Algonquin Power Appoints Peter Norgeot as COO
Written by Emily J. Thompson, Senior Investment Analyst
Algonquin Power (AQN) announced the appointment of Peter Norgeot as COO, effective immediately. Norgeot joins Algonquin after having recently retired as COO from Entergy Corporation (ETR) and will be responsible for leading the company's electric, gas, and water regulated utility operations, capital execution, and enterprise-wide operational initiatives.
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Analyst Views on AQN
Wall Street analysts forecast AQN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for AQN is 6.75 USD with a low forecast of 6.50 USD and a high forecast of 7.50 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
6 Analyst Rating
2 Buy
4 Hold
0 Sell
Moderate Buy
Current: 6.580
Low
6.50
Averages
6.75
High
7.50
Current: 6.580
Low
6.50
Averages
6.75
High
7.50
About AQN
Algonquin Power & Utilities Corp. is a Canada-based diversified international generation, transmission, and distribution company. The Company is engaged in providing sustainable energy and water solutions through its portfolio of generation, transmission and distribution utility investments to over one million customer connections. The Company's operations are organized across three business units, consisting of: the Regulated Services Group, which primarily owns and operates a portfolio of regulated electric, water distribution and wastewater collection and natural gas utility systems and transmission operations in the United States, Canada, Bermuda and Chile; the Hydro Group, consisting of the hydroelectric business, which is not being sold as a part of the Renewables sale; and the Corporate Group, which includes corporate and service companies as well as its investment in Atlantica.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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Algonquin Appoints Peter Norgeot as COO, Enhancing Leadership Experience
- Executive Appointment: Algonquin Power & Utilities Corp. has appointed Peter Norgeot as Chief Operating Officer, effective immediately, bringing over 30 years of senior leadership experience in the utility sector, which is expected to enhance the company's operational efficiency and strategic execution capabilities.
- Industry Background: Prior to joining Algonquin, Norgeot served as the Operating Chief at Entergy Corporation, and his extensive industry experience will provide Algonquin with new perspectives and management strategies to maintain its competitive edge in the utility market.
- Market Reaction: Following the announcement, Algonquin's shares traded at $6.10 in pre-market activity on the New York Stock Exchange, down 0.49%, indicating a cautious market response that may affect investor confidence in the company's leadership transition.
- Strategic Implications: This executive change not only strengthens the company's management team but also reflects Algonquin's commitment to enhancing operational efficiency and market competitiveness, aiming to leverage stronger leadership to drive future growth.
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