National Bank of Canada FI Has $57.17 Million Position in Algonquin Power & Utilities Corp. (NYSE:AQN)

National Bank of Canada FI lowered its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 0.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,469,263 shares of the utilities provider’s stock after selling 96,677 shares during the quarter. National Bank of Canada FI’s holdings in Algonquin Power & Utilities were worth $57,171,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of AQN. Cetera Advisors LLC acquired a new stake in Algonquin Power & Utilities in the 1st quarter valued at approximately $237,000. Raymond James & Associates raised its position in Algonquin Power & Utilities by 21.7% in the 2nd quarter. Raymond James & Associates now owns 564,789 shares of the utilities provider’s stock valued at $3,310,000 after buying an additional 100,779 shares during the last quarter. SeaCrest Wealth Management LLC acquired a new stake in Algonquin Power & Utilities in the 2nd quarter valued at approximately $66,000. Krilogy Financial LLC raised its position in Algonquin Power & Utilities by 0.3% in the 2nd quarter. Krilogy Financial LLC now owns 707,000 shares of the utilities provider’s stock valued at $4,143,000 after buying an additional 1,800 shares during the last quarter. Finally, Hennessy Advisors Inc. raised its position in Algonquin Power & Utilities by 4.1% in the 2nd quarter. Hennessy Advisors Inc. now owns 108,564 shares of the utilities provider’s stock valued at $636,000 after buying an additional 4,300 shares during the last quarter. Institutional investors and hedge funds own 62.28% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on AQN shares. 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. 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. 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. Raymond James downgraded Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $7.75 to $7.00 in a research note on Monday, August 12th. Finally, Desjardins decreased their price target 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. One research analyst has rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $6.18.

Algonquin Power & Utilities Stock Performance

AQN opened at $4.68 on Friday. The business has a fifty day simple moving average of $4.95 and a 200 day simple moving average of $5.50. The company has a market capitalization of $3.59 billion, a PE ratio of -3.63 and a beta of 0.68. Algonquin Power & Utilities Corp. has a 1 year low of $4.64 and a 1 year high of $6.79. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73.

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 firm had revenue of $573.20 million during 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% compared to the same quarter last year. During the same quarter last year, the firm earned $0.11 earnings per share. Research analysts expect that Algonquin Power & Utilities Corp. will post 0.39 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.065 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.26 annualized dividend and a yield of 5.56%. Algonquin Power & Utilities’s dividend payout ratio is presently -20.15%.

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.