Algonquin Power & Utilities (NYSE:AQN) Stock Price Up 5.1%

Algonquin Power & Utilities Corp. (NYSE:AQN) shares were up 5.1% on Monday . The stock traded as high as $6.20 and last traded at $6.16. Approximately 719,695 shares traded hands during trading, a decline of 86% from the average daily volume of 5,296,295 shares. The stock had previously closed at $5.86.

Wall Street Analysts Forecast Growth

AQN has been the subject of a number of research reports. Wells Fargo & Company raised their price target on shares of Algonquin Power & Utilities from $8.00 to $8.50 and gave the stock an “overweight” rating in a report on Monday, May 13th. Desjardins raised their price target on shares of Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a “hold” rating in a report on Thursday, June 6th. StockNews.com upgraded shares of Algonquin Power & Utilities to a “sell” rating in a report on Friday, May 10th. National Bankshares raised their price target on shares of Algonquin Power & Utilities from $6.75 to $7.25 and gave the stock a “sector perform” rating in a report on Tuesday, May 28th. Finally, Scotiabank reduced their price target on shares of 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. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $7.49.

Algonquin Power & Utilities Trading Up 0.8 %

The firm has a market capitalization of $4.53 billion, a PE ratio of -12.07 and a beta of 0.66. The firm’s fifty day moving average is $6.23 and its two-hundred day moving average is $6.15. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.98 and a quick ratio of 0.79.

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

Algonquin Power & Utilities Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a dividend of $0.108 per share. This represents a $0.43 annualized dividend and a yield of 7.30%. The ex-dividend date is Friday, June 28th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -87.76%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pacifica Partners Inc. boosted its stake in Algonquin Power & Utilities by 1,975.0% in the fourth quarter. Pacifica Partners Inc. now owns 4,150 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 3,950 shares during the last quarter. Parallel Advisors LLC boosted its stake in Algonquin Power & Utilities by 76.3% in the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 1,882 shares during the last quarter. SG Americas Securities LLC purchased a new position in Algonquin Power & Utilities in the fourth quarter valued at about $64,000. Seven Mile Advisory purchased a new position in Algonquin Power & Utilities in the fourth quarter valued at about $67,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Algonquin Power & Utilities in the fourth quarter valued at approximately $70,000. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

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.