Algonquin Power & Utilities (NYSE:AQN) Raised to “Hold” at Wells Fargo & Company

Algonquin Power & Utilities (NYSE:AQN) was upgraded by investment analysts at Wells Fargo & Company to a “hold” rating in a report released on Monday,Zacks.com reports.

A number of other research analysts have also recently issued reports on AQN. TD Cowen cut their price target on Algonquin Power & Utilities from $6.50 to $6.00 and set a “hold” rating for the company in a report on Monday, March 9th. Desjardins cut their price target on Algonquin Power & Utilities from $7.25 to $7.00 and set a “buy” rating for the company in a report on Monday, March 9th. Raymond James Financial raised Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $6.50 to $7.25 in a report on Monday, March 9th. Canadian Imperial Bank of Commerce boosted their price objective on Algonquin Power & Utilities from $6.25 to $6.50 and gave the stock a “neutral” rating in a report on Monday, April 20th. Finally, Weiss Ratings raised Algonquin Power & Utilities from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, April 21st. Six research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, Algonquin Power & Utilities has a consensus rating of “Hold” and a consensus target price of $6.77.

Algonquin Power & Utilities Stock Performance

Algonquin Power & Utilities stock opened at $5.98 on Monday. The stock has a 50-day simple moving average of $6.32 and a 200 day simple moving average of $6.26. The company has a quick ratio of 0.82, a current ratio of 1.05 and a debt-to-equity ratio of 1.26. Algonquin Power & Utilities has a 12-month low of $5.32 and a 12-month high of $7.11. The stock has a market capitalization of $4.60 billion, a price-to-earnings ratio of 27.16 and a beta of 0.74.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings results on Friday, May 8th. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Algonquin Power & Utilities had a return on equity of 5.21% and a net margin of 6.62%.The business had revenue of $713.69 million during the quarter, compared to analysts’ expectations of $713.69 million. During the same period in the previous year, the business posted $0.14 earnings per share. On average, research analysts anticipate that Algonquin Power & Utilities will post 0.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several institutional investors and hedge funds have recently modified their holdings of AQN. Goldman Sachs Group Inc. grew its position in shares of 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 valued at $62,738,000 after purchasing an additional 4,808,539 shares during the period. Envestnet Asset Management Inc. acquired a new position in shares of Algonquin Power & Utilities in the 2nd quarter valued at approximately $85,000. American Century Companies Inc. grew its position in shares of Algonquin Power & Utilities by 8.4% in the 2nd quarter. American Century Companies Inc. now owns 240,683 shares of the utilities provider’s stock valued at $1,377,000 after purchasing an additional 18,752 shares during the period. Russell Investments Group Ltd. grew its position in shares of Algonquin Power & Utilities by 15.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 120,708 shares of the utilities provider’s stock valued at $691,000 after purchasing an additional 16,552 shares during the period. Finally, Marshall Wace LLP grew its position in shares of Algonquin Power & Utilities by 465.0% in the 2nd quarter. Marshall Wace LLP now owns 106,046 shares of the utilities provider’s stock valued at $608,000 after purchasing an additional 87,276 shares during the period. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Company Profile

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.