Infrastructure Capital Advisors LLC Decreases Position in Algonquin Power & Utilities Corp. (NYSE:AQN)

Infrastructure Capital Advisors LLC trimmed its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 51.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,118,151 shares of the utilities provider's stock after selling 1,190,633 shares during the quarter. Algonquin Power & Utilities comprises about 0.8% of Infrastructure Capital Advisors LLC's portfolio, making the stock its 26th biggest position. Infrastructure Capital Advisors LLC owned approximately 0.15% of Algonquin Power & Utilities worth $6,094,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Central Pacific Bank Trust Division bought a new position in Algonquin Power & Utilities during the third quarter worth $54,000. Claro Advisors LLC acquired a new position in shares of Algonquin Power & Utilities during the second quarter valued at about $61,000. Verdence Capital Advisors LLC bought a new position in shares of Algonquin Power & Utilities during the 3rd quarter worth about $61,000. SeaCrest Wealth Management LLC acquired a new stake in shares of Algonquin Power & Utilities in the 2nd quarter valued at about $66,000. Finally, Raymond James Trust N.A. increased its position in Algonquin Power & Utilities by 33.4% in the 3rd quarter. Raymond James Trust N.A. now owns 13,343 shares of the utilities provider's stock valued at $73,000 after buying an additional 3,343 shares in the last quarter. 62.28% of the stock is owned by institutional investors and hedge funds.

Algonquin Power & Utilities Stock Up 1.4 %

AQN stock traded up $0.07 during trading on Friday, reaching $4.95. The stock had a trading volume of 2,774,006 shares, compared to its average volume of 5,580,941. The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $3.80 billion, a price-to-earnings ratio of -3.84 and a beta of 0.68. Algonquin Power & Utilities Corp. has a one year low of $4.67 and a one year high of $6.79. The company's 50 day moving average is $5.02 and its two-hundred day moving average is $5.58.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last released its earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). The business had revenue of $573.20 million during the quarter, compared to the consensus estimate of $620.46 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The business's revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.11 earnings per share. Equities research analysts forecast that Algonquin Power & Utilities Corp. will post 0.39 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 5.25%. The ex-dividend date of this dividend is Tuesday, December 31st. Algonquin Power & Utilities's dividend payout ratio is presently -20.15%.

Analyst Ratings Changes

Several research analysts have issued reports on AQN shares. Raymond James lowered Algonquin Power & Utilities from an "outperform" rating to a "market perform" rating and cut their price target for the stock from $7.75 to $7.00 in a report on Monday, August 12th. Janney Montgomery Scott began coverage on Algonquin Power & Utilities in a report on Thursday, September 5th. They issued a "neutral" rating and a $6.00 target price on the stock. Desjardins decreased their price target on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a "hold" rating for the company in a research note on Monday, August 12th. Wells Fargo & Company lowered their price objective on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an "equal weight" rating on the stock in a report on Wednesday, October 16th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and set a $6.00 price objective on shares of Algonquin Power & Utilities in a report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $6.18.

Algonquin Power & Utilities Company Profile

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.