Algonquin Power & Utilities Corp. (NYSE:AQN) Shares Sold by Evergreen Capital Management LLC

Evergreen Capital Management LLC decreased its position in Algonquin Power & Utilities Corp. (NYSE:AQN) by 43.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,459 shares of the utilities provider’s stock after selling 10,524 shares during the quarter. Evergreen Capital Management LLC’s holdings in Algonquin Power & Utilities were worth $80,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in AQN. Parallel Advisors LLC lifted its holdings 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 worth $27,000 after acquiring an additional 1,882 shares during the last quarter. Claro Advisors LLC acquired a new position in Algonquin Power & Utilities during the 2nd quarter valued at approximately $61,000. SeaCrest Wealth Management LLC bought a new position in Algonquin Power & Utilities during the 2nd quarter worth $66,000. Larson Financial Group LLC acquired a new stake in Algonquin Power & Utilities in the first quarter worth $76,000. Finally, SVB Wealth LLC bought a new stake in Algonquin Power & Utilities in the first quarter valued at $82,000. 62.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on AQN. Scotiabank dropped their price objective on shares of Algonquin Power & Utilities from $6.50 to $5.75 and set a “sector perform” rating on the stock in a report on Tuesday, August 13th. Desjardins cut their price target on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a report on Monday, August 12th. Wells Fargo & Company downgraded 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 report on Monday, August 12th. Raymond James downgraded Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and cut their target price for the company from $7.75 to $7.00 in a research note on Monday, August 12th. Finally, Royal Bank of Canada reduced their price target on Algonquin Power & Utilities from $7.00 to $6.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, nine have given 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 currently has a consensus rating of “Hold” and a consensus target price of $6.33.

Algonquin Power & Utilities Price Performance

NYSE:AQN opened at $5.53 on Monday. The company has a quick ratio of 0.78, a current ratio of 0.97 and a debt-to-equity ratio of 1.08. The business’s 50-day moving average price is $5.58 and its 200 day moving average price is $5.95. Algonquin Power & Utilities Corp. has a 52-week low of $4.90 and a 52-week high of $6.79. The firm has a market cap of $4.24 billion, a P/E ratio of -11.29 and a beta of 0.67.

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

Algonquin Power & Utilities Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.065 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.26 dividend on an annualized basis and a yield of 4.70%. Algonquin Power & Utilities’s payout ratio is presently -53.06%.

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.