Algonquin Power & Utilities Corp. (NYSE:AQN) Shares Sold by Corrado Advisors LLC

Corrado Advisors LLC lessened its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 2.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 219,938 shares of the utilities provider’s stock after selling 5,767 shares during the quarter. Corrado Advisors LLC’s holdings in Algonquin Power & Utilities were worth $1,390,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in AQN. Sasco Capital Inc. CT acquired a new stake in shares of Algonquin Power & Utilities during the third quarter worth about $18,156,000. Hudson Bay Capital Management LP purchased a new stake in shares of Algonquin Power & Utilities during the third quarter worth approximately $8,936,000. Toronto Dominion Bank increased its stake in shares of Algonquin Power & Utilities by 7.9% during the third quarter. Toronto Dominion Bank now owns 13,293,748 shares of the utilities provider’s stock worth $78,699,000 after buying an additional 978,758 shares during the period. Invesco Ltd. increased its stake in shares of Algonquin Power & Utilities by 6.6% during the third quarter. Invesco Ltd. now owns 9,881,130 shares of the utilities provider’s stock worth $58,496,000 after buying an additional 616,049 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Algonquin Power & Utilities by 313.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 770,885 shares of the utilities provider’s stock worth $4,584,000 after buying an additional 584,358 shares during the period. Institutional investors and hedge funds own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Performance

Shares of AQN stock traded up $0.08 during trading hours on Tuesday, hitting $6.16. The stock had a trading volume of 6,250,702 shares, compared to its average volume of 4,830,579. The firm has a market capitalization of $4.24 billion, a PE ratio of 205.00 and a beta of 0.66. Algonquin Power & Utilities Corp. has a twelve month low of $4.90 and a twelve month high of $9.14. The stock’s 50 day moving average is $6.03 and its 200 day moving average is $5.98. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.63 and a quick ratio of 0.50.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Friday, March 8th. The utilities provider reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.02. The business had revenue of $666.90 million during the quarter, compared to the consensus estimate of $661.73 million. Algonquin Power & Utilities had a return on equity of 5.64% and a net margin of 1.06%. The company’s revenue was down 10.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.22 earnings per share. As a group, research analysts forecast that Algonquin Power & Utilities Corp. will post 0.49 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a dividend of $0.1085 per share. This represents a $0.43 annualized dividend and a dividend yield of 7.05%. The ex-dividend date was Wednesday, March 27th. Algonquin Power & Utilities’s dividend payout ratio is presently 1,433.33%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on AQN. Desjardins upgraded shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating and upped their target price for the stock from $4.75 to $5.75 in a research note on Monday, March 11th. Scotiabank cut their target price on shares of Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating on the stock in a research note on Monday. BMO Capital Markets upgraded shares of Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $7.00 to $7.50 in a research note on Monday, January 8th. National Bankshares dropped their price target on shares of Algonquin Power & Utilities from $7.50 to $7.25 and set a “sector perform” rating on the stock in a research note on Tuesday, January 9th. Finally, TD Securities increased their price target on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a “hold” rating in a research note on Monday, March 11th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $7.67.

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.