Algonquin Power & Utilities Corp. (NYSE:AQN) Short Interest Update

Algonquin Power & Utilities Corp. (NYSE:AQN) was the target of a significant drop in short interest in August. As of August 15th, there was short interest totaling 18,370,000 shares, a drop of 20.2% from the July 31st total of 23,020,000 shares. Based on an average daily trading volume, of 8,950,000 shares, the days-to-cover ratio is currently 2.1 days. Currently, 2.4% of the shares of the stock are sold short. Currently, 2.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 8,950,000 shares, the days-to-cover ratio is currently 2.1 days.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. CIBC boosted their price objective on shares of Algonquin Power & Utilities from $5.75 to $6.25 and gave the stock a “neutral” rating in a research report on Wednesday, June 4th. Desjardins lifted their target price on shares of Algonquin Power & Utilities from $4.75 to $6.00 and gave the stock a “hold” rating in a research report on Wednesday, June 4th. Wall Street Zen lowered shares of Algonquin Power & Utilities from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. National Bankshares cut shares of Algonquin Power & Utilities from an “outperform” rating to a “sector perform” rating and set a $6.75 price objective for the company. in a research note on Wednesday, June 4th. Finally, Raymond James Financial lifted their price objective on Algonquin Power & Utilities from $5.00 to $6.00 and gave the stock a “market perform” rating in a research report on Wednesday, June 4th. Eleven equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $6.34.

Hedge Funds Weigh In On Algonquin Power & Utilities

Large investors have recently added to or reduced their stakes in the business. Starboard Value LP boosted its stake in Algonquin Power & Utilities by 5.1% in the 4th quarter. Starboard Value LP now owns 65,316,000 shares of the utilities provider’s stock worth $290,656,000 after buying an additional 3,175,000 shares during the last quarter. EdgePoint Investment Group Inc. increased its stake in shares of Algonquin Power & Utilities by 34.4% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 56,764,441 shares of the utilities provider’s stock valued at $324,934,000 after acquiring an additional 14,540,847 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Algonquin Power & Utilities by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 31,715,401 shares of the utilities provider’s stock worth $162,859,000 after acquiring an additional 204,473 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Algonquin Power & Utilities by 0.7% during the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 13,139,562 shares of the utilities provider’s stock worth $67,487,000 after acquiring an additional 88,439 shares during the period. Finally, Ariel Investments LLC boosted its position in shares of Algonquin Power & Utilities by 88.6% in the second quarter. Ariel Investments LLC now owns 13,112,831 shares of the utilities provider’s stock worth $75,137,000 after acquiring an additional 6,160,490 shares during the last quarter. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Stock Performance

NYSE:AQN opened at $5.59 on Thursday. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.09 and a quick ratio of 0.86. The firm has a market cap of $4.29 billion, a PE ratio of -3.10 and a beta of 0.69. The firm has a 50 day simple moving average of $5.83 and a 200-day simple moving average of $5.51. Algonquin Power & Utilities has a 1-year low of $4.19 and a 1-year high of $6.24.

Algonquin Power & Utilities (NYSE:AQN) last announced its earnings results on Friday, August 8th. The utilities provider reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. The firm had revenue of $535.59 million for the quarter, compared to analyst estimates of $535.64 million. Algonquin Power & Utilities had a negative net margin of 57.66% and a positive return on equity of 4.76%. During the same quarter last year, the business earned $0.09 earnings per share. On average, equities analysts expect that Algonquin Power & Utilities will post 0.38 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a $0.065 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.7%. Algonquin Power & Utilities’s payout ratio is currently -14.44%.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.