Raymond James & Associates increased its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN – Free Report) by 3.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 519,964 shares of the utilities provider’s stock after buying an additional 18,999 shares during the quarter. Raymond James & Associates owned about 0.08% of Algonquin Power & Utilities worth $4,295,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Power Corp of Canada acquired a new stake in shares of Algonquin Power & Utilities in the 1st quarter worth $31,000. Newbridge Financial Services Group Inc. raised its stake in shares of Algonquin Power & Utilities by 114.3% during the 1st quarter. Newbridge Financial Services Group Inc. now owns 3,750 shares of the utilities provider’s stock worth $32,000 after buying an additional 2,000 shares in the last quarter. Captrust Financial Advisors lifted its holdings in shares of Algonquin Power & Utilities by 66.4% in the 2nd quarter. Captrust Financial Advisors now owns 3,526 shares of the utilities provider’s stock valued at $47,000 after buying an additional 1,407 shares during the period. Spire Wealth Management boosted its stake in shares of Algonquin Power & Utilities by 324.8% in the first quarter. Spire Wealth Management now owns 6,423 shares of the utilities provider’s stock valued at $54,000 after buying an additional 4,911 shares in the last quarter. Finally, Salem Investment Counselors Inc. acquired a new position in shares of Algonquin Power & Utilities during the 2nd quarter worth $56,000. Institutional investors and hedge funds own 52.12% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms recently weighed in on AQN. TD Securities lowered their price target on Algonquin Power & Utilities from $8.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, October 18th. BMO Capital Markets lowered their price objective on shares of Algonquin Power & Utilities from $8.50 to $8.00 and set a “market perform” rating on the stock in a research note on Friday, September 8th. Royal Bank of Canada restated a “sector perform” rating and set a $8.00 target price on shares of Algonquin Power & Utilities in a research report on Tuesday, October 10th. Desjardins dropped their price objective on shares of Algonquin Power & Utilities from $6.50 to $4.75 and set a “sell” rating for the company in a research note on Wednesday. Finally, National Bankshares dropped their price target on Algonquin Power & Utilities from $9.50 to $8.50 and set a “sector perform” rating for the company in a research report on Tuesday, October 17th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Algonquin Power & Utilities has a consensus rating of “Hold” and a consensus price target of $8.25.
Algonquin Power & Utilities Stock Performance
Shares of AQN stock opened at $5.03 on Thursday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.56 and a current ratio of 0.71. The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of -13.22, a price-to-earnings-growth ratio of 3.08 and a beta of 0.56. Algonquin Power & Utilities Corp. has a one year low of $4.90 and a one year high of $11.51. The company has a 50 day moving average price of $6.54 and a 200 day moving average price of $7.69.
Algonquin Power & Utilities (NYSE:AQN – Get Free Report) last issued its earnings results on Thursday, August 10th. The utilities provider reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). Algonquin Power & Utilities had a positive return on equity of 5.99% and a negative net margin of 8.96%. The firm had revenue of $627.30 million during the quarter, compared to analysts’ expectations of $611.83 million. During the same period last year, the business posted $0.16 earnings per share. The company’s quarterly revenue was up .5% compared to the same quarter last year. Sell-side analysts anticipate that Algonquin Power & Utilities Corp. will post 0.54 EPS for the current year.
Algonquin Power & Utilities Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Thursday, September 28th were given a dividend of $0.108 per share. This represents a $0.43 dividend on an annualized basis and a yield of 8.60%. The ex-dividend date was Wednesday, September 27th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -113.16%.
Algonquin Power & Utilities Company Profile
Algonquin Power & Utilities Corp., a renewable energy and utility company, that provides energy and water solutions and services in North America and internationally. The company operates through two segments, Regulated Services Group and Renewable Energy Group. The Regulated Services Group segment provides a portfolio of rate-regulated water, electricity, and gas utility services.
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