Algonquin Power & Utilities (NYSE:AQN) Hits New 52-Week High Following Analyst Upgrade

Algonquin Power & Utilities Corp. (NYSE:AQN) hit a new 52-week high during mid-day trading on Wednesday after National Bank Financial upgraded the stock from a sector perform rating to an outperform rating. National Bank Financial now has a $7.50 price target on the stock. Algonquin Power & Utilities traded as high as $6.62 and last traded at $6.4410, with a volume of 1010777 shares changing hands. The stock had previously closed at $6.21.

AQN has been the subject of a number of other research reports. Wall Street Zen upgraded Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. Janney Montgomery Scott set a $7.00 price target on Algonquin Power & Utilities in a research report on Monday, November 10th. National Bankshares set a $7.50 price objective on Algonquin Power & Utilities in a research note on Wednesday. Desjardins upped their target price on shares of Algonquin Power & Utilities from $6.25 to $6.75 and gave the stock a “buy” rating in a research note on Thursday, October 9th. Finally, Raymond James Financial increased their target price 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. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $6.70.

Institutional Trading of Algonquin Power & Utilities

A number of institutional investors have recently added to or reduced their stakes in AQN. EdgePoint Investment Group Inc. grew its stake in Algonquin Power & Utilities by 34.4% during the second quarter. EdgePoint Investment Group Inc. now owns 56,764,441 shares of the utilities provider’s stock valued at $324,934,000 after acquiring an additional 14,540,847 shares in the last quarter. Norges Bank purchased a new position in shares of Algonquin Power & Utilities in the 2nd quarter worth about $51,370,000. Ariel Investments LLC increased its position in shares of Algonquin Power & Utilities by 88.6% during the 2nd quarter. Ariel Investments LLC now owns 13,112,831 shares of the utilities provider’s stock valued at $75,137,000 after purchasing an additional 6,160,490 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Algonquin Power & Utilities by 65.0% during 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 buying an additional 4,808,539 shares in the last quarter. Finally, Packer & Co Ltd bought a new stake in Algonquin Power & Utilities in the 3rd quarter worth approximately $24,235,000. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Performance

The company has a debt-to-equity ratio of 1.26, a current ratio of 1.23 and a quick ratio of 0.98. The company has a 50 day simple moving average of $6.01 and a 200-day simple moving average of $5.85. The firm has a market cap of $4.94 billion, a PE ratio of -161.08 and a beta of 0.75.

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

Algonquin Power & Utilities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be paid a $0.065 dividend. This represents a $0.26 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend is Wednesday, December 31st. Algonquin Power & Utilities’s payout ratio is presently -650.00%.

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.