Zacks: Algonquin Power & Utilities Corp. (AQN) Given Consensus Recommendation of “Buy” by Analysts

Algonquin Power & Utilities Corp. (NYSE:AQN) has been assigned a consensus broker rating score of 2.25 (Buy) from the four analysts that provide coverage for the stock, Zacks Investment Research reports. Two analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has issued a strong buy recommendation on the company. Algonquin Power & Utilities Corp.’s rating score has declined by 12.5% from 90 days ago as a result of various analysts’ ratings changes.

Brokers have set a 12-month consensus target price of $10.84 for the company and are forecasting that the company will post $0.11 EPS for the current quarter, according to Zacks. Zacks has also given Algonquin Power & Utilities Corp. an industry rank of 117 out of 265 based on the ratings given to related companies.

AQN has been the topic of several analyst reports. Zacks Investment Research upgraded Algonquin Power & Utilities Corp. from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Wednesday, August 30th. Wells Fargo & Company initiated coverage on Algonquin Power & Utilities Corp. in a report on Tuesday, June 20th. They set a “market perform” rating on the stock.

Shares of Algonquin Power & Utilities Corp. (AQN) traded down 0.1650% during trading on Friday, reaching $11.0118. 58,719 shares of the company’s stock traded hands. Algonquin Power & Utilities Corp. has a 1-year low of $7.75 and a 1-year high of $11.21. The company has a 50 day moving average price of $10.69 and a 200 day moving average price of $10.08. The stock has a market capitalization of $4.25 billion, a PE ratio of 64.0221 and a beta of 0.81.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be issued a $0.1165 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.47 dividend on an annualized basis and a dividend yield of 4.22%. Algonquin Power & Utilities Corp.’s dividend payout ratio (DPR) is 156.67%.

Hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. bought a new stake in shares of Algonquin Power & Utilities Corp. in the 2nd quarter valued at approximately $3,364,000. Naples Global Advisors LLC increased its holdings in shares of Algonquin Power & Utilities Corp. by 3.8% in the 2nd quarter. Naples Global Advisors LLC now owns 135,205 shares of the utilities provider’s stock valued at $1,425,000 after acquiring an additional 5,000 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Algonquin Power & Utilities Corp. by 2.5% in the 1st quarter. Bank of America Corp DE now owns 1,241,009 shares of the utilities provider’s stock valued at $11,889,000 after acquiring an additional 30,645 shares during the last quarter. Sprott Inc. bought a new stake in shares of Algonquin Power & Utilities Corp. in the 2nd quarter valued at approximately $337,000. Finally, KCG Holdings Inc. increased its holdings in shares of Algonquin Power & Utilities Corp. by 21.3% in the 1st quarter. KCG Holdings Inc. now owns 13,032 shares of the utilities provider’s stock valued at $124,000 after acquiring an additional 2,288 shares during the last quarter. Institutional investors and hedge funds own 38.06% of the company’s stock.

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Algonquin Power & Utilities Corp. Company Profile

Algonquin Power & Utilities Corp., through its subsidiaries, engages in the generation, transmission, and distribution of utility assets in North America. The company generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

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