Scotiabank Issues Pessimistic Forecast for Algonquin Power & Utilities (NYSE:AQN) Stock Price

Algonquin Power & Utilities (NYSE:AQN) had its price objective lowered by equities researchers at Scotiabank from $5.75 to $5.25 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “sector perform” rating on the utilities provider’s stock. Scotiabank’s price objective would suggest a potential upside of 9.38% from the stock’s current price.

Several other equities research analysts have also recently issued reports on AQN. Wells Fargo & Company decreased their price objective on Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a report on Wednesday, October 16th. Desjardins decreased their price target on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a research note on Monday, August 12th. National Bank Financial raised shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. CIBC decreased their target price on shares of Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Finally, Raymond James lowered shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $7.75 to $7.00 in a research report on Monday, August 12th. One analyst has rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $6.18.

Algonquin Power & Utilities Trading Down 0.2 %

Shares of AQN stock opened at $4.80 on Friday. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of 30.00 and a beta of 0.68. The company has a current ratio of 0.97, a quick ratio of 0.78 and a debt-to-equity ratio of 1.08. The firm has a 50-day moving average price of $5.19 and a 200 day moving average price of $5.74. Algonquin Power & Utilities has a twelve month low of $4.67 and a twelve month high of $6.79.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.08 EPS for the quarter, hitting analysts’ consensus estimates of $0.08. Algonquin Power & Utilities had a net margin of 4.70% and a return on equity of 5.36%. The business had revenue of $573.20 million during the quarter, compared to the consensus estimate of $620.46 million. During the same period in the previous year, the firm posted $0.11 earnings per share. The company’s quarterly revenue was up 1.5% compared to the same quarter last year. Research analysts forecast that Algonquin Power & Utilities will post 0.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in AQN. Central Pacific Bank Trust Division bought a new stake in Algonquin Power & Utilities in the 3rd quarter valued at about $54,000. Claro Advisors LLC bought a new stake in shares of Algonquin Power & Utilities during the second quarter valued at approximately $61,000. SeaCrest Wealth Management LLC acquired a new position in shares of Algonquin Power & Utilities during the second quarter worth approximately $66,000. Verdence Capital Advisors LLC bought a new position in Algonquin Power & Utilities in the 3rd quarter worth approximately $61,000. Finally, SVB Wealth LLC bought a new position in Algonquin Power & Utilities in the 1st quarter worth approximately $82,000. 62.28% of the stock is currently 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.