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% in the third quarter, Holdings Channel.com reports. The institutional investor owned 1,118,151 shares of the utilities provider’s stock after selling 1,190,633 shares during the period. Algonquin Power & Utilities comprises approximately 0.8% of Infrastructure Capital Advisors LLC’s investment portfolio, making the stock its 26th biggest holding. Infrastructure Capital Advisors LLC’s holdings in Algonquin Power & Utilities were worth $6,094,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Central Pacific Bank Trust Division purchased a new position in Algonquin Power & Utilities during the 3rd quarter valued at approximately $54,000. Claro Advisors LLC purchased a new position in Algonquin Power & Utilities during the 2nd quarter valued at approximately $61,000. Verdence Capital Advisors LLC purchased a new position in Algonquin Power & Utilities during the 3rd quarter valued at approximately $61,000. SeaCrest Wealth Management LLC purchased a new position in Algonquin Power & Utilities during the 2nd quarter valued at approximately $66,000. Finally, Raymond James Trust N.A. grew its holdings in Algonquin Power & Utilities by 33.4% during the 3rd quarter. Raymond James Trust N.A. now owns 13,343 shares of the utilities provider’s stock valued at $73,000 after buying an additional 3,343 shares in the last quarter. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Janney Montgomery Scott assumed coverage on Algonquin Power & Utilities in a report on Thursday, September 5th. They set a “neutral” rating and a $6.00 price target for the company. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 price objective on shares of Algonquin Power & Utilities in a research note on Friday, October 11th. Desjardins lowered their price objective on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating for the company in a research note on Monday, August 12th. CIBC lowered their price objective 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. Finally, Scotiabank lowered their price objective on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to 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 Trading Up 2.5 %

Shares of NYSE AQN opened at $4.88 on Friday. 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 business has a fifty day simple moving average of $5.03 and a two-hundred day simple moving average of $5.59. The firm has a market cap of $3.74 billion, a PE ratio of -3.78 and a beta of 0.68. Algonquin Power & Utilities Corp. has a twelve month low of $4.67 and a twelve month high of $6.79.

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 analysts’ consensus estimates of $0.09 by ($0.01). The firm 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 company’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period last year, the firm earned $0.11 earnings per share. Analysts expect that Algonquin Power & Utilities Corp. will post 0.4 earnings per share for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.065 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.26 dividend on an annualized basis and a dividend yield of 5.33%. Algonquin Power & Utilities’s dividend payout ratio is presently -20.15%.

Algonquin Power & Utilities Company 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.