Algonquin Power & Utilities (TSE:AQN) Reaches New 12-Month High – Here’s Why

Algonquin Power & Utilities Corp. (TSE:AQN)’s share price reached a new 52-week high on Friday . The company traded as high as C$23.62 and last traded at C$6.63, with a volume of 1106624 shares changing hands. The stock had previously closed at C$6.63.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AQN. Janney Montgomery Scott upgraded shares of Algonquin Power & Utilities to a “hold” rating in a report on Thursday, September 5th. National Bank Financial upgraded shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Raymond James lowered shares of Algonquin Power & Utilities from a “moderate buy” rating to a “hold” rating in a research note on Monday, August 12th. Finally, Wells Fargo & Company lowered shares of Algonquin Power & Utilities from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 12th. Four investment analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of C$5.50.

Algonquin Power & Utilities Trading Down 0.3 %

The firm has a market cap of C$5.07 billion, a P/E ratio of 30.14, a PEG ratio of 1.07 and a beta of 0.52. The company’s 50 day moving average is C$6.92 and its two-hundred day moving average is C$7.72. The company has a debt-to-equity ratio of 108.48, a current ratio of 0.97 and a quick ratio of 0.37.

Algonquin Power & Utilities Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.088 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.35 annualized dividend and a dividend yield of 5.33%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is currently 163.64%.

Insider Transactions at Algonquin Power & Utilities

In other Algonquin Power & Utilities news, Director Christopher Huskilson bought 25,000 shares of Algonquin Power & Utilities stock in a transaction dated Friday, November 8th. The shares were acquired at an average cost of C$6.65 per share, with a total value of C$166,252.50. 0.06% of the stock is currently owned by insiders.

About Algonquin Power & Utilities

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.