Algonquin Power & Utilities Corp. (NYSE:AQN) Short Interest Down 6.4% in August

Algonquin Power & Utilities Corp. (NYSE:AQN) was the recipient of a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 15,440,000 shares, a decline of 6.4% from the August 15th total of 16,490,000 shares. Based on an average daily trading volume, of 6,590,000 shares, the days-to-cover ratio is currently 2.3 days. Approximately 2.0% of the shares of the company are short sold.

Algonquin Power & Utilities Stock Performance

Algonquin Power & Utilities stock opened at $5.51 on Thursday. The stock has a 50-day simple moving average of $5.67 and a 200 day simple moving average of $5.99. The stock has a market capitalization of $4.22 billion, a price-to-earnings ratio of -11.23 and a beta of 0.67. The company has a quick ratio of 0.78, a current ratio of 0.97 and a debt-to-equity ratio of 1.08. Algonquin Power & Utilities has a 12-month low of $4.90 and a 12-month high of $7.14.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. The business had revenue of $598.60 million for the quarter, compared to analysts’ expectations of $635.95 million. Algonquin Power & Utilities had a net margin of 4.70% and a return on equity of 5.36%. Algonquin Power & Utilities’s revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.08 earnings per share. On average, research analysts anticipate that Algonquin Power & Utilities will post 0.43 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.065 per share. The ex-dividend date is Monday, September 30th. This represents a $0.26 annualized dividend and a yield of 4.72%. Algonquin Power & Utilities’s dividend payout ratio is currently -53.06%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in AQN. Parallel Advisors LLC raised its stake in shares of Algonquin Power & Utilities by 76.3% during the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock worth $27,000 after buying an additional 1,882 shares during the last quarter. Claro Advisors LLC bought a new stake in shares of Algonquin Power & Utilities during the 2nd quarter valued at $61,000. SeaCrest Wealth Management LLC acquired a new position in shares of Algonquin Power & Utilities in the 2nd quarter valued at $66,000. Seven Mile Advisory bought a new position in shares of Algonquin Power & Utilities in the 4th quarter worth $67,000. Finally, Larson Financial Group LLC acquired a new stake in shares of Algonquin Power & Utilities during the first quarter worth $76,000. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. CIBC lowered their price target on shares of Algonquin Power & Utilities from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Scotiabank lowered their price objective on Algonquin Power & Utilities from $6.50 to $5.75 and set a “sector perform” rating on the stock in a research note on Tuesday, August 13th. Royal Bank of Canada cut their target price on Algonquin Power & Utilities from $7.00 to $6.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 13th. National Bankshares upped their price target on Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a “sector perform” rating in a research report on Tuesday, May 28th. Finally, Raymond James lowered Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $7.75 to $7.00 in a research note on Monday, August 12th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Algonquin Power & Utilities presently has a consensus rating of “Hold” and an average price target of $6.33.

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.