Algonquin Power & Utilities (NYSE:AQN) Stock Rating Upgraded by Natl Bk Canada

Algonquin Power & Utilities (NYSE:AQN) was upgraded by analysts at Natl Bk Canada from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Scotiabank raised Algonquin Power & Utilities from a “sector perform” rating to a “sector outperform” rating and set a $6.50 price target for the company in a research note on Tuesday, December 16th. Janney Montgomery Scott set a $7.00 target price on shares of Algonquin Power & Utilities in a research report on Monday, November 10th. Raymond James Financial upped their price target on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a “market perform” rating in a report on Friday, October 24th. National Bank Financial raised shares of Algonquin Power & Utilities from a “sector perform” rating to an “outperform” rating and set a $7.50 price objective for the company in a research note on Wednesday. Finally, Desjardins lifted their price objective on Algonquin Power & Utilities from $6.25 to $6.75 and gave the stock a “buy” rating in a research report on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $6.70.

Algonquin Power & Utilities Stock Performance

AQN opened at $6.41 on Tuesday. Algonquin Power & Utilities has a 1-year low of $4.19 and a 1-year high of $6.62. The stock has a market cap of $4.93 billion, a P/E ratio of -160.23 and a beta of 0.75. The stock’s 50 day simple moving average is $6.02 and its 200 day simple moving average is $5.86. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.23 and a quick ratio of 0.98.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings data on Friday, November 7th. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.03. The firm had revenue of $600.80 million during the quarter, compared to analysts’ expectations of $596.67 million. Algonquin Power & Utilities had a positive return on equity of 5.14% and a negative net margin of 1.11%.During the same period in the previous year, the firm posted $0.08 earnings per share. As a group, equities analysts anticipate that Algonquin Power & Utilities will post 0.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its stake in Algonquin Power & Utilities by 65.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider’s stock worth $62,738,000 after buying an additional 4,808,539 shares during the last quarter. Value Partners Investments Inc. boosted its position in shares of Algonquin Power & Utilities by 26.4% in the second quarter. Value Partners Investments Inc. now owns 47,983 shares of the utilities provider’s stock worth $274,000 after acquiring an additional 10,020 shares during the last quarter. Ballentine Partners LLC grew its holdings in Algonquin Power & Utilities by 10.6% in the second quarter. Ballentine Partners LLC now owns 23,484 shares of the utilities provider’s stock valued at $135,000 after purchasing an additional 2,242 shares during the period. Public Employees Retirement System of Ohio increased its position in Algonquin Power & Utilities by 59.9% during the second quarter. Public Employees Retirement System of Ohio now owns 2,066,247 shares of the utilities provider’s stock worth $11,834,000 after purchasing an additional 774,061 shares during the last quarter. Finally, Hennessy Advisors Inc. raised its stake in Algonquin Power & Utilities by 46.1% during the second quarter. Hennessy Advisors Inc. now owns 166,064 shares of the utilities provider’s stock worth $952,000 after purchasing an additional 52,400 shares during the period. 62.28% of the stock is currently owned by institutional investors and hedge funds.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp (NYSE: AQN) is a diversified generation, transmission and distribution utility company headquartered in Oakville, Ontario. Established in 1988, the firm operates through two primary business segments: Regulated Utilities and Renewable Energy. Its Regulated Utilities segment comprises electric, natural gas and water distribution networks serving residential, commercial and industrial customers across North America, while its Renewable Energy portfolio includes hydroelectric, solar, wind and thermal generation facilities.

The company’s renewable energy assets span multiple jurisdictions in Canada and the United States, reflecting its strategy to expand clean power capacity in regions with supportive regulatory frameworks.