Hydro One (OTCMKTS:HRNNF) Trading Down 1% – Here’s Why

Hydro One Limited (OTCMKTS:HRNNF) shares dropped 1% during trading on Tuesday . The company traded as low as $41.17 and last traded at $41.30. Approximately 54,670 shares were traded during trading, a decline of 37% from the average daily volume of 86,615 shares. The stock had previously closed at $41.71.

Analysts Set New Price Targets

Several brokerages recently issued reports on HRNNF. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Hydro One in a research note on Monday, April 20th. Scotiabank reissued a “sector perform” rating on shares of Hydro One in a report on Thursday, May 14th. Jefferies Financial Group cut Hydro One from a “hold” rating to an “underperform” rating in a research report on Monday, June 1st. BMO Capital Markets restated a “market perform” rating on shares of Hydro One in a research note on Thursday, May 14th. Finally, TD Securities reaffirmed a “hold” rating on shares of Hydro One in a research report on Thursday, May 14th. Six investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce”.

Hydro One Price Performance

The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market cap of $24.78 billion and a P/E ratio of 32.78. The company has a 50-day moving average of $41.69 and a 200 day moving average of $41.04.

Hydro One (OTCMKTS:HRNNF) last announced its quarterly earnings results on Wednesday, May 13th. The company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The firm had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.79 billion. Hydro One had a return on equity of 10.83% and a net margin of 14.80%.

Hydro One Company Profile

Hydro One Ltd. is a Canadian electricity transmission and distribution utility headquartered in Toronto, Ontario. The company operates the largest high-voltage transmission network in the province, delivering power from generating stations to local distributors, municipalities and major industrial customers. In addition to its transmission business, Hydro One provides distribution services to a wide range of residential, commercial and industrial end users, maintaining poles, wires and related infrastructure that connect approximately 1.4 million customers across urban and rural communities.

Tracing its origins to the Ontario Hydro Electric Power Commission established in 1906, Hydro One emerged in its current form following the restructuring of Ontario’s vertically integrated power authority in the late 1990s and early 2000s.