Short Interest in Algonquin Power & Utilities Corp. (NYSE:AQN) Increases By 14.5%

Algonquin Power & Utilities Corp. (NYSE:AQN) was the recipient of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 19,380,000 shares, an increase of 14.5% from the October 15th total of 16,920,000 shares. Based on an average daily volume of 6,070,000 shares, the short-interest ratio is presently 3.2 days. Currently, 2.5% of the company’s stock are sold short.

Institutional Trading of Algonquin Power & Utilities

Institutional investors have recently made changes to their positions in the company. Central Pacific Bank Trust Division purchased a new stake in shares of Algonquin Power & Utilities during the 3rd quarter valued at approximately $54,000. Capstone Investment Advisors LLC purchased a new stake in shares of Algonquin Power & Utilities during the 3rd quarter valued at approximately $58,000. Walleye Capital LLC purchased a new stake in shares of Algonquin Power & Utilities during the 3rd quarter valued at approximately $59,000. Claro Advisors LLC purchased a new stake in Algonquin Power & Utilities in the second quarter valued at approximately $61,000. Finally, Verdence Capital Advisors LLC purchased a new stake in Algonquin Power & Utilities in the third quarter valued at approximately $61,000. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Trading Up 0.2 %

Shares of Algonquin Power & Utilities stock opened at $4.82 on Monday. The stock has a market cap of $3.70 billion, a P/E ratio of -3.74 and a beta of 0.68. The stock’s 50 day simple moving average is $5.14 and its 200-day simple moving average is $5.69. Algonquin Power & Utilities has a 1-year low of $4.67 and a 1-year high of $6.79. 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 (NYSE:AQN) last issued its earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). The company had revenue of $573.20 million for the quarter, compared to analyst estimates of $620.46 million. Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.11 earnings per share. Analysts predict that Algonquin Power & Utilities will post 0.4 EPS for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The company 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 5.39%. The ex-dividend date of this dividend is Tuesday, December 31st. Algonquin Power & Utilities’s payout ratio is presently -20.16%.

Analyst Upgrades and Downgrades

AQN has been the subject of a number of research analyst reports. 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 target price for the company. Desjardins dropped their target price on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a research report on Monday, August 12th. National Bank Financial upgraded Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $6.00 price objective on shares of Algonquin Power & Utilities in a report on Friday, October 11th. Finally, Raymond James cut Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $7.75 to $7.00 in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $6.18.

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.