CIBC Trims Algonquin Power & Utilities (NYSE:AQN) Target Price to $6.00

Algonquin Power & Utilities (NYSE:AQN) had its price target lowered by research analysts at CIBC from $7.00 to $6.00 in a research note issued on Monday, BayStreet.CA reports. The brokerage presently has a “neutral” rating on the utilities provider’s stock. CIBC’s price target would indicate a potential upside of 15.83% from the company’s previous close.

Several other research analysts have also commented on AQN. Wells Fargo & Company lowered Algonquin Power & Utilities from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $8.50 to $6.00 in a research report on Monday. Raymond James lowered Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $7.75 to $7.00 in a research report on Monday. StockNews.com raised Algonquin Power & Utilities to a “sell” rating in a research report on Friday, May 10th. Royal Bank of Canada reissued a “sector perform” rating and issued a $7.00 target price on shares of Algonquin Power & Utilities in a report on Wednesday, July 10th. Finally, National Bankshares boosted their target price on Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a “sector perform” rating in a report on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $6.56.

Algonquin Power & Utilities Stock Down 4.3 %

NYSE AQN traded down $0.23 during trading hours on Monday, hitting $5.18. 14,880,701 shares of the company were exchanged, compared to its average volume of 5,521,141. The company has a 50 day moving average of $6.02 and a two-hundred day moving average of $6.10. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.42. Algonquin Power & Utilities has a 52-week low of $4.90 and a 52-week high of $7.67. The firm has a market cap of $3.97 billion, a price-to-earnings ratio of -10.31 and a beta of 0.66.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. Algonquin Power & Utilities had a positive return on equity of 5.39% and a negative net margin of 12.44%. The business had revenue of $598.60 million for the quarter, compared to the consensus estimate of $635.95 million. During the same quarter in the prior year, the business posted $0.08 EPS. The business’s revenue for the quarter was down 4.7% on a year-over-year basis. Equities research analysts anticipate that Algonquin Power & Utilities will post 0.46 earnings per share for the current year.

Hedge Funds Weigh In On Algonquin Power & Utilities

A number of institutional investors have recently made changes to their positions in AQN. Parallel Advisors LLC raised its holdings in shares of Algonquin Power & Utilities by 76.3% in the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 1,882 shares during the last quarter. Claro Advisors LLC acquired a new position in Algonquin Power & Utilities in the second quarter valued at $61,000. SG Americas Securities LLC acquired a new position in Algonquin Power & Utilities in the fourth quarter valued at $64,000. SeaCrest Wealth Management LLC acquired a new position in Algonquin Power & Utilities in the second quarter valued at $66,000. Finally, Seven Mile Advisory acquired a new position in Algonquin Power & Utilities in the fourth quarter valued at $67,000. 62.28% of the stock is owned by institutional investors and hedge funds.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.