Algonquin Power & Utilities Corp. (NYSE:AQN) Short Interest Up 11.9% in May

Algonquin Power & Utilities Corp. (NYSE:AQNGet Free Report) was the target of a significant increase in short interest in May. As of May 31st, there was short interest totalling 16,220,000 shares, an increase of 11.9% from the May 15th total of 14,500,000 shares. Currently, 2.4% of the company’s stock are sold short. Based on an average daily volume of 5,450,000 shares, the short-interest ratio is currently 3.0 days.

Analyst Ratings Changes

AQN has been the subject of a number of research analyst reports. Desjardins increased their price target on Algonquin Power & Utilities from $5.25 to $5.50 and gave the company a “hold” rating in a research note on Thursday, June 6th. Wells Fargo & Company boosted their target price on shares of Algonquin Power & Utilities from $8.00 to $8.50 and gave the stock an “overweight” rating in a research report on Monday, May 13th. StockNews.com raised shares of Algonquin Power & Utilities to a “sell” rating in a report on Friday, May 10th. Scotiabank dropped their price objective on shares of Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating on the stock in a report on Monday, April 22nd. Finally, TD Securities raised their target price on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “hold” rating in a research note on Monday, March 11th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Algonquin Power & Utilities presently has a consensus rating of “Hold” and an average target price of $7.47.

Check Out Our Latest Stock Report on AQN

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Algonquin Power & Utilities by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock worth $165,893,000 after purchasing an additional 262,333 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Algonquin Power & Utilities by 754.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 15,552,484 shares of the utilities provider’s stock valued at $98,292,000 after buying an additional 13,731,305 shares in the last quarter. Toronto Dominion Bank grew its position in shares of Algonquin Power & Utilities by 7.9% in the third quarter. Toronto Dominion Bank now owns 13,293,748 shares of the utilities provider’s stock valued at $78,699,000 after purchasing an additional 978,758 shares during the period. Bank of Nova Scotia boosted its holdings in Algonquin Power & Utilities by 5.6% in the 4th quarter. Bank of Nova Scotia now owns 10,226,131 shares of the utilities provider’s stock worth $64,521,000 after buying an additional 542,696 shares during the last quarter. Finally, National Bank of Canada FI increased its stake in Algonquin Power & Utilities by 6.5% during the 1st quarter. National Bank of Canada FI now owns 10,223,412 shares of the utilities provider’s stock worth $67,050,000 after buying an additional 620,593 shares in the last quarter. Institutional investors and hedge funds own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Performance

Shares of AQN stock traded up $0.06 on Tuesday, hitting $5.86. The company had a trading volume of 13,594,829 shares, compared to its average volume of 5,228,287. Algonquin Power & Utilities has a twelve month low of $4.90 and a twelve month high of $8.54. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.42. The firm has a market cap of $4.04 billion, a P/E ratio of -11.96 and a beta of 0.68. The company has a 50-day moving average price of $6.25 and a 200-day moving average price of $6.18.

Algonquin Power & Utilities (NYSE:AQNGet Free Report) last announced its quarterly earnings results on Friday, May 10th. The utilities provider reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The company had revenue of $737.10 million during the quarter, compared to analyst estimates of $813.38 million. Algonquin Power & Utilities had a negative net margin of 12.44% and a positive return on equity of 5.39%. The company’s revenue was down 5.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.17 earnings per share. As a group, equities research analysts predict that Algonquin Power & Utilities will post 0.46 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a dividend of $0.108 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.43 annualized dividend and a yield of 7.37%. Algonquin Power & Utilities’s dividend payout ratio is presently -87.76%.

Algonquin Power & Utilities Company Profile

(Get Free Report)

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.

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