B. Riley Wealth Advisors Inc. Sells 4,862 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

B. Riley Wealth Advisors Inc. lessened its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN) by 20.2% during the third quarter, HoldingsChannel reports. The institutional investor owned 19,245 shares of the utilities provider’s stock after selling 4,862 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Algonquin Power & Utilities were worth $104,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company boosted its position in shares of Algonquin Power & Utilities by 320.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider’s stock valued at $42,633,000 after acquiring an additional 5,544,063 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Algonquin Power & Utilities by 156.0% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock valued at $52,341,000 after purchasing an additional 5,426,523 shares in the last quarter. Private Management Group Inc. bought a new stake in Algonquin Power & Utilities during the third quarter valued at approximately $12,361,000. Yaupon Capital Management LP purchased a new position in Algonquin Power & Utilities in the 3rd quarter worth approximately $11,997,000. Finally, Davidson Kempner Capital Management LP increased its holdings in shares of Algonquin Power & Utilities by 79.8% in the 2nd quarter. Davidson Kempner Capital Management LP now owns 4,634,250 shares of the utilities provider’s stock worth $27,157,000 after buying an additional 2,056,534 shares during the last quarter. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on AQN. Scotiabank cut their target price on shares of 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. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $7.00 price objective on shares of Algonquin Power & Utilities in a research report on Thursday, December 12th. Janney Montgomery Scott began coverage on Algonquin Power & Utilities in a research report on Thursday, September 5th. They issued a “neutral” rating and a $6.00 target price for the company. CIBC reduced their price target on shares of Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Finally, 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 for the company in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $6.25.

Algonquin Power & Utilities Trading Up 1.9 %

NYSE:AQN opened at $4.39 on Monday. The firm has a market capitalization of $3.37 billion, a P/E ratio of -3.40 and a beta of 0.68. Algonquin Power & Utilities Corp. has a 52 week low of $4.25 and a 52 week high of $6.79. 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 fifty day moving average of $4.80 and a 200 day moving average of $5.37.

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 analysts’ consensus estimates 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 firm had revenue of $573.20 million for the quarter, compared to analysts’ expectations of $620.46 million. During the same quarter in the prior year, the company posted $0.11 earnings per share. The business’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, research analysts predict that Algonquin Power & Utilities Corp. will post 0.39 earnings per share 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 paid a dividend of $0.065 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.26 annualized dividend and a dividend yield of 5.92%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -20.16%.

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.