Algonquin Power & Utilities Corp. (NYSE:AQN) Short Interest Update

Algonquin Power & Utilities Corp. (NYSE:AQN) was the recipient of a large decrease in short interest in November. As of November 15th, there was short interest totalling 15,420,000 shares, a decrease of 20.4% from the October 31st total of 19,380,000 shares. Approximately 2.0% of the shares of the company are short sold. Based on an average trading volume of 5,380,000 shares, the short-interest ratio is currently 2.9 days.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. National Bank Financial raised shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Janney Montgomery Scott assumed coverage on Algonquin Power & Utilities in a research note on Thursday, September 5th. They issued a “neutral” rating and a $6.00 price target on the stock. Scotiabank dropped their price objective on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Wells Fargo & Company lowered their target price on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a report on Wednesday, October 16th. Finally, Desjardins cut their price target on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating for the company in a report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $6.18.

Algonquin Power & Utilities Trading Up 1.4 %

Shares of AQN traded up $0.07 during trading hours on Friday, hitting $4.95. 2,774,006 shares of the stock traded hands, compared to its average volume of 5,580,941. The business has a fifty day moving average of $5.02 and a 200-day moving average of $5.58. The company has a current ratio of 0.92, a quick ratio of 0.73 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $3.80 billion, a PE ratio of -3.84 and a beta of 0.68. Algonquin Power & Utilities has a 1-year low of $4.67 and a 1-year high of $6.79.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The business had revenue of $573.20 million for the quarter, compared to the consensus estimate of $620.46 million. During the same period last year, the firm earned $0.11 earnings per share. The company’s quarterly revenue was up 1.5% on a year-over-year basis. Analysts expect that Algonquin Power & Utilities will post 0.39 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a yield of 5.25%. The ex-dividend date of this dividend is Tuesday, December 31st. Algonquin Power & Utilities’s dividend payout ratio is currently -20.16%.

Institutional Investors Weigh In On Algonquin Power & Utilities

Several hedge funds have recently bought and sold shares of AQN. Central Pacific Bank Trust Division acquired a new position in shares of Algonquin Power & Utilities in the 3rd quarter valued at approximately $54,000. Capstone Investment Advisors LLC acquired a new stake in Algonquin Power & Utilities during the 3rd quarter worth approximately $58,000. Walleye Capital LLC acquired a new position in shares of Algonquin Power & Utilities in the third quarter valued at approximately $59,000. Claro Advisors LLC acquired a new position in shares of Algonquin Power & Utilities in the second quarter valued at approximately $61,000. Finally, Verdence Capital Advisors LLC bought a new stake in shares of Algonquin Power & Utilities during the third quarter worth $61,000. 62.28% of the stock is currently owned by institutional investors and hedge funds.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.