Algonquin Power & Utilities Corp. (NYSE:AQN) Short Interest Up 21.6% in December

Algonquin Power & Utilities Corp. (NYSE:AQN) was the recipient of a large growth in short interest in December. As of December 31st, there was short interest totalling 18,570,000 shares, a growth of 21.6% from the December 15th total of 15,270,000 shares. Approximately 2.4% of the company’s stock are short sold. Based on an average daily trading volume, of 5,520,000 shares, the days-to-cover ratio is currently 3.4 days.

Hedge Funds Weigh In On Algonquin Power & Utilities

A number of hedge funds have recently added to or reduced their stakes in the stock. Central Pacific Bank Trust Division acquired a new stake in shares of Algonquin Power & Utilities during the 3rd quarter worth $54,000. Capstone Investment Advisors LLC acquired a new position in Algonquin Power & Utilities in the third quarter valued at about $58,000. Walleye Capital LLC bought a new stake in Algonquin Power & Utilities during the third quarter worth about $59,000. Verdence Capital Advisors LLC acquired a new stake in Algonquin Power & Utilities during the third quarter worth about $61,000. Finally, Ballentine Partners LLC bought a new position in Algonquin Power & Utilities in the 4th quarter valued at about $63,000. Institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Down 0.1 %

AQN opened at $4.41 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92. The stock has a fifty day moving average of $4.60 and a 200-day moving average of $5.17. Algonquin Power & Utilities has a fifty-two week low of $4.19 and a fifty-two week high of $6.79. The company has a market capitalization of $3.38 billion, a P/E ratio of -3.41 and a beta of 0.69.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The business had revenue of $573.20 million during the quarter, compared to analyst estimates of $620.46 million. During the same quarter last year, the firm earned $0.11 EPS. Algonquin Power & Utilities’s revenue for the quarter was up 1.5% compared to the same quarter last year. On average, equities analysts expect that Algonquin Power & Utilities will post 0.38 EPS for the current year.

Algonquin Power & Utilities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a yield of 5.90%. The ex-dividend date of this dividend was Tuesday, December 31st. Algonquin Power & Utilities’s dividend payout ratio is currently -20.15%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on AQN. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $7.00 target price on shares of Algonquin Power & Utilities in a report on Thursday, December 12th. CIBC reduced their target price 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. Wells Fargo & Company dropped their price target on Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research note on Wednesday, October 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $6.00 price objective on shares of Algonquin Power & Utilities in a research report on Friday, October 11th. Finally, Scotiabank decreased their price objective on shares of Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating on the stock in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $6.13.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.