Algonquin Power & Utilities (NYSE:AQN) Price Target Raised to $5.50 at Scotiabank

Algonquin Power & Utilities (NYSE:AQN) had its price objective boosted by Scotiabank from $5.25 to $5.50 in a research note issued to investors on Thursday, Marketbeat Ratings reports. Scotiabank currently has a sector perform rating on the utilities provider’s stock.

A number of other research firms have also weighed in on AQN. CIBC reduced their target price on shares of Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. JPMorgan Chase & Co. reissued a “neutral” rating and set a $7.00 target price on shares of Algonquin Power & Utilities in a report on Thursday, December 12th. Wells Fargo & Company reduced their target price on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a report on Wednesday, October 16th. Finally, National Bankshares reduced their target price on shares of Algonquin Power & Utilities from $6.75 to $6.25 and set an “outperform” rating on the stock in a report on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $6.05.

Algonquin Power & Utilities Trading Up 0.9 %

AQN opened at $4.85 on Thursday. Algonquin Power & Utilities has a fifty-two week low of $4.19 and a fifty-two week high of $6.79. 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 $3.72 billion, a price-to-earnings ratio of -3.76 and a beta of 0.69. The company’s 50 day moving average price is $4.48 and its two-hundred day moving average price is $4.95.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Northern Trust Corp lifted its position in shares of Algonquin Power & Utilities by 14.8% during the 4th quarter. Northern Trust Corp now owns 257,472 shares of the utilities provider’s stock valued at $1,146,000 after acquiring an additional 33,139 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Algonquin Power & Utilities by 5.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 8,140,676 shares of the utilities provider’s stock valued at $36,217,000 after acquiring an additional 420,202 shares during the period. Aquatic Capital Management LLC acquired a new position in shares of Algonquin Power & Utilities during the 4th quarter valued at $1,638,000. Nebula Research & Development LLC lifted its position in shares of Algonquin Power & Utilities by 157.0% during the 4th quarter. Nebula Research & Development LLC now owns 161,576 shares of the utilities provider’s stock valued at $719,000 after acquiring an additional 98,702 shares during the period. Finally, Credit Industriel ET Commercial acquired a new position in shares of Algonquin Power & Utilities during the 4th quarter valued at $578,000. Institutional investors and hedge funds own 62.28% of the company’s stock.

About Algonquin Power & Utilities

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.