JPMorgan Chase & Co. Reaffirms “Neutral” Rating for Algonquin Power & Utilities (NYSE:AQN)

JPMorgan Chase & Co. reissued their neutral rating on shares of Algonquin Power & Utilities (NYSE:AQN) in a research note released on Thursday, MarketBeat.com reports. The firm currently has a $7.00 price objective on the utilities provider’s stock.

Several other equities analysts also recently commented on AQN. Wells Fargo & Company decreased their price target on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research note on Wednesday, October 16th. Janney Montgomery Scott started coverage on shares of Algonquin Power & Utilities in a report on Thursday, September 5th. They set a “neutral” rating and a $6.00 target price on the stock. Scotiabank dropped their price target on shares of Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a research report on Friday, November 8th. CIBC reduced their price target on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 price objective on shares of Algonquin Power & Utilities in a report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Algonquin Power & Utilities presently has an average rating of “Hold” and an average price target of $6.25.

Algonquin Power & Utilities Price Performance

Shares of AQN opened at $4.47 on Thursday. The company’s 50-day moving average is $4.87 and its 200-day moving average is $5.44. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73. The firm has a market capitalization of $3.43 billion, a PE ratio of -3.47 and a beta of 0.68. Algonquin Power & Utilities has a fifty-two week low of $4.42 and a fifty-two week high of $6.79.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The firm had revenue of $573.20 million for the quarter, compared to the consensus estimate of $620.46 million. Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The company’s revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.11 EPS. Equities analysts forecast that Algonquin Power & Utilities will post 0.39 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 5.82%. The ex-dividend date of this dividend is Tuesday, December 31st. Algonquin Power & Utilities’s dividend payout ratio is presently -20.15%.

Hedge Funds Weigh In On Algonquin Power & Utilities

A number of institutional investors have recently modified their holdings of AQN. Central Pacific Bank Trust Division bought a new position in Algonquin Power & Utilities in the 3rd quarter valued at approximately $54,000. Capstone Investment Advisors LLC acquired a new position in shares of Algonquin Power & Utilities during the third quarter worth $58,000. Walleye Capital LLC bought a new position in shares of Algonquin Power & Utilities in the 3rd quarter valued at $59,000. Claro Advisors LLC acquired a new stake in shares of Algonquin Power & Utilities during the 2nd quarter valued at $61,000. Finally, Verdence Capital Advisors LLC bought a new stake in Algonquin Power & Utilities during the 3rd quarter worth $61,000. Institutional investors and hedge funds own 62.28% of the company’s stock.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.