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

Algonquin Power & Utilities Corp. (NYSE:AQN) was the recipient of a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 15,270,000 shares, an increase of 10.7% from the November 30th total of 13,790,000 shares. Approximately 2.0% of the company’s shares are sold short. Based on an average daily volume of 5,210,000 shares, the days-to-cover ratio is currently 2.9 days.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in AQN. Central Pacific Bank Trust Division purchased a new stake in shares of Algonquin Power & Utilities in the 3rd quarter worth approximately $54,000. Capstone Investment Advisors LLC bought a new position in Algonquin Power & Utilities in the third quarter worth approximately $58,000. Walleye Capital LLC purchased a new stake in Algonquin Power & Utilities during the third quarter worth $59,000. Claro Advisors LLC bought a new stake in Algonquin Power & Utilities during the 2nd quarter valued at $61,000. Finally, Verdence Capital Advisors LLC purchased a new position in shares of Algonquin Power & Utilities in the 3rd quarter valued at $61,000. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Trading Down 0.7 %

Shares of NYSE:AQN traded down $0.03 during trading on Wednesday, reaching $4.45. 6,097,907 shares of the company were exchanged, compared to its average volume of 5,568,631. The business’s fifty day simple moving average is $4.70 and its 200-day simple moving average is $5.29. 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 has a 12-month low of $4.25 and a 12-month high of $6.79. The firm has a market capitalization of $3.41 billion, a PE ratio of -3.45 and a beta of 0.68.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings data 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 positive return on equity of 5.22% and a negative net margin of 39.12%. The firm had revenue of $573.20 million for the quarter, compared to analysts’ expectations of $620.46 million. During the same quarter in the previous year, the business earned $0.11 earnings per share. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. On average, research analysts anticipate that Algonquin Power & Utilities will post 0.39 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 5.84%. The ex-dividend date of this dividend is Tuesday, December 31st. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -20.16%.

Analyst Ratings Changes

Several research firms have recently weighed in on AQN. JPMorgan Chase & Co. reissued a “neutral” rating and set a $7.00 target price on shares of Algonquin Power & Utilities in a research report on Thursday, December 12th. Wells Fargo & Company reduced their target price on shares of 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 note on Thursday, September 5th. They set a “neutral” rating and a $6.00 price target for the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $6.00 price objective on shares of Algonquin Power & Utilities in a research report on Friday, October 11th. Finally, Scotiabank decreased their price objective 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. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Algonquin Power & Utilities presently has an average rating of “Hold” and a consensus price target of $6.25.

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.