Zacks Investment Research downgraded shares of Algonquin Power & Utilities Corp. (NYSE:AQN) from a buy rating to a sell rating in a research note published 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 & Company initiated coverage on shares of Algonquin Power & Utilities Corp. in a report on Tuesday, June 20th. They issued a market perform rating for the company.

Shares of Algonquin Power & Utilities Corp. (NYSE:AQN) opened at 11.01 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 price of $10.79 and a 200-day moving average price of $10.37. The stock has a market cap of $4.25 billion, a P/E ratio of 61.51 and a beta of 0.81.

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The company also recently announced a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were issued a $0.1165 dividend. This represents a $0.47 annualized dividend and a yield of 4.23%. The ex-dividend date was Thursday, September 28th. Algonquin Power & Utilities Corp.’s dividend payout ratio is currently 156.67%.

Institutional investors have recently modified their holdings of the stock. Trexquant Investment LP bought a new position in Algonquin Power & Utilities Corp. in the 2nd quarter worth $119,000. KCG Holdings Inc. boosted its holdings in Algonquin Power & Utilities Corp. by 21.3% in the 1st quarter. KCG Holdings Inc. now owns 13,032 shares of the utilities provider’s stock worth $124,000 after buying an additional 2,288 shares during the period. Virtu KCG Holdings LLC boosted its holdings in Algonquin Power & Utilities Corp. by 7.4% in the 2nd quarter. Virtu KCG Holdings LLC now owns 13,997 shares of the utilities provider’s stock worth $147,000 after buying an additional 965 shares during the period. Alliancebernstein L.P. bought a new position in Algonquin Power & Utilities Corp. in the 2nd quarter worth $161,000. Finally, Jane Street Group LLC bought a new position in Algonquin Power & Utilities Corp. in the 1st quarter worth $214,000. 38.06% of the stock is owned by institutional investors.

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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