Kayne Anderson Capital Advisors LP increased its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 6.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,986,335 shares of the utilities provider's stock after purchasing an additional 117,766 shares during the period. Kayne Anderson Capital Advisors LP owned approximately 0.29% of Algonquin Power & Utilities worth $12,554,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Invesco Ltd. increased its position in shares of Algonquin Power & Utilities by 6.6% during the 3rd quarter. Invesco Ltd. now owns 9,881,130 shares of the utilities provider's stock valued at $58,496,000 after purchasing an additional 616,049 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Algonquin Power & Utilities by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 25,717,759 shares of the utilities provider's stock valued at $152,249,000 after acquiring an additional 413,104 shares during the period. Capital Investment Advisory Services LLC purchased a new stake in shares of Algonquin Power & Utilities in the 3rd quarter worth $1,408,000. Krilogy Financial LLC purchased a new position in Algonquin Power & Utilities during the third quarter valued at $3,007,000. Finally, Aigen Investment Management LP bought a new stake in Algonquin Power & Utilities during the third quarter valued at about $200,000. Hedge funds and other institutional investors own 62.28% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on AQN shares. Desjardins upgraded Algonquin Power & Utilities from a "sell" rating to a "hold" rating and boosted their price objective for the company from $4.75 to $5.75 in a research note on Monday, March 11th. StockNews.com upgraded shares of Algonquin Power & Utilities to a "sell" rating in a research report on Thursday, May 2nd. TD Securities upped their target price on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a "hold" rating in a report on Monday, March 11th. Finally, Scotiabank decreased their price target on 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. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $7.67.
View Our Latest Analysis on AQN
Algonquin Power & Utilities Price Performance
Shares of AQN stock traded up $0.13 during trading hours on Thursday, hitting $6.76. The stock had a trading volume of 4,202,415 shares, compared to its average volume of 4,942,341. The stock has a market capitalization of $4.66 billion, a price-to-earnings ratio of 225.17 and a beta of 0.64. The stock's 50-day moving average price is $6.15 and its two-hundred day moving average price is $6.05. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.63 and a quick ratio of 0.50. Algonquin Power & Utilities Corp. has a one year low of $4.90 and a one year high of $9.14.
Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last released its quarterly earnings results on Friday, March 8th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.02. Algonquin Power & Utilities had a net margin of 1.06% and a return on equity of 5.64%. The company had revenue of $666.90 million for the quarter, compared to the consensus estimate of $661.73 million. During the same quarter in the prior year, the firm earned $0.22 earnings per share. Algonquin Power & Utilities's revenue was down 10.8% on a year-over-year basis. Equities analysts forecast that Algonquin Power & Utilities Corp. will post 0.48 EPS for the current year.
Algonquin Power & Utilities Cuts Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.1085 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.43 annualized dividend and a yield of 6.42%. Algonquin Power & Utilities's payout ratio is currently 1,433.33%.
Algonquin Power & Utilities Profile
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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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