Algonquin Power & Utilities Corp. (AQN) Cut to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Algonquin Power & Utilities Corp. (NYSE:AQN) from a buy rating to a hold rating in a research report sent to investors on Monday.

According to Zacks, “Algonquin Power & Utilities Corp. is a renewable energy and regulated utility company engaged in the ownership of power generation facilities, and water and energy utilities primarily in North America. The Corporation invests in hydroelectric, wind and solar power facilities, and sustainable utility distribution businesses (water, electricity and natural gas) through its subsidiaries. Algonquin Power & Utilities Corp. is headquartered in Oakville, Canada. “

Separately, Wells Fargo & Company started coverage on shares of Algonquin Power & Utilities Corp. in a research report on Tuesday, June 20th. They set a market perform rating for the company.

Shares of Algonquin Power & Utilities Corp. (NYSE AQN) opened at 10.88 on Monday. The company’s 50-day moving average is $10.72 and its 200 day moving average is $10.12. Algonquin Power & Utilities Corp. has a 12 month low of $7.75 and a 12 month high of $11.21. The company has a market capitalization of $4.20 billion, a price-to-earnings ratio of 84.34 and a beta of 0.81.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be given a dividend of $0.1165 per share. This represents a $0.47 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date is Thursday, September 28th. Algonquin Power & Utilities Corp.’s dividend payout ratio is presently 156.67%.

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of Montreal Can grew its stake in shares of Algonquin Power & Utilities Corp. by 30.0% during the 2nd quarter. Bank of Montreal Can now owns 18,480,569 shares of the utilities provider’s stock worth $194,785,000 after purchasing an additional 4,264,098 shares during the period. Vanguard Group Inc. grew its stake in shares of Algonquin Power & Utilities Corp. by 45.5% during the 1st quarter. Vanguard Group Inc. now owns 7,327,996 shares of the utilities provider’s stock worth $70,202,000 after purchasing an additional 2,291,517 shares during the period. Copeland Capital Management LLC acquired a new stake in shares of Algonquin Power & Utilities Corp. during the 2nd quarter worth approximately $13,811,000. Ecofin Ltd. acquired a new stake in shares of Algonquin Power & Utilities Corp. during the 2nd quarter worth approximately $9,756,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Algonquin Power & Utilities Corp. by 49,597.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 432,370 shares of the utilities provider’s stock worth $4,557,000 after purchasing an additional 431,500 shares during the period. 38.06% of the stock is owned by institutional investors.

About Algonquin Power & Utilities Corp.

Algonquin Power & Utilities Corp., through its subsidiaries, engages in the generation, transmission, and distribution of utility assets in North America. The company generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

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