shares of Algonquin Power & Utilities from a “hold” rating to a “buy” rating in a research note on Monday, May 13th. Finally, Industrial Alliance Securities reaffirmed a “buy” rating on shares of Algonquin Power & Utilities in a research note on Tuesday, June 4th.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of Montreal Can grew its stake in shares of Algonquin Power & Utilities by 15.1% during the 1st quarter. Bank of Montreal Can now owns 40,148,416 shares of the utilities provider’s stock valued at $452,472,000 after buying an additional 5,271,752 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Algonquin Power & Utilities by 27.0% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,341,610 shares of the utilities provider’s stock valued at $124,067,000 after buying an additional 2,621,641 shares during the period. TD Asset Management Inc. grew its stake in shares of Algonquin Power & Utilities by 9.6% during the 1st quarter. TD Asset Management Inc. now owns 10,967,544 shares of the utilities provider’s stock valued at $123,390,000 after buying an additional 964,894 shares during the period. Toronto Dominion Bank grew its stake in shares of Algonquin Power & Utilities by 21.7% during the 1st quarter. Toronto Dominion Bank now owns 8,846,445 shares of the utilities provider’s stock valued at $99,739,000 after buying an additional 1,578,194 shares during the period. Finally, GQG Partners LLC grew its stake in shares of Algonquin Power & Utilities by 10.7% during the 1st quarter. GQG Partners LLC now owns 8,334,820 shares of the utilities provider’s stock valued at $93,770,000 after buying an additional 805,896 shares during the period. 45.89% of the stock is owned by institutional investors.

Shares of AQN opened at $12.39 on Friday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.10 and a current ratio of 1.29. The stock’s 50 day simple moving average is $11.87. Algonquin Power & Utilities has a 1-year low of $9.45 and a 1-year high of $12.56. The stock has a market cap of $6.11 billion, a PE ratio of 18.77, a price-to-earnings-growth ratio of 2.55 and a beta of 0.67.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings data on Thursday, May 9th. The utilities provider reported $0.19 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.03). The business had revenue of $477.23 million for the quarter, compared to analysts’ expectations of $498.08 million. Algonquin Power & Utilities had a return on equity of 7.64% and a net margin of 15.57%. On average, equities analysts expect that Algonquin Power & Utilities will post 0.63 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.142 per share. The ex-dividend date is Thursday, June 27th. This is a boost from Algonquin Power & Utilities’s previous quarterly dividend of $0.13. This represents a $0.57 annualized dividend and a dividend yield of 4.58%. Algonquin Power & Utilities’s payout ratio is currently 77.27%.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in Canada and the United States. It generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

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Analyst Recommendations for Algonquin Power & Utilities (NYSE:AQN)

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