Infrastructure Capital Advisors LLC Sells 1,190,633 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Infrastructure Capital Advisors LLC cut its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 51.6% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,118,151 shares of the utilities provider’s stock after selling 1,190,633 shares during the quarter. Algonquin Power & Utilities comprises 0.8% of Infrastructure Capital Advisors LLC’s investment portfolio, making the stock its 26th biggest holding. Infrastructure Capital Advisors LLC owned approximately 0.15% of Algonquin Power & Utilities worth $6,094,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in AQN. Vanguard Group Inc. boosted its position in shares of Algonquin Power & Utilities by 1.0% during the first quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock valued at $165,893,000 after purchasing an additional 262,333 shares in the last quarter. SVB Wealth LLC bought a new stake in Algonquin Power & Utilities in the first quarter worth $82,000. Jane Street Group LLC boosted its holdings in Algonquin Power & Utilities by 851.0% in the first quarter. Jane Street Group LLC now owns 3,765,026 shares of the utilities provider’s stock worth $23,797,000 after acquiring an additional 3,369,124 shares in the last quarter. Virtu Financial LLC boosted its holdings in Algonquin Power & Utilities by 47.1% in the first quarter. Virtu Financial LLC now owns 49,104 shares of the utilities provider’s stock worth $310,000 after acquiring an additional 15,725 shares in the last quarter. Finally, Cetera Advisors LLC bought a new stake in Algonquin Power & Utilities in the first quarter worth $237,000. 62.28% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on AQN shares. National Bank Financial raised Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Wells Fargo & Company decreased their price target on Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Wednesday, October 16th. Royal Bank of Canada restated a “sector perform” rating and issued a $6.00 price target on shares of Algonquin Power & Utilities in a research note on Friday, October 11th. Raymond James cut Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $7.75 to $7.00 in a research note on Monday, August 12th. Finally, CIBC decreased their price target on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $6.18.

Algonquin Power & Utilities Stock Performance

NYSE:AQN opened at $4.88 on Friday. The stock has a 50-day simple moving average of $5.03 and a two-hundred day simple moving average of $5.59. Algonquin Power & Utilities Corp. has a 52-week low of $4.67 and a 52-week high of $6.79. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92. The firm has a market capitalization of $3.74 billion, a PE ratio of -3.78 and a beta of 0.68.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly 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 company had revenue of $573.20 million for 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 for the quarter was up 1.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.11 EPS. Analysts forecast that Algonquin Power & Utilities Corp. will post 0.4 EPS for the current year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 5.33%. The ex-dividend date is Tuesday, December 31st. Algonquin Power & Utilities’s dividend payout ratio (DPR) is -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.