Shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Get Free Report) rose 5.1% during trading on Monday following a dividend announcement from the company. The stock traded as high as $5.05 and last traded at $5.05. Approximately 1,769,131 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 9,869,715 shares. The stock had previously closed at $4.80.
The newly announced dividend which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a dividend yield of 5.30%. The ex-dividend date is Monday, March 31st. Algonquin Power & Utilities's payout ratio is -14.44%.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on the stock. Royal Bank of Canada reduced their price target on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set a "sector perform" rating for the company in a research report on Tuesday, February 18th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $7.00 target price on shares of Algonquin Power & Utilities in a report on Thursday, December 12th. National Bankshares cut their price target on Algonquin Power & Utilities from $6.75 to $6.25 and set an "outperform" rating for the company in a research note on Tuesday, February 11th. Finally, Scotiabank increased their price objective on Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a "sector perform" rating in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $5.94.
Read Our Latest Analysis on Algonquin Power & Utilities
Algonquin Power & Utilities Price Performance
The firm has a market cap of $3.76 billion, a PE ratio of -3.80 and a beta of 0.71. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73. The business's fifty day moving average is $4.61 and its 200-day moving average is $4.85.
Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last issued its quarterly earnings results on Friday, March 7th. The utilities provider reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.04). Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The company had revenue of $584.80 million for the quarter, compared to analysts' expectations of $644.73 million. On average, research analysts predict that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Algonquin Power & Utilities
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Polar Asset Management Partners Inc. purchased a new position in Algonquin Power & Utilities in the 4th quarter valued at approximately $954,000. LM Asset IM Inc. purchased a new position in shares of Algonquin Power & Utilities in the fourth quarter valued at $8,455,000. Public Employees Retirement System of Ohio bought a new stake in shares of Algonquin Power & Utilities during the 4th quarter valued at $1,226,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Algonquin Power & Utilities by 0.7% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 13,051,123 shares of the utilities provider's stock worth $57,852,000 after purchasing an additional 91,353 shares in the last quarter. Finally, Squarepoint Ops LLC grew its holdings in Algonquin Power & Utilities by 451.9% during the 4th quarter. Squarepoint Ops LLC now owns 73,040 shares of the utilities provider's stock valued at $325,000 after buying an additional 59,806 shares in the last quarter. Institutional investors own 62.28% of the company's stock.
About Algonquin Power & Utilities
(
Get Free Report)
Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.
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