There’s a lot to be optimistic about in the Utilities sector as 3 analysts just weighed in on Algonquin Power & Utilities (AQN), ARC Resources (AETUF) and Cenovus Energy (CVE) with bullish sentiments.
Algonquin Power & Utilities (AQN)
In a report issued on March 14, Nelson Ng from RBC Capital maintained a Buy rating on Algonquin Power & Utilities, with a price target of $18.00. The company’s shares closed last Tuesday at $16.15.
According to TipRanks.com, Ng is a 5-star analyst with an average return of 30.0% and a 82.1% success rate. Ng covers the Utilities sector, focusing on stocks such as Brookfield Renewable Partners, Just Energy Group, and Northland Power.
Algonquin Power & Utilities has an analyst consensus of Strong Buy, with a price target consensus of $15.79, which is a -1.6% downside from current levels. In a report issued on March 5, Raymond James also maintained a Buy rating on the stock with a C$19.00 price target.
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ARC Resources (AETUF)
In a report issued on March 15, Michael Harvey from RBC Capital maintained a Buy rating on ARC Resources, with a price target of C$12.00. The company’s shares closed last Tuesday at $6.25, close to its 52-week high of $6.90.
According to TipRanks.com, Harvey is a 4-star analyst with an average return of 13.4% and a 51.1% success rate. Harvey covers the Utilities sector, focusing on stocks such as Crescent Point Energy, Paramount Resources, and Advantage Oil & Gas.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for ARC Resources with a $8.81 average price target, implying a 41.1% upside from current levels. In a report issued on March 8, Stifel Nicolaus also maintained a Buy rating on the stock with a C$13.50 price target.
Cenovus Energy (CVE)
RBC Capital analyst Gregory Pardy maintained a Buy rating on Cenovus Energy on March 15 and set a price target of C$12.00. The company’s shares closed last Tuesday at $8.21, close to its 52-week high of $8.57.
According to TipRanks.com, Pardy is a 4-star analyst with an average return of 9.6% and a 50.9% success rate. Pardy covers the Utilities sector, focusing on stocks such as Canadian Natural, Vermilion Energy, and Suncor Energy.
Cenovus Energy has an analyst consensus of Moderate Buy, with a price target consensus of $9.23, representing a 9.9% upside. In a report issued on March 10, CIBC also maintained a Buy rating on the stock with a C$16.00 price target.
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