Algonquin Power & Utilities (AQN) PT Lowered to $12.00 at Wells Fargo & Co

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Algonquin Power & Utilities (NYSE:AQN) had its target price lowered by equities research analysts at Wells Fargo & Co from $14.00 to $12.00 in a research report issued on Monday. The brokerage currently has a “market perform” rating on the utilities provider’s stock. Wells Fargo & Co’s price target would indicate a potential upside of 17.42% from the company’s current price.

Several other brokerages also recently commented on AQN. Zacks Investment Research upgraded Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating and set a $11.00 target price on the stock in a report on Wednesday, July 11th. ValuEngine downgraded Algonquin Power & Utilities from a “hold” rating to a “sell” rating in a report on Wednesday, June 6th. National Bank Financial reiterated an “outperform overweight” rating on shares of Algonquin Power & Utilities in a report on Monday, August 13th. Finally, Canaccord Genuity started coverage on Algonquin Power & Utilities in a report on Friday, May 4th. They set a “buy” rating on the stock. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Algonquin Power & Utilities currently has an average rating of “Buy” and a consensus target price of $11.50.

Algonquin Power & Utilities stock opened at $10.22 on Monday. The stock has a market capitalization of $4.91 billion, a PE ratio of 17.62, a PEG ratio of 1.93 and a beta of 0.78. The company has a current ratio of 1.08, a quick ratio of 0.87 and a debt-to-equity ratio of 1.08. Algonquin Power & Utilities has a 12 month low of $9.45 and a 12 month high of $11.34.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings data on Thursday, August 9th. The utilities provider reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The company had revenue of $366.24 million for the quarter, compared to the consensus estimate of $332.38 million. Algonquin Power & Utilities had a return on equity of 10.25% and a net margin of 10.92%. equities analysts forecast that Algonquin Power & Utilities will post 0.68 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in the stock. Bank of Nova Scotia raised its holdings in shares of Algonquin Power & Utilities by 12.7% during the 2nd quarter. Bank of Nova Scotia now owns 3,341,644 shares of the utilities provider’s stock valued at $32,224,000 after buying an additional 375,294 shares during the period. Paloma Partners Management Co purchased a new stake in shares of Algonquin Power & Utilities during the 2nd quarter valued at about $226,000. Bank of America Corp DE raised its holdings in shares of Algonquin Power & Utilities by 433.1% during the 2nd quarter. Bank of America Corp DE now owns 4,994,669 shares of the utilities provider’s stock valued at $48,298,000 after buying an additional 4,057,782 shares during the period. Natixis purchased a new stake in shares of Algonquin Power & Utilities during the 2nd quarter valued at about $554,000. Finally, Raymond James & Associates raised its holdings in shares of Algonquin Power & Utilities by 22.8% during the 2nd quarter. Raymond James & Associates now owns 111,193 shares of the utilities provider’s stock valued at $1,074,000 after buying an additional 20,632 shares during the period. Institutional investors and hedge funds own 40.93% 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. The company generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

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