Kayne Anderson Capital Advisors LP Cuts Stock Position in Algonquin Power & Utilities Corp. (NYSE:AQN)

Kayne Anderson Capital Advisors LP trimmed its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN) by 84.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 634,087 shares of the utilities provider’s stock after selling 3,440,152 shares during the period. Kayne Anderson Capital Advisors LP’s holdings in Algonquin Power & Utilities were worth $3,456,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in AQN. Central Pacific Bank Trust Division purchased a new position in Algonquin Power & Utilities in the 3rd quarter worth approximately $54,000. Claro Advisors LLC bought a new stake in shares of Algonquin Power & Utilities during the second quarter valued at approximately $61,000. SeaCrest Wealth Management LLC purchased a new position in shares of Algonquin Power & Utilities in the second quarter worth $66,000. Verdence Capital Advisors LLC bought a new position in shares of Algonquin Power & Utilities during the third quarter worth $61,000. Finally, SVB Wealth LLC purchased a new position in shares of Algonquin Power & Utilities during the first quarter valued at about $82,000. Institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Up 0.2 %

AQN stock opened at $4.82 on Monday. Algonquin Power & Utilities Corp. has a one year low of $4.67 and a one year high of $6.79. 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 firm’s fifty day moving average is $5.14 and its 200 day moving average is $5.69. The firm has a market cap of $3.70 billion, a PE ratio of -3.74 and a beta of 0.68.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings results 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). The business had revenue of $573.20 million during the quarter, compared to analysts’ expectations of $620.46 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. Algonquin Power & Utilities’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.11 EPS. On average, research analysts forecast that Algonquin Power & Utilities Corp. will post 0.4 EPS for the current year.

Algonquin Power & Utilities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.065 dividend. This represents a $0.26 annualized dividend and a yield of 5.39%. The ex-dividend date is Tuesday, December 31st. Algonquin Power & Utilities’s payout ratio is presently -20.16%.

Analyst Ratings Changes

A number of research firms recently issued reports on AQN. Scotiabank decreased their price target on shares of Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. CIBC reduced their price objective on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a research note on Tuesday, October 22nd. Desjardins lowered their price objective on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating for the company in a research note on Monday, August 12th. National Bank Financial upgraded shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Finally, Wells Fargo & Company reduced their target price 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. One analyst has rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $6.18.

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.