TD Securities Increases Algonquin Power & Utilities (NYSE:AQN) Price Target to $14.50

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Algonquin Power & Utilities (NYSE:AQN) had its price objective upped by TD Securities from $14.00 to $14.50 in a report issued on Monday, BayStreet.CA reports. They currently have a buy rating on the utilities provider’s stock.

Other equities analysts have also recently issued research reports about the stock. National Bank Financial boosted their price objective on shares of Algonquin Power & Utilities from $12.00 to $12.50 and gave the company a sector perform rating in a research report on Friday, June 21st. CIBC restated an average rating and issued a $13.50 price objective on shares of Algonquin Power & Utilities in a research report on Monday. ValuEngine cut shares of Algonquin Power & Utilities from a buy rating to a hold rating in a research report on Thursday, August 1st. Desjardins restated a buy rating and issued a $13.00 price objective on shares of Algonquin Power & Utilities in a research report on Tuesday, April 23rd. Finally, Industrial Alliance Securities restated a buy rating on shares of Algonquin Power & Utilities in a research report on Tuesday, June 4th. Seven analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Buy and an average price target of $13.00.

Algonquin Power & Utilities stock opened at $12.90 on Monday. The firm has a fifty day simple moving average of $12.52 and a two-hundred day simple moving average of $11.72. Algonquin Power & Utilities has a twelve month low of $9.63 and a twelve month high of $13.07. The company has a market capitalization of $6.43 billion, a PE ratio of 19.55, a P/E/G ratio of 2.68 and a beta of 0.66. The company has a quick ratio of 1.10, a current ratio of 1.03 and a debt-to-equity ratio of 1.01.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings data on Thursday, August 8th. The utilities provider reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.02). Algonquin Power & Utilities had a net margin of 21.46% and a return on equity of 7.57%. The firm had revenue of $343.58 million during the quarter, compared to analysts’ expectations of $372.40 million. As a group, equities analysts expect that Algonquin Power & Utilities will post 0.63 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.142 per share. This represents a $0.57 annualized dividend and a dividend yield of 4.40%. The ex-dividend date is Friday, September 27th. Algonquin Power & Utilities’s dividend payout ratio is currently 84.85%.

Several hedge funds and other institutional investors have recently made changes to their positions in AQN. Bank of Montreal Can increased its position in shares of Algonquin Power & Utilities by 15.1% during the first quarter. Bank of Montreal Can now owns 40,148,416 shares of the utilities provider’s stock valued at $452,472,000 after buying an additional 5,271,752 shares during the period. Norges Bank purchased a new position in shares of Algonquin Power & Utilities during the fourth quarter valued at about $29,200,000. Cidel Asset Management Inc. increased its position in shares of Algonquin Power & Utilities by 297.5% during the second quarter. Cidel Asset Management Inc. now owns 3,278,140 shares of the utilities provider’s stock valued at $39,812,000 after buying an additional 2,453,487 shares during the period. Toronto Dominion Bank increased its position in shares of Algonquin Power & Utilities by 21.7% during the first quarter. Toronto Dominion Bank now owns 8,846,445 shares of the utilities provider’s stock valued at $99,739,000 after buying an additional 1,578,194 shares during the period. Finally, TD Asset Management Inc. increased its position in shares of Algonquin Power & Utilities by 9.6% during the first quarter. TD Asset Management Inc. now owns 10,967,544 shares of the utilities provider’s stock valued at $123,390,000 after buying an additional 964,894 shares during the period. Institutional investors own 46.86% 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.

Further Reading: Golden Cross

Analyst Recommendations for Algonquin Power & Utilities (NYSE:AQN)

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