24,107 Shares in Algonquin Power & Utilities Corp. (NYSE:AQN) Purchased by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. bought a new stake in Algonquin Power & Utilities Corp. (NYSE:AQN) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 24,107 shares of the utilities provider’s stock, valued at approximately $144,000.

Several other hedge funds have also made changes to their positions in AQN. Goldman Sachs Group Inc. lifted its holdings in Algonquin Power & Utilities by 754.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 15,552,484 shares of the utilities provider’s stock valued at $98,292,000 after acquiring an additional 13,731,305 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Algonquin Power & Utilities by 320.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider’s stock valued at $42,633,000 after purchasing an additional 5,544,063 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Algonquin Power & Utilities by 156.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock worth $52,341,000 after purchasing an additional 5,426,523 shares during the period. Jane Street Group LLC increased its position in shares of Algonquin Power & Utilities by 851.0% during the 1st quarter. Jane Street Group LLC now owns 3,765,026 shares of the utilities provider’s stock worth $23,797,000 after purchasing an additional 3,369,124 shares during the last quarter. Finally, Davidson Kempner Capital Management LP increased its position in shares of Algonquin Power & Utilities by 79.8% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 4,634,250 shares of the utilities provider’s stock worth $27,157,000 after purchasing an additional 2,056,534 shares during the last quarter. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Down 0.7 %

AQN stock opened at $4.99 on Friday. The company’s 50 day moving average price is $5.41 and its 200 day moving average price is $5.91. The firm has a market capitalization of $3.82 billion, a price-to-earnings ratio of -10.17 and a beta of 0.66. Algonquin Power & Utilities Corp. has a fifty-two week low of $4.90 and a fifty-two week high of $6.79. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.78 and a current ratio of 0.97.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings data on Friday, August 9th. The utilities provider reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The business had revenue of $598.60 million for the quarter, compared to analyst estimates of $635.95 million. Algonquin Power & Utilities had a net margin of 4.70% and a return on equity of 5.36%. The company’s revenue was down 4.7% on a year-over-year basis. During the same period last year, the business earned $0.08 EPS. On average, equities research analysts anticipate that Algonquin Power & Utilities Corp. will post 0.43 EPS for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 5.22%. The ex-dividend date of this dividend is Monday, September 30th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -53.06%.

Analyst Ratings Changes

AQN has been the subject of several research analyst reports. Royal Bank of Canada lowered their target price on shares of Algonquin Power & Utilities from $7.00 to $6.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 13th. Scotiabank dropped their target price on shares of Algonquin Power & Utilities from $6.50 to $5.75 and set a “sector perform” rating for the company in a report on Tuesday, August 13th. Wells Fargo & Company lowered Algonquin Power & Utilities from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $8.50 to $6.00 in a research report on Monday, August 12th. Raymond James lowered Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $7.75 to $7.00 in a research report on Monday, August 12th. Finally, National Bank Financial upgraded Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Algonquin Power & Utilities currently has a consensus rating of “Hold” and a consensus price target of $6.30.

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.