Short Interest in Algonquin Power & Utilities Corp. (NYSE:AQN) Decreases By 20.4%

Algonquin Power & Utilities Corp. (NYSE:AQN) saw a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 15,420,000 shares, a decrease of 20.4% from the October 31st total of 19,380,000 shares. Based on an average daily trading volume, of 5,380,000 shares, the short-interest ratio is presently 2.9 days. Approximately 2.0% of the company’s stock are short sold.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Scotiabank decreased their target price on shares of 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. 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 target on the stock. Desjardins dropped their price objective on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a report on Monday, August 12th. Raymond James cut Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $7.75 to $7.00 in a research note on Monday, August 12th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 price target on shares of Algonquin Power & Utilities in a report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $6.18.

Algonquin Power & Utilities Stock Performance

Shares of Algonquin Power & Utilities stock traded up $0.07 during trading hours on Friday, reaching $4.95. The company’s stock had a trading volume of 2,774,006 shares, compared to its average volume of 5,580,941. Algonquin Power & Utilities has a one year low of $4.67 and a one year high of $6.79. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92. The stock has a market cap of $3.80 billion, a P/E ratio of -3.84 and a beta of 0.68. The company’s 50 day simple moving average is $5.02 and its 200 day simple moving average is $5.58.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $620.46 million. During the same period last year, the company posted $0.11 earnings per share. The company’s revenue was up 1.5% compared to the same quarter last year. As a group, analysts expect that Algonquin Power & Utilities will post 0.39 EPS for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.065 dividend. This represents a $0.26 annualized dividend and a yield of 5.25%. The ex-dividend date of this dividend is Tuesday, December 31st. Algonquin Power & Utilities’s dividend payout ratio is -20.16%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Central Pacific Bank Trust Division bought a new position in shares of Algonquin Power & Utilities in the 3rd quarter valued at approximately $54,000. Capstone Investment Advisors LLC acquired a new position in Algonquin Power & Utilities during the third quarter valued at approximately $58,000. Walleye Capital LLC bought a new position in shares of Algonquin Power & Utilities in the third quarter valued at approximately $59,000. Claro Advisors LLC acquired a new stake in shares of Algonquin Power & Utilities in the second quarter worth $61,000. Finally, Verdence Capital Advisors LLC bought a new stake in shares of Algonquin Power & Utilities during the 3rd quarter worth $61,000. Institutional investors and hedge funds own 62.28% of the company’s stock.

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.