Algonquin Power & Utilities Corp. (NYSE:AQN) Stock Position Increased by Bank of Montreal Can

Bank of Montreal Can grew its position in Algonquin Power & Utilities Corp. (NYSE:AQN) by 6.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 20,882,966 shares of the utilities provider’s stock after buying an additional 1,190,236 shares during the period. Bank of Montreal Can’s holdings in Algonquin Power & Utilities were worth $115,175,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in AQN. Krilogy Financial LLC grew its holdings in Algonquin Power & Utilities by 0.3% in the 2nd quarter. Krilogy Financial LLC now owns 707,000 shares of the utilities provider’s stock worth $4,143,000 after buying an additional 1,800 shares in the last quarter. Private Advisor Group LLC raised its stake in shares of Algonquin Power & Utilities by 14.1% during the third quarter. Private Advisor Group LLC now owns 17,769 shares of the utilities provider’s stock valued at $97,000 after purchasing an additional 2,201 shares in the last quarter. Raymond James Trust N.A. lifted its holdings in Algonquin Power & Utilities by 33.4% in the third quarter. Raymond James Trust N.A. now owns 13,343 shares of the utilities provider’s stock worth $73,000 after purchasing an additional 3,343 shares during the period. Hennessy Advisors Inc. grew its position in Algonquin Power & Utilities by 4.1% in the 2nd quarter. Hennessy Advisors Inc. now owns 108,564 shares of the utilities provider’s stock valued at $636,000 after buying an additional 4,300 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in Algonquin Power & Utilities by 25.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 28,704 shares of the utilities provider’s stock valued at $179,000 after buying an additional 5,863 shares during the period. Institutional investors and hedge funds own 62.28% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on AQN. National Bank Financial raised shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Scotiabank cut their target price on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Royal Bank of Canada reiterated a “sector perform” rating and set a $6.00 price target on shares of Algonquin Power & Utilities in a research report on Friday, October 11th. Janney Montgomery Scott initiated coverage on Algonquin Power & Utilities in a research note on Thursday, September 5th. They issued a “neutral” rating and a $6.00 price objective on the stock. Finally, Wells Fargo & Company decreased their target price on Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $6.18.

Algonquin Power & Utilities Stock Performance

Shares of AQN opened at $4.76 on Wednesday. The company has a 50-day moving average of $5.07 and a two-hundred day moving average of $5.61. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of -3.69 and a beta of 0.68. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.73. Algonquin Power & Utilities Corp. has a one year low of $4.67 and a one year high of $6.79.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The firm had revenue of $573.20 million during the quarter, compared to analysts’ expectations of $620.46 million. During the same quarter last year, the company posted $0.11 EPS. The firm’s revenue was up 1.5% compared to the same quarter last year. On average, equities research analysts expect that Algonquin Power & Utilities Corp. will post 0.4 earnings per share for the current year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.065 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.26 dividend on an annualized basis and a dividend yield of 5.46%. Algonquin Power & Utilities’s dividend payout ratio is -20.16%.

Algonquin Power & Utilities Company Profile

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.