Algonquin Power & Utilities Corp [NYSE: AQN] slipped around -0.03 points on Wednesday, while shares priced at $5.89 at the close of the session, down -0.51%. The company report on February 20, 2024 at 5:00 PM that Algonquin Power & Utilities Corp. Announces Conversion Rights for Cumulative Rate Reset Preferred Shares, Series D.
Algonquin Power & Utilities Corp. (“AQN” or the “Company”) (TSX: AQN) (NYSE: AQN) announced today that it does not intend to exercise its right to redeem all or part of the currently outstanding 4,000,000 Cumulative Rate Reset Preferred Shares, Series D (the “Series D Preferred Shares”) on April 1, 2024. As a result, subject to certain conditions, the holders of the Series D Preferred Shares have the right to convert all or part of their Series D Preferred Shares, on a one-for-one basis, into Cumulative Floating Rate Preferred Shares, Series E (the “Series E Preferred Shares”) on April 1, 2024 (the “Conversion Date”).
The terms and conditions of the Series D Preferred Shares, including the right to convert, are described in the prospectus supplement of the Company dated February 25, 2014 to a short form base shelf prospectus of the Company dated February 18, 2014, pursuant to which the Series D Preferred Shares were initially issued for an aggregate of C$100,000,000 (or C$25 per Series D Preferred Share).
Compared to the average trading volume of 3.90M shares, AQN reached a trading volume of 4212863 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say 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 $6.89 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 2.73. 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.
BMO Capital Markets have made an estimate for Algonquin Power & Utilities Corp shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on January 08, 2024. While these analysts kept the previous recommendation, BofA Securities dropped their target price from $9 to $8.50. The new note on the price target was released on April 18, 2023, representing the official price target for Algonquin Power & Utilities Corp stock. Previously, the target price had yet another drop from $17 to $10, while CIBC kept a Neutral rating on AQN stock. On February 16, 2023, analysts increased their price target for AQN shares from 7 to 9.
The Average True Range (ATR) for Algonquin Power & Utilities Corp is set at 0.18, with the Price to Sales ratio for AQN stock in the period of the last 12 months amounting to 1.52. The Price to Book ratio for the last quarter was 0.89, with the Price to Cash per share for the same quarter was set at 0.13.
How has AQN stock performed recently?
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 3.70. With this latest performance, AQN shares dropped by -0.84% in over the last four-week period, additionally sinking by -17.97% over the last 6 months – not to mention a drop of -24.78% 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 46.52, with the RSI for the last a single of trading hit 47.49, and the three-weeks RSI is set at 46.49 for Algonquin Power & Utilities Corp [AQN]. The present Moving Average for the last 50 days of trading for this stock 6.16, while it was recorded at 5.94 for the last single week of trading, and 6.94 for the last 200 days.
Algonquin Power & Utilities Corp [AQN]: Deeper insight into the fundamentals
Algonquin Power & Utilities Corp’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.50 and a Current Ratio set at 0.66.
Earnings analysis for Algonquin Power & Utilities Corp [AQN]
With the latest financial reports released by the company, Algonquin Power & Utilities Corp posted 0.22/share EPS, while the average EPS was predicted by analysts to be reported at 0.23/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -4.30%. 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 0.30%.
Insider trade positions for Algonquin Power & Utilities Corp [AQN]
The top three institutional holders of AQN stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in AQN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in AQN stock with ownership which is approximately 5.8325%.
