Van ECK Associates Corp Reduces Position in Algonquin Power & Utilities Corp. (NYSE:AQN)

Van ECK Associates Corp cut its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQNGet Rating) by 30.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 6,198 shares of the utilities provider’s stock after selling 2,684 shares during the quarter. Van ECK Associates Corp’s holdings in Algonquin Power & Utilities were worth $68,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. lifted its holdings in Algonquin Power & Utilities by 2.9% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 315,518 shares of the utilities provider’s stock valued at $3,442,000 after purchasing an additional 9,031 shares during the last quarter. Verity & Verity LLC lifted its holdings in Algonquin Power & Utilities by 2.6% during the second quarter. Verity & Verity LLC now owns 436,402 shares of the utilities provider’s stock valued at $5,861,000 after purchasing an additional 11,149 shares during the last quarter. Mirabella Financial Services LLP purchased a new stake in Algonquin Power & Utilities during the third quarter valued at about $348,000. Vontobel Holding Ltd. lifted its holdings in shares of Algonquin Power & Utilities by 20.2% in the second quarter. Vontobel Holding Ltd. now owns 292,758 shares of the utilities provider’s stock worth $3,950,000 after buying an additional 49,220 shares in the last quarter. Finally, Bank of Nova Scotia lifted its holdings in shares of Algonquin Power & Utilities by 34.2% in the second quarter. Bank of Nova Scotia now owns 13,548,918 shares of the utilities provider’s stock worth $182,094,000 after buying an additional 3,449,550 shares in the last quarter. 41.26% of the stock is owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Stock Up 2.7 %

AQN stock opened at $7.18 on Friday. Algonquin Power & Utilities Corp. has a 1-year low of $6.41 and a 1-year high of $16.01. The company has a current ratio of 0.72, a quick ratio of 0.56 and a debt-to-equity ratio of 1.10. The company’s 50 day moving average is $7.16 and its 200 day moving average is $10.76. The stock has a market cap of $4.84 billion, a price-to-earnings ratio of 119.67, a price-to-earnings-growth ratio of 3.55 and a beta of 0.47.

Algonquin Power & Utilities (NYSE:AQNGet Rating) last issued its quarterly earnings results on Friday, November 11th. The utilities provider reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.05). Algonquin Power & Utilities had a net margin of 1.45% and a return on equity of 6.65%. The business had revenue of $666.72 million for the quarter, compared to the consensus estimate of $614.83 million. Sell-side analysts predict that Algonquin Power & Utilities Corp. will post 0.67 EPS for the current fiscal year.

Algonquin Power & Utilities Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Friday, December 30th were given a dividend of $0.181 per share. This is a boost from Algonquin Power & Utilities’s previous quarterly dividend of $0.18. This represents a $0.72 dividend on an annualized basis and a yield of 10.08%. The ex-dividend date of this dividend was Thursday, December 29th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently 1,200.00%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Credit Suisse Group lowered their price target on shares of Algonquin Power & Utilities from $11.00 to $10.50 and set an “outperform” rating on the stock in a report on Friday, January 13th. TheStreet downgraded shares of Algonquin Power & Utilities from a “c” rating to a “d+” rating in a report on Friday, November 18th. National Bank Financial downgraded shares of Algonquin Power & Utilities from an “outperform” rating to a “sector perform” rating in a report on Monday, November 14th. National Bankshares lowered their price target on shares of Algonquin Power & Utilities from $13.50 to $12.50 and set a “sector perform” rating on the stock in a report on Monday, November 14th. Finally, Royal Bank of Canada lowered their price target on shares of Algonquin Power & Utilities from $12.00 to $8.00 and set a “sector perform” rating on the stock in a report on Wednesday, December 21st. Two research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $10.22.

About Algonquin Power & Utilities

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Algonquin Power & Utilities Corp. operates as a diversified utility company. The firm engages in the ownership and operation of a portfolio of regulated and non-regulated generation, distribution and transmission utility assets. It operates through the following segments: Regulated Services Group, and Renewable Energy Group.

Further Reading

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Institutional Ownership by Quarter for Algonquin Power & Utilities (NYSE:AQN)

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