Algonquin Power & Utilities (NYSE:AQN) Now Covered by Analysts at Wells Fargo & Company

Equities researchers at Wells Fargo & Company started coverage on shares of Algonquin Power & Utilities (NYSE:AQN) in a report issued on Tuesday. The firm set an “equal weight” rating and a $7.00 price target on the utilities provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 17.35% from the company’s previous close.

A number of other analysts have also weighed in on the stock. TD Cowen cut their target price on shares of Algonquin Power & Utilities from $6.50 to $6.00 and set a “hold” rating on the stock in a research note on Monday, March 9th. Barclays started coverage on shares of Algonquin Power & Utilities in a research note on Wednesday, April 1st. They issued an “overweight” rating and a $7.00 price target on the stock. Wall Street Zen lowered shares of Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a research note on Sunday, March 15th. Weiss Ratings upgraded shares of Algonquin Power & Utilities from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, April 21st. Finally, Desjardins dropped their price target on shares of Algonquin Power & Utilities from $7.25 to $7.00 and set a “buy” rating on the stock in a research note on Monday, March 9th. Six equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Algonquin Power & Utilities presently has an average rating of “Hold” and a consensus target price of $6.77.

Algonquin Power & Utilities Stock Down 1.7%

AQN stock opened at $5.97 on Tuesday. The company’s 50 day moving average price is $6.34 and its 200 day moving average price is $6.26. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.82 and a current ratio of 1.00. Algonquin Power & Utilities has a fifty-two week low of $5.32 and a fifty-two week high of $7.11. The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of 27.11 and a beta of 0.74.

Algonquin Power & Utilities (NYSE:AQN) last released its earnings results on Friday, May 8th. The utilities provider reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Algonquin Power & Utilities had a net margin of 6.62% and a return on equity of 5.20%. The firm had revenue of $713.69 million for the quarter, compared to analyst estimates of $713.69 million. During the same period in the prior year, the firm earned $0.14 earnings per share. On average, equities research analysts anticipate that Algonquin Power & Utilities will post 0.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several hedge funds have recently added to or reduced their stakes in the stock. Quarry LP purchased a new position in shares of Algonquin Power & Utilities during the third quarter worth approximately $29,000. Group One Trading LLC grew its position in shares of Algonquin Power & Utilities by 63.3% during the fourth quarter. Group One Trading LLC now owns 7,479 shares of the utilities provider’s stock worth $46,000 after acquiring an additional 2,900 shares during the last quarter. NewEdge Advisors LLC purchased a new position in shares of Algonquin Power & Utilities during the fourth quarter worth approximately $47,000. Fiera Capital Corp purchased a new position in shares of Algonquin Power & Utilities during the third quarter worth approximately $55,000. Finally, Vise Technologies Inc. purchased a new position in shares of Algonquin Power & Utilities during the third quarter worth approximately $56,000. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

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.