B. Riley Wealth Advisors Inc. Sells 4,862 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

B. Riley Wealth Advisors Inc. lessened its stake in Algonquin Power & Utilities Corp. (NYSE:AQN) by 20.2% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,245 shares of the utilities provider’s stock after selling 4,862 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Algonquin Power & Utilities were worth $104,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of AQN. Raymond James & Associates lifted its stake in Algonquin Power & Utilities by 21.7% during the 2nd quarter. Raymond James & Associates now owns 564,789 shares of the utilities provider’s stock valued at $3,310,000 after acquiring an additional 100,779 shares in the last quarter. K.J. Harrison & Partners Inc bought a new position in shares of Algonquin Power & Utilities during the second quarter valued at about $294,000. Intact Investment Management Inc. boosted its holdings in Algonquin Power & Utilities by 5.8% during the second quarter. Intact Investment Management Inc. now owns 5,593,219 shares of the utilities provider’s stock worth $32,868,000 after purchasing an additional 305,000 shares during the last quarter. Commonwealth Equity Services LLC grew its position in Algonquin Power & Utilities by 9.0% in the 2nd quarter. Commonwealth Equity Services LLC now owns 315,744 shares of the utilities provider’s stock worth $1,850,000 after purchasing an additional 26,074 shares in the last quarter. Finally, Claro Advisors LLC purchased a new stake in Algonquin Power & Utilities in the 2nd quarter valued at about $61,000. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Performance

Shares of AQN stock opened at $4.39 on Monday. Algonquin Power & Utilities Corp. has a 12 month low of $4.25 and a 12 month high of $6.79. The stock has a market capitalization of $3.37 billion, a P/E ratio of -3.40 and a beta of 0.68. The company has a current ratio of 0.92, a quick ratio of 0.73 and a debt-to-equity ratio of 1.17. The firm’s 50 day moving average is $4.80 and its 200 day moving average is $5.37.

Algonquin Power & Utilities (NYSE:AQN) last posted its earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The company had revenue of $573.20 million for the quarter, compared to analysts’ expectations of $620.46 million. During the same quarter in the prior year, the company earned $0.11 EPS. The company’s revenue was up 1.5% on a year-over-year basis. On average, sell-side analysts anticipate that Algonquin Power & Utilities Corp. will post 0.39 earnings per share for the current year.

Algonquin Power & Utilities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 5.92%. The ex-dividend date is Tuesday, December 31st. Algonquin Power & Utilities’s dividend payout ratio is presently -20.16%.

Wall Street Analyst Weigh In

AQN has been the topic of a number of research analyst reports. JPMorgan Chase & Co. restated a “neutral” rating and issued a $7.00 target price on shares of Algonquin Power & Utilities in a research note on Thursday, December 12th. Scotiabank reduced their price objective on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Wells Fargo & Company lowered their target price on Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research note on Wednesday, October 16th. Janney Montgomery Scott began coverage on shares of Algonquin Power & Utilities in a research report on Thursday, September 5th. They set a “neutral” rating and a $6.00 price target for the company. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $6.00 price objective on shares of Algonquin Power & Utilities in a report on Friday, October 11th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Algonquin Power & Utilities currently has an average rating of “Hold” and a consensus price target of $6.25.

About Algonquin Power & Utilities

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.