Point72 Asset Management L.P. Cuts Stock Position in Algonquin Power & Utilities Corp. (NYSE:AQN)

Point72 Asset Management L.P. cut its position in Algonquin Power & Utilities Corp. (NYSE:AQN) by 51.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,894,812 shares of the utilities provider’s stock after selling 3,061,577 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.38% of Algonquin Power & Utilities worth $15,823,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of AQN. Central Pacific Bank Trust Division purchased a new stake in Algonquin Power & Utilities during the third quarter valued at approximately $54,000. Claro Advisors LLC acquired a new stake in shares of Algonquin Power & Utilities in the 2nd quarter worth $61,000. Capstone Investment Advisors LLC purchased a new position in Algonquin Power & Utilities during the 3rd quarter worth $58,000. Walleye Capital LLC acquired a new position in Algonquin Power & Utilities during the 3rd quarter valued at about $59,000. Finally, SeaCrest Wealth Management LLC purchased a new stake in Algonquin Power & Utilities in the second quarter valued at about $66,000. 62.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on AQN. CIBC cut their price objective on shares of Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Wells Fargo & Company decreased their price target on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a report on Wednesday, October 16th. Raymond James lowered shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $7.75 to $7.00 in a report on Monday, August 12th. Scotiabank lowered their price target on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Finally, Janney Montgomery Scott started coverage on Algonquin Power & Utilities in a report on Thursday, September 5th. They issued a “neutral” rating and a $6.00 price objective on the stock. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Algonquin Power & Utilities currently has a consensus rating of “Hold” and an average price target of $6.18.

Algonquin Power & Utilities Stock Down 1.0 %

Shares of AQN stock opened at $4.69 on Friday. Algonquin Power & Utilities Corp. has a twelve month low of $4.64 and a twelve month high of $6.79. The stock has a market cap of $3.59 billion, a P/E ratio of -3.63 and a beta of 0.68. The stock has a 50 day moving average of $4.95 and a 200 day moving average of $5.51. The company has a current ratio of 0.92, a quick ratio of 0.73 and a debt-to-equity ratio of 1.17.

Algonquin Power & Utilities (NYSE:AQN) last posted 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 negative net margin of 39.12% and a positive return on equity of 5.22%. The firm had revenue of $573.20 million for the quarter, compared to analysts’ expectations of $620.46 million. During the same period last year, the firm earned $0.11 earnings per share. Algonquin Power & Utilities’s revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, sell-side analysts expect 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 dividend on an annualized basis and a dividend yield of 5.55%. The ex-dividend date is Tuesday, December 31st. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -20.15%.

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.