Algonquin Power & Utilities (NYSE:AQN) Sees Strong Trading Volume

Shares of Algonquin Power & Utilities Corp. (NYSE:AQN) saw an uptick in trading volume on Tuesday . 2,382,227 shares were traded during trading, a decline of 54% from the previous session’s volume of 5,132,453 shares.The stock last traded at $5.77 and had previously closed at $5.80.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on AQN shares. National Bankshares lifted their target price on Algonquin Power & Utilities from $6.75 to $7.25 and gave the stock a “sector perform” rating in a report on Tuesday, May 28th. Wells Fargo & Company boosted their target price on shares of Algonquin Power & Utilities from $8.00 to $8.50 and gave the stock an “overweight” rating in a report on Monday, May 13th. Scotiabank reduced their target price on shares of Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating for the company in a report on Monday, April 22nd. Desjardins upped their price target on Algonquin Power & Utilities from $5.25 to $5.50 and gave the company a “hold” rating in a report on Thursday, June 6th. Finally, StockNews.com raised Algonquin Power & Utilities to a “sell” rating in a research note on Friday, May 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Algonquin Power & Utilities currently has an average rating of “Hold” and an average price target of $7.47.

Algonquin Power & Utilities Stock Down 0.3 %

The stock has a fifty day moving average price of $6.25 and a 200-day moving average price of $6.18. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.42.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings data on Friday, May 10th. The utilities provider reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The business had revenue of $737.10 million for the quarter, compared to analyst estimates of $813.38 million. Algonquin Power & Utilities had a positive return on equity of 5.39% and a negative net margin of 12.44%. The company’s revenue was down 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.17 earnings per share. Sell-side analysts anticipate that Algonquin Power & Utilities Corp. will post 0.46 EPS for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a $0.108 dividend. The ex-dividend date is Friday, June 28th. This represents a $0.43 annualized dividend and a yield of 7.47%. Algonquin Power & Utilities’s dividend payout ratio is presently -87.76%.

Institutional Trading of Algonquin Power & Utilities

A number of institutional investors have recently bought and sold shares of the company. Keynote Financial Services LLC bought a new position in Algonquin Power & Utilities during the first quarter valued at approximately $283,000. Cetera Advisors LLC acquired a new stake in shares of Algonquin Power & Utilities in the 1st quarter valued at $237,000. Virtu Financial LLC increased its position in Algonquin Power & Utilities by 47.1% during the first quarter. Virtu Financial LLC now owns 49,104 shares of the utilities provider’s stock worth $310,000 after buying an additional 15,725 shares during the last quarter. Jane Street Group LLC lifted its position in shares of Algonquin Power & Utilities by 851.0% in the first quarter. Jane Street Group LLC now owns 3,765,026 shares of the utilities provider’s stock worth $23,797,000 after buying an additional 3,369,124 shares during the last quarter. Finally, Redwood Investment Management LLC raised its stake in shares of Algonquin Power & Utilities by 1.6% in the 1st quarter. Redwood Investment Management LLC now owns 519,879 shares of the utilities provider’s stock valued at $3,286,000 after acquiring an additional 8,012 shares in the last quarter. Institutional investors and hedge funds own 62.28% of the company’s stock.

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.