Algonquin Power & Utilities Corp. (NYSE:AQN) Sees Large Decrease in Short Interest

Key Points

• Algonquin Power & Utilities Corp. experienced a significant 20.2% drop in short interest, with 18,370,000 shares sold short as of August 15, down from 23,020,000 shares at the end of July.
• Several institutional investors increased their stakes in Algonquin Power & Utilities, including Ariel Investments LLC, which grew its stake by 88.6%, acquiring over 13 million shares.
• The company declared a quarterly dividend of $0.065, yielding 4.6%, with the payment scheduled for October 15th to shareholders on record as of September 30th.

Algonquin Power & Utilities Corp. (NYSE:AQN - Get Free Report) was the recipient of a large drop in short interest in the month of August. As of August 15th, there was short interest totaling 18,370,000 shares, a drop of 20.2% from the July 31st total of 23,020,000 shares. Approximately 2.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 8,950,000 shares, the short-interest ratio is currently 2.1 days. Based on an average daily trading volume, of 8,950,000 shares, the short-interest ratio is currently 2.1 days. Approximately 2.4% of the shares of the stock are short sold.

Hedge Funds Weigh In On Algonquin Power & Utilities

Institutional investors and hedge funds have recently bought and sold shares of the stock. US Bancorp DE increased its position in Algonquin Power & Utilities by 85.7% during the first quarter. US Bancorp DE now owns 4,887 shares of the utilities provider's stock worth $25,000 after acquiring an additional 2,256 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in Algonquin Power & Utilities during the first quarter worth $31,000. Atria Wealth Solutions Inc. bought a new position in Algonquin Power & Utilities during the first quarter worth $51,000. Wedbush Securities Inc. bought a new position in Algonquin Power & Utilities during the second quarter worth $58,000. Finally, Sowell Financial Services LLC bought a new stake in Algonquin Power & Utilities in the 1st quarter valued at $59,000. Institutional investors own 62.28% of the company's stock.

Algonquin Power & Utilities Stock Down 0.4%

NYSE AQN traded down $0.03 during trading on Friday, reaching $5.59. The company's stock had a trading volume of 3,085,727 shares, compared to its average volume of 3,637,232. The company has a current ratio of 1.09, a quick ratio of 0.86 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $4.29 billion, a PE ratio of -3.10 and a beta of 0.69. The business has a 50-day moving average price of $5.82 and a 200-day moving average price of $5.52. Algonquin Power & Utilities has a 1-year low of $4.19 and a 1-year high of $6.24.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its earnings results on Friday, August 8th. The utilities provider reported $0.04 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.04. The firm had revenue of $535.59 million during the quarter, compared to analysts' expectations of $535.64 million. Algonquin Power & Utilities had a negative net margin of 57.66% and a positive return on equity of 4.76%. During the same period in the previous year, the company earned $0.09 earnings per share. On average, research analysts forecast that Algonquin Power & Utilities will post 0.38 earnings per share for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a $0.065 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.7%. Algonquin Power & Utilities's dividend payout ratio (DPR) is currently -14.44%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on AQN shares. Royal Bank Of Canada lifted their price objective on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. CIBC lifted their price objective on shares of Algonquin Power & Utilities from $5.75 to $6.25 and gave the stock a "neutral" rating in a research note on Wednesday, June 4th. Wall Street Zen cut shares of Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Scotiabank lifted their price objective on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Finally, Raymond James Financial raised their target price on shares of Algonquin Power & Utilities from $5.00 to $6.00 and gave the stock a "market perform" rating in a report on Wednesday, June 4th. Eleven investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $6.34.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.