Royal Bank of Canada Cuts Algonquin Power & Utilities (NYSE:AQN) Price Target to $5.50

Algonquin Power & Utilities (NYSE:AQN) had its target price cut by Royal Bank of Canada from $6.00 to $5.50 in a report released on Tuesday,Benzinga reports. They currently have a sector perform rating on the utilities provider’s stock.

AQN has been the subject of several other reports. National Bankshares lowered their price objective on Algonquin Power & Utilities from $6.75 to $6.25 and set an “outperform” rating for the company in a report on Tuesday, February 11th. CIBC lowered their price objective on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $7.00 price objective on shares of Algonquin Power & Utilities in a report on Thursday, December 12th. Finally, Scotiabank upped their target price on Algonquin Power & Utilities from $5.25 to $5.50 and gave the company a “sector perform” rating in a report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $6.00.

Algonquin Power & Utilities Stock Up 0.9 %

Shares of Algonquin Power & Utilities stock opened at $5.00 on Tuesday. The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17. The firm has a market cap of $3.83 billion, a P/E ratio of -3.87 and a beta of 0.69. Algonquin Power & Utilities has a fifty-two week low of $4.19 and a fifty-two week high of $6.79. The business has a 50-day moving average price of $4.50 and a 200 day moving average price of $4.92.

Hedge Funds Weigh In On Algonquin Power & Utilities

Several hedge funds and other institutional investors have recently made changes to their positions in AQN. SVB Wealth LLC acquired a new position in shares of Algonquin Power & Utilities during the fourth quarter worth approximately $49,000. Capstone Investment Advisors LLC acquired a new position in shares of Algonquin Power & Utilities during the third quarter worth approximately $58,000. Avantax Advisory Services Inc. acquired a new position in shares of Algonquin Power & Utilities during the fourth quarter worth approximately $58,000. Walleye Capital LLC acquired a new position in shares of Algonquin Power & Utilities during the third quarter worth approximately $59,000. Finally, Verdence Capital Advisors LLC acquired a new position in shares of Algonquin Power & Utilities during the third quarter worth approximately $61,000. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.