Algonquin Power & Utilities Corp [NYSE: AQN] gained 1.19% or 0.07 points to close at $5.93 with a heavy trading volume of 5110197 shares. The company report on March 19, 2024 at 6:30 AM that Algonquin Power & Utilities Corp. Announces Results of Exercise of Conversion Rights of Cumulative Rate Reset Preferred Shares, Series D.
Further to the press releases of Algonquin Power & Utilities Corp. (“AQN” or the “Company”) (TSX: AQN) (NYSE: AQN) dated February 20, 2024 and March 4, 2024, the Company announced today that none of its outstanding 4,000,000 Cumulative Rate Reset Preferred Shares, Series D (the “Series D Preferred Shares”) will be converted on April 1, 2024 into Cumulative Floating Rate Preferred Shares, Series E (the “Series E Preferred Shares”) of the Company.
During the conversion notice period which ran from March 4, 2024 to March 18, 2024, less than 1,000,000 Series D Preferred Shares were tendered for conversion into Series E Preferred Shares. As a result, and consistent with the terms and conditions of the Series D Preferred Shares, no Series E Preferred Shares will be issued and holders of Series D Preferred Shares who tendered their Series D Preferred Shares for conversion will not be entitled to convert their Series D Preferred Shares into Series E Preferred Shares.
The daily chart for AQN points out that the company has recorded -16.60% loss over the past six months.
If we look at the average trading volume of 4.53M shares, AQN reached to a volume of 5110197 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 $6.86 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 2.55. 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.
Desjardins have made an estimate for Algonquin Power & Utilities Corp shares, keeping their opinion on the stock as Hold, with their previous recommendation back on March 11, 2024. While these analysts kept the previous recommendation, BMO Capital Markets raised their target price from $7 to $7.50. The new note on the price target was released on January 08, 2024, representing the official price target for Algonquin Power & Utilities Corp stock. Previously, the target price had yet another drop from $9 to $8.50, while BofA Securities kept a Neutral rating on AQN stock. On April 17, 2023, analysts decreased their price target for AQN shares from 17 to 10.
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 1.57. The Price to Book ratio for the last quarter was 0.87, with the Price to Cash per share for the same quarter was set at 0.08.
Trading performance analysis for AQN stock
Algonquin Power & Utilities Corp [AQN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.27. With this latest performance, AQN shares dropped by -1.33% in over the last four-week period, additionally sinking by -16.60% over the last 6 months – not to mention a drop of -25.50% 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 46.85, with the RSI for the last a single of trading hit 44.30, and the three-weeks RSI is set at 47.71 for Algonquin Power & Utilities Corp [AQN]. The present Moving Average for the last 50 days of trading for this stock 6.02, while it was recorded at 6.02 for the last single week of trading, and 6.69 for the last 200 days.
Algonquin Power & Utilities Corp [AQN]: A deeper dive into fundamental analysis
Algonquin Power & Utilities Corp’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.50 and a Current Ratio set at 0.63.
Algonquin Power & Utilities Corp [AQN]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Algonquin Power & Utilities Corp posted 0.17/share EPS, while the average EPS was predicted by analysts to be reported at 0.16/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 6.30%. 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 4.30%.
An analysis of Institutional ownership at 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%.
