Scotiabank Issues Positive Forecast for Algonquin Power & Utilities (NYSE:AQN) Stock Price

Algonquin Power & Utilities (NYSE:AQN) had its target price hoisted by Scotiabank from $5.25 to $5.50 in a report published on Thursday morning, MarketBeat.com reports. The brokerage currently has a sector perform rating on the utilities provider’s stock.

AQN has been the subject of several other research reports. CIBC reduced their price target on shares of Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Wells Fargo & Company cut their target price on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a research report on Wednesday, October 16th. National Bankshares decreased their price target on shares of Algonquin Power & Utilities from $6.75 to $6.25 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $7.00 price objective on shares of Algonquin Power & Utilities in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Algonquin Power & Utilities presently has an average rating of “Hold” and a consensus target price of $6.05.

Algonquin Power & Utilities Stock Up 2.0 %

Algonquin Power & Utilities stock opened at $4.81 on Thursday. Algonquin Power & Utilities has a one year low of $4.19 and a one year high of $6.79. The stock has a fifty day moving average of $4.47 and a 200 day moving average of $4.96. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92. The stock has a market cap of $3.69 billion, a PE ratio of -3.72 and a beta of 0.69.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AQN. FIL Ltd increased its stake in Algonquin Power & Utilities by 85.6% in the 4th quarter. FIL Ltd now owns 40,886,793 shares of the utilities provider’s stock worth $181,473,000 after buying an additional 18,857,515 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Algonquin Power & Utilities by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 31,510,928 shares of the utilities provider’s stock worth $139,845,000 after acquiring an additional 544,198 shares during the period. Bank of Montreal Can boosted its stake in shares of Algonquin Power & Utilities by 0.6% in the fourth quarter. Bank of Montreal Can now owns 21,000,723 shares of the utilities provider’s stock worth $93,090,000 after acquiring an additional 117,757 shares during the period. EdgePoint Investment Group Inc. grew its position in shares of Algonquin Power & Utilities by 5.1% during the third quarter. EdgePoint Investment Group Inc. now owns 17,190,084 shares of the utilities provider’s stock worth $93,918,000 after purchasing an additional 832,739 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Algonquin Power & Utilities by 45.5% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 12,959,770 shares of the utilities provider’s stock valued at $70,806,000 after purchasing an additional 4,054,711 shares during the period. Hedge funds and other institutional investors 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.