National Bank of Canada FI Buys 342,528 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

National Bank of Canada FI lifted its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 3.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,565,940 shares of the utilities provider’s stock after acquiring an additional 342,528 shares during the quarter. National Bank of Canada FI’s holdings in Algonquin Power & Utilities were worth $61,759,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Krilogy Financial LLC increased its holdings in Algonquin Power & Utilities by 0.3% during the 2nd quarter. Krilogy Financial LLC now owns 707,000 shares of the utilities provider’s stock worth $4,143,000 after purchasing an additional 1,800 shares during the period. Parallel Advisors LLC grew its position in shares of Algonquin Power & Utilities by 76.3% during the 4th quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock worth $27,000 after buying an additional 1,882 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Algonquin Power & Utilities by 10.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 21,628 shares of the utilities provider’s stock valued at $137,000 after buying an additional 1,972 shares during the period. Metis Global Partners LLC raised its holdings in shares of Algonquin Power & Utilities by 10.0% in the fourth quarter. Metis Global Partners LLC now owns 39,623 shares of the utilities provider’s stock valued at $250,000 after acquiring an additional 3,607 shares in the last quarter. Finally, Atria Wealth Solutions Inc. lifted its stake in Algonquin Power & Utilities by 19.0% in the fourth quarter. Atria Wealth Solutions Inc. now owns 25,000 shares of the utilities provider’s stock worth $160,000 after acquiring an additional 4,000 shares during the period. Institutional investors own 62.28% of the company’s stock.

Analysts Set New Price Targets

AQN has been the topic of a number of research reports. Janney Montgomery Scott started coverage on shares of Algonquin Power & Utilities in a research report on Thursday. They set a “neutral” rating and a $6.00 target price on the stock. Wells Fargo & Company lowered shares of Algonquin Power & Utilities from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $8.50 to $6.00 in a report on Monday, August 12th. Raymond James lowered Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $7.75 to $7.00 in a report on Monday, August 12th. National Bank Financial upgraded Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Finally, StockNews.com raised Algonquin Power & Utilities to a “sell” rating in a research report on Friday, May 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.33.

Algonquin Power & Utilities Stock Down 0.8 %

Algonquin Power & Utilities stock opened at $5.29 on Friday. Algonquin Power & Utilities Corp. has a 1-year low of $4.90 and a 1-year high of $7.45. The business has a fifty day moving average price of $5.77 and a 200-day moving average price of $6.02. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.97 and a quick ratio of 0.78. The stock has a market capitalization of $4.05 billion, a price-to-earnings ratio of -10.79 and a beta of 0.66.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. Algonquin Power & Utilities had a return on equity of 5.36% and a net margin of 4.70%. The business had revenue of $598.60 million during the quarter, compared to the consensus estimate of $635.95 million. During the same quarter last year, the company earned $0.08 earnings per share. The company’s quarterly revenue was down 4.7% on a year-over-year basis. Equities research analysts forecast that Algonquin Power & Utilities Corp. will post 0.46 EPS for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a yield of 4.92%. The ex-dividend date of this dividend is Monday, September 30th. Algonquin Power & Utilities’s dividend payout ratio is presently -51.02%.

Algonquin Power & Utilities 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.