Janney Montgomery Scott Begins Coverage on Algonquin Power & Utilities (NYSE:AQN)

Janney Montgomery Scott started coverage on shares of Algonquin Power & Utilities (NYSE:AQN) in a research report released on Thursday, Marketbeat reports. The firm issued a neutral rating and a $6.00 price objective on the utilities provider’s stock.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company lowered shares of Algonquin Power & Utilities from an overweight rating to an equal weight rating and cut their target price for the stock from $8.50 to $6.00 in a report on Monday, August 12th. National Bankshares upped their price objective on shares of Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a sector perform rating in a research report on Tuesday, May 28th. Royal Bank of Canada lowered their price objective on shares of Algonquin Power & Utilities from $7.00 to $6.00 and set a sector perform rating for the company in a research report on Tuesday, August 13th. CIBC lowered their price objective on shares of Algonquin Power & Utilities from $7.00 to $6.00 and set a neutral rating for the company in a research report on Monday, August 12th. Finally, StockNews.com upgraded shares of Algonquin Power & Utilities to a sell rating in a research report on Friday, May 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $6.33.

Algonquin Power & Utilities Price Performance

AQN opened at $5.21 on Thursday. The company has a fifty day moving average price of $5.76 and a two-hundred day moving average price of $6.01. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.78 and a current ratio of 0.97. The firm has a market capitalization of $3.99 billion, a PE ratio of -10.63 and a beta of 0.66. Algonquin Power & Utilities has a 52 week low of $4.90 and a 52 week high of $7.29.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The business had revenue of $598.60 million during the quarter, compared to the consensus estimate of $635.95 million. Algonquin Power & Utilities had a return on equity of 5.36% and a net margin of 4.70%. The firm’s revenue was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.08 earnings per share. As a group, analysts anticipate that Algonquin Power & Utilities will post 0.46 earnings per share for the current year.

Algonquin Power & Utilities Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a yield of 4.99%. The ex-dividend date is Monday, September 30th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -51.02%.

Hedge Funds Weigh In On Algonquin Power & Utilities

A number of large investors have recently added to or reduced their stakes in AQN. Parallel Advisors LLC grew its holdings in shares of Algonquin Power & Utilities by 76.3% in 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 in the last quarter. Claro Advisors LLC bought a new position in shares of Algonquin Power & Utilities in the 2nd quarter valued at about $61,000. SeaCrest Wealth Management LLC bought a new position in shares of Algonquin Power & Utilities in the 2nd quarter valued at about $66,000. Seven Mile Advisory bought a new position in shares of Algonquin Power & Utilities in the 4th quarter valued at about $67,000. Finally, Larson Financial Group LLC bought a new position in shares of Algonquin Power & Utilities in the 1st quarter valued at about $76,000. Institutional investors own 62.28% of the company’s stock.

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.