Magnetar Financial LLC Cuts Stock Holdings in Algonquin Power & Utilities Corp. (NYSE:AQN)

Magnetar Financial LLC trimmed its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 67.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,925 shares of the utilities provider’s stock after selling 77,755 shares during the quarter. Magnetar Financial LLC’s holdings in Algonquin Power & Utilities were worth $233,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Parallel Advisors LLC increased its holdings 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 valued at $27,000 after purchasing an additional 1,882 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Algonquin Power & Utilities by 10.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 21,628 shares of the utilities provider’s stock worth $137,000 after acquiring an additional 1,972 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Algonquin Power & Utilities by 0.8% in the 4th quarter. Mackenzie Financial Corp now owns 459,806 shares of the utilities provider’s stock worth $2,902,000 after acquiring an additional 3,443 shares in the last quarter. Metis Global Partners LLC increased its holdings in Algonquin Power & Utilities by 10.0% in the 4th quarter. Metis Global Partners LLC now owns 39,623 shares of the utilities provider’s stock worth $250,000 after acquiring an additional 3,607 shares in the last quarter. Finally, Atria Wealth Solutions Inc. increased its holdings in Algonquin Power & Utilities by 19.0% in the 4th 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 in the last quarter. 62.28% of the stock is owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Stock Performance

NYSE:AQN traded up $0.01 on Monday, reaching $6.21. 176,892 shares of the company’s stock were exchanged, compared to its average volume of 5,315,647. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.42. The business has a fifty day moving average of $6.10 and a 200-day moving average of $6.11. Algonquin Power & Utilities Corp. has a 52-week low of $4.90 and a 52-week high of $8.28.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings results on Friday, May 10th. The utilities provider reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Algonquin Power & Utilities had a positive return on equity of 5.39% and a negative net margin of 12.44%. The business had revenue of $737.10 million for the quarter, compared to analysts’ expectations of $813.38 million. During the same quarter last year, the company earned $0.17 earnings per share. The firm’s revenue for the quarter was down 5.3% on a year-over-year basis. Equities analysts predict that Algonquin Power & Utilities Corp. will post 0.46 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a dividend of $0.108 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.43 dividend on an annualized basis and a dividend yield of 6.96%. Algonquin Power & Utilities’s payout ratio is -87.76%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Scotiabank cut their price target on shares of Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating for the company in a report on Monday, April 22nd. Royal Bank of Canada reissued a “sector perform” rating and set a $7.00 price target on shares of Algonquin Power & Utilities in a research report on Wednesday, July 10th. CIBC boosted their price target on shares of Algonquin Power & Utilities from $7.50 to $7.70 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. National Bankshares boosted their price target on shares of Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a “sector perform” rating in a research report on Tuesday, May 28th. Finally, Wells Fargo & Company boosted their price target on shares of Algonquin Power & Utilities from $8.00 to $8.50 and gave the company an “overweight” rating in a research report on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $7.06.

About Algonquin Power & Utilities

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.