EverSource Wealth Advisors LLC owns $179,000 in Algonquin Power & Utilities Corp. (NYSE:AQN)

EverSource Wealth Advisors LLC grew its stake in Algonquin Power & Utilities Corp. (NYSE:AQN – Free Report) by 25.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,704 shares of the utilities provider’s stock after acquiring an additional 5,863 shares during the period. EverSource Wealth Advisors LLC’s holdings in Algonquin Power & Utilities were worth $179,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Parallel Advisors LLC boosted its stake in Algonquin Power & Utilities by 76.3% in the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 1,882 shares in the last quarter. Claro Advisors LLC bought a new position in shares of Algonquin Power & Utilities in the second quarter valued at $61,000. SeaCrest Wealth Management LLC bought a new position in shares of Algonquin Power & Utilities in the second quarter valued at $66,000. Larson Financial Group LLC purchased a new stake in shares of Algonquin Power & Utilities in the first quarter valued at $76,000. Finally, SVB Wealth LLC bought a new stake in Algonquin Power & Utilities in the 1st quarter worth $82,000. 62.28% of the shares are currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities stock performance

Shares of Algonquin Power & Utilities stock opened at $5.36 on Thursday. The company has a 50 day moving average price of $5.59 and a two hundred day moving average price of $5.97. Algonquin Power & Utilities Corp. has a 1 year low of $4.90 and a 1 year high of $6.85. The company has a current ratio of 0.97, a quick ratio of 0.78, and a debt-to-equity ratio of 1.08. The company has a market cap of $4.11 billion, a P/E ratio of -10.94 and a beta of 0.67.

Algonquin Power & Utilities (NYSE:AQN – Get Your Free Report ) last released its earnings results on Friday, August 9th. The utilities provider reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The business had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $635.95 million. Algonquin Power & Utilities had a return on equity of 5.36% and a net margin of 4.70%. The company’s revenue fell 4.7% year over year. In the same quarter last year, the company posted earnings of $0.08 per share. As a group, analysts anticipate that Algonquin Power & Utilities Corp. will record 0.43 EPS for the current year.

Algonquin Power & Utilities Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.065 per share. The ex-dividend date is Monday, September 30. This represents a dividend of $0.26 on an annualized basis and a dividend yield of 4.85%. Algonquin Power & Utilities’ payout ratio is currently -89.80%.

Analyst upgrades and downgrades

A number of analysts recently commented on the company. Raymond James lowered Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and cut their price target for the company from $7.75 to $7.00 in a research note on Monday, August 12. Desjardins cut their price target on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a report on Monday, August 12th. CIBC decreased their price target on shares of Algonquin Power & Utilities from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Wells Fargo & Company cut shares of Algonquin Power & Utilities from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $8.50 to $6.00 in a research note for Monday, August 12. Finally, Scotiabank cut their price target on Algonquin Power & Utilities from $6.50 to $5.75 and set a “sector perform” rating for the company in a research report on Tuesday, 13 August. One research analyst has rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Algonquin Power & Utilities currently has a consensus rating of “Hold” and an average price target of $6.33, based on data from MarketBeat.

Read our latest analysis of Algonquin Power & Utilities

Algonquin Power & Utilities Company Profile

(Free Report)

Algonquin Power & Utilities Corp. operates in the energy and utilities industries in the United States, Canada and other regions. The company operates in two segments, the Regulated Services Group and the Renewable Energy Group. The Company primarily owns and operates a regulated electric power distribution, water distribution and wastewater collection system, as well as natural gas utility systems and transmission operations.

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