Howard Weil Downgrades Algonquin Power & Utilities (NYSE:AQN) to Sector Perform

Algonquin Power & Utilities (NYSE:AQN) was downgraded by investment analysts at Howard Weil from a “sector outperform” rating to a “sector perform” rating in a research note issued on Wednesday, Briefing.com Automated Import reports.

A number of other brokerages have also issued reports on AQN. Royal Bank of Canada boosted their target price on shares of Algonquin Power & Utilities from $12.00 to $13.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Zacks Investment Research raised shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a report on Tuesday, October 22nd. ValuEngine lowered shares of Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. CIBC set a $14.30 price objective on shares of Algonquin Power & Utilities and gave the stock a “buy” rating in a report on Tuesday, October 15th. Finally, Raymond James set a $16.00 price objective on shares of Algonquin Power & Utilities and gave the stock a “strong-buy” rating in a report on Thursday, November 21st. Six investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $14.03.

AQN traded up $0.30 during midday trading on Wednesday, reaching $14.50. The company’s stock had a trading volume of 65,861 shares, compared to its average volume of 957,260. The company has a current ratio of 0.73, a quick ratio of 0.59 and a debt-to-equity ratio of 1.08. The company has a fifty day simple moving average of $13.73 and a 200 day simple moving average of $12.96. The stock has a market cap of $7.32 billion, a P/E ratio of 22.12, a PEG ratio of 2.64 and a beta of 0.57. Algonquin Power & Utilities has a twelve month low of $9.67 and a twelve month high of $14.45.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.01. The company had revenue of $365.60 million during the quarter, compared to analysts’ expectations of $405.41 million. Algonquin Power & Utilities had a return on equity of 7.92% and a net margin of 25.08%. Algonquin Power & Utilities’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.10 earnings per share. Sell-side analysts expect that Algonquin Power & Utilities will post 0.61 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC acquired a new position in Algonquin Power & Utilities in the second quarter worth about $34,000. Ladenburg Thalmann Financial Services Inc. raised its holdings in shares of Algonquin Power & Utilities by 1,049.6% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,334 shares of the utilities provider’s stock worth $53,000 after buying an additional 3,957 shares in the last quarter. Csenge Advisory Group acquired a new position in shares of Algonquin Power & Utilities in the 2nd quarter worth approximately $146,000. Verity Asset Management Inc. raised its holdings in shares of Algonquin Power & Utilities by 14.0% in the 2nd quarter. Verity Asset Management Inc. now owns 12,670 shares of the utilities provider’s stock worth $153,000 after buying an additional 1,557 shares in the last quarter. Finally, Comerica Bank lifted its position in shares of Algonquin Power & Utilities by 11.6% during the 2nd quarter. Comerica Bank now owns 12,256 shares of the utilities provider’s stock worth $154,000 after buying an additional 1,278 shares during the period. Institutional investors and hedge funds own 43.89% of the company’s stock.

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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