Algonquin Power & Utilities Corp. (NYSE:AQN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

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 & Co initiated coverage on Algonquin Power & Utilities Corp. in a research note on Tuesday, June 20th. They issued a “market perform” rating on the stock.

Shares of Algonquin Power & Utilities Corp. (NYSE:AQN) opened at 10.61 on Tuesday. The stock has a market cap of $4.09 billion, a PE ratio of 61.69 and a beta of 0.81. Algonquin Power & Utilities Corp. has a 52 week low of $7.75 and a 52 week high of $11.02. The firm has a 50-day moving average price of $10.55 and a 200-day moving average price of $9.95.

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Hedge funds and other institutional investors have recently made changes to their positions in the company. Trexquant Investment LP acquired a new position in shares of Algonquin Power & Utilities Corp. during the second quarter valued at approximately $119,000. Davis Rea LTD. acquired a new position in shares of Algonquin Power & Utilities Corp. during the first quarter valued at approximately $123,000. KCG Holdings Inc. increased its position in shares of Algonquin Power & Utilities Corp. by 21.3% in the first quarter. KCG Holdings Inc. now owns 13,032 shares of the utilities provider’s stock valued at $124,000 after buying an additional 2,288 shares during the last quarter. Virtu KCG Holdings LLC increased its position in shares of Algonquin Power & Utilities Corp. by 7.4% in the second quarter. Virtu KCG Holdings LLC now owns 13,997 shares of the utilities provider’s stock valued at $147,000 after buying an additional 965 shares during the last quarter. Finally, Alliancebernstein L.P. acquired a new position in shares of Algonquin Power & Utilities Corp. during the second quarter valued at approximately $161,000. 38.06% 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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