BofA Securities lifts Algonquin Power & Utilities Corp. [AQN] price estimate. Who else is bullish?

Algonquin Power & Utilities Corp. [NYSE: AQN] loss -0.65% or -0.05 points to close at $7.68 with a heavy trading volume of 3872826 shares. The company report on January 30, 2023 that Algonquin Power & Utilities Corp. Announces Date for Fourth Quarter and Full Year 2022 Financial Results and Conference Call.

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Algonquin Power & Utilities Corp. (“AQN”) (TSX: AQN) (NYSE: AQN) today announced plans to release its fourth quarter and full year 2022 financial results on Friday, March 17, 2023, before market open. AQN will hold an earnings conference call at 8:30 a.m. eastern time on Friday, March 17, 2023, hosted by President and Chief Executive Officer, Arun Banskota, and Chief Financial Officer, Darren Myers.

It opened the trading session at $7.72, the shares rose to $7.82 and dropped to $7.595, the range by which the price of stock traded the whole day. The daily chart for AQN points out that the company has recorded -43.94% loss over the past six months. However, it is still -19.81% lower than its most recent low trading price.

If we look at the average trading volume of 6.15M shares, AQN reached to a volume of 3872826 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Algonquin Power & Utilities Corp. [AQN]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for AQN shares is $9.39 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on AQN stock is a recommendation set at 2.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

BofA Securities have made an estimate for Algonquin Power & Utilities Corp. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on February 16, 2023. The new note on the price target was released on January 13, 2023, representing the official price target for Algonquin Power & Utilities Corp. stock.

The Average True Range (ATR) for Algonquin Power & Utilities Corp. is set at 0.23, with the Price to Sales ratio for AQN stock in the period of the last 12 months amounting to 1.93. The Price to Book ratio for the last quarter was 0.74, with the Price to Cash per share for the same quarter was set at 0.17.

Trading performance analysis for AQN stock

Algonquin Power & Utilities Corp. [AQN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.66. With this latest performance, AQN shares gained by 4.35% in over the last four-week period, additionally sinking by -43.94% over the last 6 months – not to mention a drop of -47.76% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for AQN stock in for the last two-week period is set at 53.62, with the RSI for the last a single of trading hit 52.33, and the three-weeks RSI is set at 52.52 for Algonquin Power & Utilities Corp. [AQN]. The present Moving Average for the last 50 days of trading for this stock 7.29, while it was recorded at 7.68 for the last single week of trading, and 10.81 for the last 200 days.

Algonquin Power & Utilities Corp. [AQN]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Algonquin Power & Utilities Corp. [AQN] shares currently have an operating margin of +15.15 and a Gross Margin at +18.14. Algonquin Power & Utilities Corp.’s Net Margin is presently recorded at +11.89.

Return on Equity for this stock inclined to 4.73, with Return on Assets sitting at 1.75.

Algonquin Power & Utilities Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.60 and a Current Ratio set at 0.70.

Algonquin Power & Utilities Corp. [AQN]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for AQN. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Algonquin Power & Utilities Corp. go to 3.90%.

An analysis of insider ownership at Algonquin Power & Utilities Corp. [AQN]

There are presently around $2,380 million, or 49.94% of AQN stock, in the hands of institutional investors. The top three institutional holders of AQN stocks are: BANK OF MONTREAL /CAN/ with ownership of 38,142,951, which is approximately -20.628% of the company’s market cap and around 0.07% of the total institutional ownership; TORONTO DOMINION BANK, holding 28,111,556 shares of the stock with an approximate value of $215.9 million in AQN stocks shares; and VANGUARD GROUP INC, currently with $186.86 million in AQN stock with ownership of nearly 2.204% of the company’s market capitalization.

Positions in Algonquin Power & Utilities Corp. stocks held by institutional investors increased at the end of Friday and at the time of the Friday reporting period, where 153 institutional holders increased their position in Algonquin Power & Utilities Corp. [NYSE:AQN] by around 73,962,390 shares. Additionally, 142 investors decreased positions by around 52,906,502 shares, while 28 investors held positions by with 183,020,636 shares. The mentioned changes placed institutional holdings at 309,889,528 shares, according to the latest SEC report filing. AQN stock had 64 new institutional investments in for a total of 18,377,849 shares, while 54 institutional investors sold positions of 4,730,646 shares during the same period.


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