Algonquin Power & Utilities (NYSE:AQN) Cut to Sector Perform at National Bankshares

National Bankshares lowered shares of Algonquin Power & Utilities (NYSE:AQN) from an outperform rating to a sector perform rating in a research report report published on Wednesday, Marketbeat Ratings reports. They currently have $6.75 price objective on the utilities provider’s stock.

Other analysts have also recently issued reports about the stock. Raymond James upped their price objective on shares of Algonquin Power & Utilities from $5.00 to $6.00 and gave the stock a “market perform” rating in a research note on Wednesday. Desjardins upped their price objective on shares of Algonquin Power & Utilities from $4.75 to $6.00 and gave the stock a “hold” rating in a research note on Wednesday. Royal Bank of Canada upped their price objective on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “sector perform” rating in a research note on Wednesday. Wall Street Zen cut shares of Algonquin Power & Utilities from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $6.00 price objective (up from $5.00) on shares of Algonquin Power & Utilities in a research note on Monday, May 12th. One investment analyst has rated the stock with a sell rating and twelve have given a hold rating to the company’s stock. According to data from MarketBeat.com, Algonquin Power & Utilities has an average rating of “Hold” and a consensus price target of $6.31.

Algonquin Power & Utilities Stock Performance

NYSE AQN opened at $5.86 on Wednesday. The stock has a market cap of $4.50 billion, a P/E ratio of -4.54 and a beta of 0.67. The company’s 50-day simple moving average is $5.38 and its 200 day simple moving average is $4.93. Algonquin Power & Utilities has a twelve month low of $4.19 and a twelve month high of $6.36. The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17.

Algonquin Power & Utilities (NYSE:AQN) last posted its earnings results on Friday, May 9th. The utilities provider reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.05. The business had revenue of $692.40 million for the quarter, compared to analysts’ expectations of $699.08 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. During the same quarter in the previous year, the firm posted $0.14 earnings per share. As a group, research analysts forecast that Algonquin Power & Utilities will post 0.38 earnings per share for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.065 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.44%. Algonquin Power & Utilities’s payout ratio is -15.48%.

Hedge Funds Weigh In On Algonquin Power & Utilities

A number of large investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. lifted its position in shares of Algonquin Power & Utilities by 65.0% during the first quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider’s stock worth $62,738,000 after purchasing an additional 4,808,539 shares in the last quarter. EdgePoint Investment Group Inc. lifted its position in shares of Algonquin Power & Utilities by 84.9% during the first quarter. EdgePoint Investment Group Inc. now owns 42,223,594 shares of the utilities provider’s stock worth $216,868,000 after purchasing an additional 19,392,805 shares in the last quarter. Corvex Management LP lifted its holdings in Algonquin Power & Utilities by 69.9% in the first quarter. Corvex Management LP now owns 5,683,855 shares of the utilities provider’s stock valued at $29,215,000 after buying an additional 2,338,400 shares during the period. Ariel Investments LLC acquired a new position in Algonquin Power & Utilities in the first quarter valued at approximately $35,735,000. Finally, Southpoint Capital Advisors LP acquired a new position in Algonquin Power & Utilities in the first quarter valued at approximately $51,400,000. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.