Algonquin Power & Utilities Corp. (NYSE:AQN) Short Interest Update

Algonquin Power & Utilities Corp. (NYSE:AQN) saw a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 34,160,000 shares, a decrease of 13.9% from the October 15th total of 39,660,000 shares. Approximately 5.0% of the company’s stock are short sold. Based on an average daily trading volume, of 4,790,000 shares, the days-to-cover ratio is currently 7.1 days.

Algonquin Power & Utilities Price Performance

AQN stock opened at $5.81 on Wednesday. The stock’s fifty day moving average is $5.99 and its two-hundred day moving average is $7.39. The company has a current ratio of 0.71, a quick ratio of 0.56 and a debt-to-equity ratio of 1.14. Algonquin Power & Utilities has a 1 year low of $4.90 and a 1 year high of $9.14.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings results on Friday, November 10th. The utilities provider reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). Algonquin Power & Utilities had a negative net margin of 8.35% and a positive return on equity of 6.04%. The business had revenue of $624.70 million for the quarter, compared to the consensus estimate of $643.87 million. During the same period last year, the firm posted $0.11 EPS. The business’s quarterly revenue was down 6.0% on a year-over-year basis. As a group, research analysts forecast that Algonquin Power & Utilities will post 0.52 earnings per share for the current fiscal year.

Algonquin Power & Utilities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Friday, December 29th will be paid a $0.216 dividend. This is a boost from Algonquin Power & Utilities’s previous quarterly dividend of $0.11. The ex-dividend date is Thursday, December 28th. This represents a $0.86 annualized dividend and a dividend yield of 14.88%. Algonquin Power & Utilities’s dividend payout ratio is presently -122.85%.

Wall Street Analyst Weigh In

AQN has been the subject of a number of research analyst reports. StockNews.com began coverage on shares of Algonquin Power & Utilities in a research note on Thursday, October 5th. They issued a “sell” rating for the company. National Bankshares cut their target price on shares of Algonquin Power & Utilities from $9.50 to $8.50 and set a “sector perform” rating on the stock in a research note on Tuesday, October 17th. CSFB decreased their price target on Algonquin Power & Utilities from $10.50 to $10.00 and set an “outperform” rating for the company in a research note on Monday, July 24th. BMO Capital Markets cut their price objective on Algonquin Power & Utilities from $8.50 to $8.00 and set a “market perform” rating on the stock in a research note on Friday, September 8th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $8.00 target price on shares of Algonquin Power & Utilities in a report on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Algonquin Power & Utilities has a consensus rating of “Hold” and an average target price of $8.19.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Bank of Montreal Can acquired a new position in Algonquin Power & Utilities during the 2nd quarter valued at about $336,911,000. Starboard Value LP bought a new position in Algonquin Power & Utilities during the 2nd quarter valued at $281,985,000. Norges Bank acquired a new position in shares of Algonquin Power & Utilities during the 4th quarter valued at $107,390,000. Cooper Creek Partners Management LLC acquired a new position in shares of Algonquin Power & Utilities during the 1st quarter valued at $44,145,000. Finally, Bank of America Corp DE grew its holdings in Algonquin Power & Utilities by 100.1% during the first quarter. Bank of America Corp DE now owns 9,214,388 shares of the utilities provider’s stock worth $77,401,000 after acquiring an additional 4,608,458 shares during the period. 52.12% of the stock is owned by institutional investors and hedge funds.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp., a renewable energy and utility company, that provides energy and water solutions and services in North America and internationally. The company operates through two segments, Regulated Services Group and Renewable Energy Group. The Regulated Services Group segment provides a portfolio of rate-regulated water, electricity, and gas utility services.