EverSource Wealth Advisors LLC Has $179,000 Stake in Algonquin Power & Utilities Corp. (NYSE:AQN)

EverSource Wealth Advisors LLC grew its stake in Algonquin Power & Utilities Corp. (NYSE:AQN) by 25.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,704 shares of the utilities provider’s stock after purchasing an additional 5,863 shares during the period. EverSource Wealth Advisors LLC’s holdings in Algonquin Power & Utilities were worth $179,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Parallel Advisors LLC lifted its stake in Algonquin Power & Utilities by 76.3% in the 4th quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 1,882 shares during the last quarter. Claro Advisors LLC bought a new position in shares of Algonquin Power & Utilities in the 2nd quarter valued at $61,000. SeaCrest Wealth Management LLC bought a new position in shares of Algonquin Power & Utilities in the 2nd quarter valued at $66,000. Larson Financial Group LLC acquired a new stake in shares of Algonquin Power & Utilities during the 1st quarter valued at $76,000. Finally, SVB Wealth LLC bought a new stake in Algonquin Power & Utilities during the 1st quarter worth $82,000. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Stock Performance

Shares of Algonquin Power & Utilities stock opened at $5.36 on Thursday. The business has a 50-day moving average price of $5.59 and a two-hundred day moving average price of $5.97. Algonquin Power & Utilities Corp. has a 1-year low of $4.90 and a 1-year high of $6.85. The company has a current ratio of 0.97, a quick ratio of 0.78 and a debt-to-equity ratio of 1.08. The company has a market cap of $4.11 billion, a P/E ratio of -10.94 and a beta of 0.67.

Algonquin Power & Utilities (NYSE:AQN) last released its earnings results on Friday, August 9th. The utilities provider reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The business had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $635.95 million. Algonquin Power & Utilities had a return on equity of 5.36% and a net margin of 4.70%. The firm’s revenue was down 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.08 earnings per share. As a group, analysts anticipate that Algonquin Power & Utilities Corp. will post 0.43 EPS for the current year.

Algonquin Power & Utilities Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.065 per share. The ex-dividend date is Monday, September 30th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.85%. Algonquin Power & Utilities’s payout ratio is presently -89.80%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Raymond James lowered Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and cut their price target for the company from $7.75 to $7.00 in a research note on Monday, August 12th. Desjardins reduced their target price on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a report on Monday, August 12th. CIBC dropped their price target on shares of Algonquin Power & Utilities from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Wells Fargo & Company cut shares of Algonquin Power & Utilities from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $8.50 to $6.00 in a research note on Monday, August 12th. Finally, Scotiabank lowered their target price on Algonquin Power & Utilities from $6.50 to $5.75 and set a “sector perform” rating for the company in a research report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Algonquin Power & Utilities currently has a consensus rating of “Hold” and an average target price of $6.33.

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.