JPMorgan Chase & Co. Reduces Stock Position in Algonquin Power & Utilities Corp. (NYSE:AQN)

JPMorgan Chase & Co. lowered its stake in Algonquin Power & Utilities Corp. (NYSE:AQN) by 73.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 289,559 shares of the utilities provider’s stock after selling 820,871 shares during the quarter. JPMorgan Chase & Co.’s holdings in Algonquin Power & Utilities were worth $1,578,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division purchased a new stake in Algonquin Power & Utilities in the third 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 bought a new position in Algonquin Power & Utilities in the third quarter worth approximately $59,000. Verdence Capital Advisors LLC bought a new position in Algonquin Power & Utilities in the third quarter worth approximately $61,000. Finally, Raymond James Trust N.A. raised its position in Algonquin Power & Utilities by 33.4% in the third quarter. Raymond James Trust N.A. now owns 13,343 shares of the utilities provider’s stock worth $73,000 after acquiring an additional 3,343 shares during the period. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Up 0.6 %

Shares of AQN stock opened at $4.43 on Friday. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of -3.43 and a beta of 0.69. Algonquin Power & Utilities Corp. has a one year low of $4.19 and a one year high of $6.79. The company’s fifty day moving average price is $4.57 and its 200-day moving average price is $5.14. 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 announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The company had revenue of $573.20 million during the quarter, compared to the consensus estimate of $620.46 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The business’s revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.11 earnings per share. Sell-side analysts expect that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a $0.065 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.26 dividend on an annualized basis and a yield of 5.88%. Algonquin Power & Utilities’s dividend payout ratio is currently -20.15%.

Analyst Ratings Changes

Several research firms have weighed in on AQN. Wells Fargo & Company decreased their price target on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research report on Wednesday, October 16th. Scotiabank decreased their price target on shares of Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. CIBC decreased their price target on shares of Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $7.00 price target on shares of Algonquin Power & Utilities in a research report on Thursday, December 12th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $6.00 price target on shares of Algonquin Power & Utilities in a research report on Friday, October 11th. One analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $6.13.

Algonquin Power & Utilities Profile

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.