Algonquin Power & Utilities Corp. (TSE:AQN) saw its shares rise above the 200-day moving average during trading on November 10, 2023. The stock, which has a 200-day moving average of C$7.96, peaked at C$8.46 before settling at C$8.39, marking a significant trading volume of 1,052,287 shares.
Analyst Ratings Reflect Mixed Sentiments
A range of analysts has recently provided updates on Algonquin Power & Utilities. On November 10, Janney Montgomery Scott upgraded the company’s rating from “hold” to “strong-buy.” Similarly, Desjardins increased its rating from “hold” to “moderate buy” on September 30, 2023. Conversely, TD Securities adjusted its price target from C$6.50 to C$6.00 while maintaining a “hold” rating as of August 11, 2023.
Currently, one analyst has designated the stock with a “strong buy,” while another has given it a “buy” rating. Three analysts have maintained a “hold” rating. According to data from MarketBeat, the consensus rating for Algonquin Power & Utilities is “moderate buy,” with an average price target of C$6.38.
Recent Financial Performance
Algonquin Power & Utilities disclosed its latest earnings on November 7, 2023, reporting earnings per share (EPS) of C$0.05 for the recent quarter. The company achieved revenues totaling C$811.36 million during this period. Notably, the firm recorded a negative net margin of 39.22% and a negative return on equity of 19.30%. Analysts project that Algonquin Power & Utilities will post an EPS of approximately 0.465 for the current year.
Algonquin Power & Utilities operates as a parent company of Liberty and stands as a diversified international generation, transmission, and distribution utility. With total assets exceeding C$16 billion, the company is committed to delivering safe, reliable, cost-effective, and sustainable energy and water solutions. Its operations primarily benefit over one million customer connections, chiefly located in the United States and Canada.
As investor interest grows, analysts continue to monitor the performance and market sentiment surrounding Algonquin Power & Utilities, particularly in light of its recent share activity and financial disclosures.
