Corrado Advisors LLC Purchases 45,069 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Corrado Advisors LLC boosted its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN) by 47.4% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 140,198 shares of the utilities provider’s stock after buying an additional 45,069 shares during the period. Corrado Advisors LLC’s holdings in Algonquin Power & Utilities were worth $1,158,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of AQN. Power Corp of Canada purchased a new stake in shares of Algonquin Power & Utilities in the first quarter worth about $31,000. Newbridge Financial Services Group Inc. raised its holdings in shares of Algonquin Power & Utilities by 33.3% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 5,000 shares of the utilities provider’s stock worth $41,000 after acquiring an additional 1,250 shares in the last quarter. Captrust Financial Advisors raised its holdings in shares of Algonquin Power & Utilities by 66.4% during the 2nd quarter. Captrust Financial Advisors now owns 3,526 shares of the utilities provider’s stock worth $47,000 after acquiring an additional 1,407 shares in the last quarter. Spire Wealth Management boosted its position in shares of Algonquin Power & Utilities by 324.8% during the 1st quarter. Spire Wealth Management now owns 6,423 shares of the utilities provider’s stock valued at $54,000 after acquiring an additional 4,911 shares during the last quarter. Finally, Salem Investment Counselors Inc. purchased a new position in shares of Algonquin Power & Utilities in the second quarter valued at $56,000. 52.12% of the stock is owned by institutional investors.

Algonquin Power & Utilities Stock Performance

AQN stock opened at $5.91 on Friday. Algonquin Power & Utilities Corp. has a 12 month low of $4.90 and a 12 month high of $9.14. The firm’s 50-day moving average is $5.93 and its 200 day moving average is $7.37. The company has a quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 1.22.

Algonquin Power & Utilities (NYSE:AQN) last issued its earnings results on Friday, November 10th. The utilities provider reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). The company had revenue of $624.70 million for the quarter, compared to analysts’ expectations of $643.87 million. Algonquin Power & Utilities had a positive return on equity of 6.13% and a negative net margin of 8.35%. The business’s revenue was down 6.0% compared to the same quarter last year. During the same period last year, the business posted $0.11 earnings per share. On average, analysts anticipate that Algonquin Power & Utilities Corp. will post 0.52 earnings per share for the current fiscal year.

Algonquin Power & Utilities Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Friday, December 29th will be given a dividend of $0.216 per share. This is an increase from Algonquin Power & Utilities’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.86 dividend on an annualized basis and a dividend yield of 14.62%. Algonquin Power & Utilities’s dividend payout ratio is presently -122.85%.

Analysts Set New Price Targets

Several equities analysts have commented on AQN shares. Scotiabank lowered their price objective on shares of Algonquin Power & Utilities from $8.00 to $7.00 and set a “sector perform” rating for the company in a research report on Monday, October 16th. National Bankshares dropped their price target on Algonquin Power & Utilities from $9.50 to $8.50 and set a “sector perform” rating for the company in a research report on Tuesday, October 17th. Desjardins decreased their price objective on Algonquin Power & Utilities from $6.50 to $4.75 and set a “sell” rating on the stock in a research report on Wednesday, October 25th. CIBC cut their target price on Algonquin Power & Utilities from $7.50 to $7.00 and set a “neutral” rating on the stock in a research report on Monday. Finally, CSFB lowered their price target on Algonquin Power & Utilities from $10.50 to $10.00 and set an “outperform” rating for the company in a research report on Monday, July 24th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $8.19.

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.