Algonquin Power & Utilities Corp (AQN) Receives Average Recommendation of “Buy” from Brokerages

Algonquin Power & Utilities Corp (NYSE:AQN) has earned an average broker rating score of 2.17 (Buy) from the six analysts that cover the company, Zacks Investment Research reports. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and two have issued a strong buy rating on the company. Algonquin Power & Utilities’ rating score has declined by 18.6% in the last 90 days as a result of a number of analysts’ ratings changes.

Brokers have set a one year consensus target price of $11.90 for the company and are expecting that the company will post $0.13 EPS for the current quarter, according to Zacks. Zacks has also given Algonquin Power & Utilities an industry rank of 94 out of 257 based on the ratings given to its competitors.

AQN has been the topic of a number of recent analyst reports. National Bank Financial reaffirmed an “outperform overweight” rating on shares of Algonquin Power & Utilities in a research report on Monday, August 13th. Wells Fargo & Co lowered their price target on Algonquin Power & Utilities from $14.00 to $12.00 and set a “market perform” rating on the stock in a report on Monday, August 20th. Zacks Investment Research downgraded Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a report on Monday, October 15th. Canaccord Genuity reiterated a “buy” rating and set a $11.00 price target on shares of Algonquin Power & Utilities in a report on Wednesday. Finally, TD Securities lifted their price target on Algonquin Power & Utilities from $11.50 to $12.00 and gave the company a “buy” rating in a report on Wednesday.

Several hedge funds have recently modified their holdings of the company. Alliancebernstein L.P. grew its holdings in shares of Algonquin Power & Utilities by 2.8% during the third quarter. Alliancebernstein L.P. now owns 207,487 shares of the utilities provider’s stock valued at $2,150,000 after buying an additional 5,645 shares in the last quarter. D.A. Davidson & CO. grew its stake in Algonquin Power & Utilities by 18.5% in the second quarter. D.A. Davidson & CO. now owns 45,687 shares of the utilities provider’s stock valued at $442,000 after purchasing an additional 7,148 shares in the last quarter. Baird Financial Group Inc. grew its stake in Algonquin Power & Utilities by 1.2% in the second quarter. Baird Financial Group Inc. now owns 739,103 shares of the utilities provider’s stock valued at $7,147,000 after purchasing an additional 8,562 shares in the last quarter. Comerica Bank purchased a new position in Algonquin Power & Utilities in the third quarter valued at about $101,000. Finally, Legal & General Group Plc grew its stake in Algonquin Power & Utilities by 8.0% in the third quarter. Legal & General Group Plc now owns 175,278 shares of the utilities provider’s stock valued at $1,811,000 after purchasing an additional 12,916 shares in the last quarter. Institutional investors and hedge funds own 43.72% of the company’s stock.

Shares of Algonquin Power & Utilities stock traded up $0.10 on Friday, reaching $10.69. 458,800 shares of the company were exchanged, compared to its average volume of 190,179. The firm has a market capitalization of $5.00 billion, a PE ratio of 18.41, a price-to-earnings-growth ratio of 1.61 and a beta of 0.77. The company has a quick ratio of 0.94, a current ratio of 1.17 and a debt-to-equity ratio of 1.04. Algonquin Power & Utilities has a fifty-two week low of $9.45 and a fifty-two week high of $11.23.

Algonquin Power & Utilities (NYSE:AQN) last announced its earnings results on Thursday, November 8th. The utilities provider reported $0.10 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.10. The company had revenue of $366.50 million for the quarter, compared to analyst estimates of $480.48 million. Algonquin Power & Utilities had a return on equity of 9.59% and a net margin of 11.48%. Algonquin Power & Utilities’s revenue for the quarter was up 3.6% compared to the same quarter last year. Analysts expect that Algonquin Power & Utilities will post 0.66 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st will be issued a dividend of $0.256 per share. This is an increase from Algonquin Power & Utilities’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, December 28th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 9.58%. Algonquin Power & Utilities’s payout ratio is currently 87.93%.

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. The company generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

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