Algonquin Power & Utilities Corp. (AQN) Lowered to “Sell” at Zacks Investment Research

Algonquin Power & Utilities Corp. (NYSE:AQN) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a report released on Tuesday, October 17th.

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 began coverage on shares of Algonquin Power & Utilities Corp. in a report on Tuesday, June 20th. They set a “market perform” rating for the company.

Shares of Algonquin Power & Utilities Corp. (NYSE AQN) traded up $0.09 during midday trading on Tuesday, hitting $10.64. 60,037 shares of the stock were exchanged, compared to its average volume of 184,683. The stock has a market capitalization of $4,069.48, a P/E ratio of 21.10, a PEG ratio of 1.33 and a beta of 0.80. Algonquin Power & Utilities Corp. has a 1-year low of $7.75 and a 1-year high of $11.21. The company has a current ratio of 0.80, a quick ratio of 0.65 and a debt-to-equity ratio of 1.27.

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Several hedge funds and other institutional investors have recently bought and sold shares of AQN. Bank of Montreal Can lifted its position in shares of Algonquin Power & Utilities Corp. by 30.0% during the second 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 in the last quarter. Vanguard Group Inc. increased its stake in Algonquin Power & Utilities Corp. by 45.5% during the first quarter. Vanguard Group Inc. now owns 7,327,996 shares of the utilities provider’s stock valued at $70,202,000 after purchasing an additional 2,291,517 shares during the last quarter. Copeland Capital Management LLC bought a new stake in Algonquin Power & Utilities Corp. during the second quarter valued at $13,811,000. Montrusco Bolton Investments Inc. increased its stake in Algonquin Power & Utilities Corp. by 18.6% during the third quarter. Montrusco Bolton Investments Inc. now owns 7,689,672 shares of the utilities provider’s stock valued at $81,099,000 after purchasing an additional 1,205,668 shares during the last quarter. Finally, Highstreet Asset Management Inc. increased its stake in Algonquin Power & Utilities Corp. by 2,149.6% during the third quarter. Highstreet Asset Management Inc. now owns 1,057,047 shares of the utilities provider’s stock valued at $11,174,000 after purchasing an additional 1,010,059 shares during the last quarter. 38.77% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Corp. Company Profile

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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