Algonquin Power & Utilities Target of Unusually High Options Trading (NYSE:AQN)

Algonquin Power & Utilities Corp. (NYSE:AQN) was the target of some unusual options trading activity on Tuesday. Investors bought 4,197 call options on the company. This represents an increase of approximately 1,117% compared to the average volume of 345 call options.

Hedge Funds Weigh In On Algonquin Power & Utilities

Institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. raised its stake in Algonquin Power & Utilities by 754.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 15,552,484 shares of the utilities provider’s stock worth $98,292,000 after acquiring an additional 13,731,305 shares in the last quarter. Norges Bank acquired a new position in Algonquin Power & Utilities during the 4th quarter worth approximately $28,322,000. Jane Street Group LLC lifted its stake in Algonquin Power & Utilities by 851.0% in the 1st quarter. Jane Street Group LLC now owns 3,765,026 shares of the utilities provider’s stock valued at $23,797,000 after purchasing an additional 3,369,124 shares during the last quarter. Capital Research Global Investors acquired a new stake in Algonquin Power & Utilities in the first quarter valued at approximately $9,924,000. Finally, Hudson Bay Capital Management LP bought a new stake in shares of Algonquin Power & Utilities during the third quarter worth $8,936,000. Institutional investors and hedge funds own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Down 1.3 %

AQN stock opened at $5.90 on Wednesday. Algonquin Power & Utilities has a 52 week low of $4.90 and a 52 week high of $8.51. The business has a 50-day simple moving average of $6.23 and a 200 day simple moving average of $6.16. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.42. The company has a market cap of $4.52 billion, a PE ratio of -12.03 and a beta of 0.68.

Algonquin Power & Utilities (NYSE:AQN) last issued its earnings results on Friday, May 10th. The utilities provider reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.01). The firm had revenue of $737.10 million during the quarter, compared to analyst estimates of $813.38 million. Algonquin Power & Utilities had a negative net margin of 12.44% and a positive return on equity of 5.39%. Algonquin Power & Utilities’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.17 earnings per share. Sell-side analysts anticipate that Algonquin Power & Utilities will post 0.46 EPS for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $0.108 dividend. The ex-dividend date is Friday, June 28th. This represents a $0.43 annualized dividend and a dividend yield of 7.33%. Algonquin Power & Utilities’s payout ratio is -87.76%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. StockNews.com raised shares of Algonquin Power & Utilities to a “sell” rating in a report on Friday, May 10th. Wells Fargo & Company lifted their price target on Algonquin Power & Utilities from $8.00 to $8.50 and gave the stock an “overweight” rating in a report on Monday, May 13th. Desjardins upped their price objective on Algonquin Power & Utilities from $5.25 to $5.50 and gave the company a “hold” rating in a report on Thursday, June 6th. Scotiabank dropped their target price on Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating for the company in a report on Monday, April 22nd. Finally, National Bankshares boosted their target price on shares of Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a “sector perform” rating in a research report on Tuesday, May 28th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $7.47.

Algonquin Power & Utilities Company Profile

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.