Zacks Investment Research upgraded shares of Algonquin Power & Utilities Corp. (NYSE:AQN) from a hold rating to a buy rating in a report issued on Tuesday. They currently have $12.00 price target on the utilities provider’s stock.

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 & Company started coverage on shares of Algonquin Power & Utilities Corp. in a research report on Tuesday, June 20th. They set a market perform rating on the stock.

Shares of Algonquin Power & Utilities Corp. (NYSE AQN) opened at 10.81 on Tuesday. Algonquin Power & Utilities Corp. has a 12-month low of $7.75 and a 12-month high of $11.21. The company has a 50 day moving average of $10.70 and a 200-day moving average of $10.10. The company has a market cap of $4.17 billion, a PE ratio of 62.85 and a beta of 0.81.

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be given a dividend of $0.1165 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.47 dividend on an annualized basis and a yield of 4.32%. Algonquin Power & Utilities Corp.’s dividend payout ratio (DPR) is 156.67%.

Institutional investors have recently modified their holdings of the stock. Trexquant Investment LP bought a new position in Algonquin Power & Utilities Corp. during the second quarter valued at approximately $119,000. KCG Holdings Inc. raised its position in 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 worth $124,000 after acquiring an additional 2,288 shares during the period. Virtu KCG Holdings LLC raised its position in 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 worth $147,000 after acquiring an additional 965 shares during the period. Alliancebernstein L.P. bought a new position in Algonquin Power & Utilities Corp. in the second quarter worth approximately $161,000. Finally, Jane Street Group LLC bought a new position in Algonquin Power & Utilities Corp. in the first quarter worth approximately $214,000. Institutional investors own 38.06% of the company’s stock.

About Algonquin Power & Utilities Corp.

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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