Alpha Omega Wealth Management LLC Sells 207,440 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Alpha Omega Wealth Management LLC reduced its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 35.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 375,100 shares of the utilities provider’s stock after selling 207,440 shares during the quarter. Alpha Omega Wealth Management LLC’s holdings in Algonquin Power & Utilities were worth $1,669,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Private Advisor Group LLC boosted its stake in Algonquin Power & Utilities by 14.1% during the third quarter. Private Advisor Group LLC now owns 17,769 shares of the utilities provider’s stock worth $97,000 after acquiring an additional 2,201 shares in the last quarter. Raymond James Trust N.A. lifted its position in Algonquin Power & Utilities by 33.4% during the third quarter. Raymond James Trust N.A. now owns 13,343 shares of the utilities provider’s stock valued at $73,000 after purchasing an additional 3,343 shares in the last quarter. Northwest & Ethical Investments L.P. grew its stake in shares of Algonquin Power & Utilities by 12.3% during the 3rd quarter. Northwest & Ethical Investments L.P. now owns 47,155 shares of the utilities provider’s stock valued at $258,000 after acquiring an additional 5,158 shares during the period. Redwood Investment Management LLC increased its stake in shares of Algonquin Power & Utilities by 1.2% in the third quarter. Redwood Investment Management LLC now owns 505,299 shares of the utilities provider’s stock worth $2,794,000 after purchasing an additional 6,176 shares in the last quarter. Finally, Public Sector Pension Investment Board grew its position in shares of Algonquin Power & Utilities by 11.4% during the third quarter. Public Sector Pension Investment Board now owns 72,471 shares of the utilities provider’s stock worth $396,000 after purchasing an additional 7,400 shares in the last quarter. 62.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on AQN shares. Scotiabank reduced their price target on shares of Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Wells Fargo & Company dropped their target price on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research note on Wednesday, October 16th. CIBC decreased their price objective on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $7.00 target price on shares of Algonquin Power & Utilities in a research report on Thursday, December 12th. 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 research note on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $6.13.

Algonquin Power & Utilities Price Performance

NYSE:AQN opened at $4.45 on Friday. Algonquin Power & Utilities Corp. has a twelve month low of $4.19 and a twelve month high of $6.79. 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 company’s 50-day moving average price is $4.52 and its 200-day moving average price is $5.06.

Algonquin Power & Utilities (NYSE:AQN) last issued its earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). 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 $573.20 million for the quarter, compared to analyst estimates of $620.46 million. During the same quarter in the prior year, the firm earned $0.11 earnings per share. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, research analysts expect that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current year.

Algonquin Power & Utilities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.065 per share. The ex-dividend date was Tuesday, December 31st. This represents a $0.26 annualized dividend and a dividend yield of 5.85%. Algonquin Power & Utilities’s dividend payout ratio is presently -20.15%.

Algonquin Power & Utilities Profile

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.