Algonquin Power & Utilities (TSE:AQN) Reaches New 52-Week High at $23.71

Algonquin Power & Utilities Corp. (TSE:AQN)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$23.71 and last traded at C$7.15, with a volume of 634878 shares traded. The stock had previously closed at C$7.16.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Desjardins decreased their price objective on Algonquin Power & Utilities from C$5.75 to C$5.50 and set a “hold” rating for the company in a research report on Tuesday, April 30th. Wells Fargo & Company cut Algonquin Power & Utilities from a “strong-buy” rating to a “hold” rating in a report on Monday, August 12th. Raymond James cut Algonquin Power & Utilities from a “moderate buy” rating to a “hold” rating in a report on Monday, August 12th. Finally, National Bank Financial raised Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Five investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of C$7.08.

Algonquin Power & Utilities Stock Performance

The firm has a market cap of C$5.51 billion, a PE ratio of 32.59, a P/E/G ratio of 1.07 and a beta of 0.52. The company has a debt-to-equity ratio of 108.48, a current ratio of 0.97 and a quick ratio of 0.37. The stock has a 50-day moving average price of C$8.10 and a 200 day moving average price of C$8.28.

Algonquin Power & Utilities Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 5.01%. The ex-dividend date of this dividend is Friday, September 27th. Algonquin Power & Utilities’s payout ratio is currently 163.64%.

About Algonquin Power & Utilities

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.