Algonquin Power & Utilities Corp. (AQN) Raised to Hold at Zacks Investment Research

Algonquin Power & Utilities Corp. (NYSE:AQN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday, April 14th.

According to Zacks, “Algonquin Power & Utilities Corp. is a renewable energy and regulated utility company engaged in the ownership of power generation facilities, and water and energy utilities primarily in North America. The Corporation invests in hydroelectric, wind and solar power facilities, and sustainable utility distribution businesses (water, electricity and natural gas) through its subsidiaries. Algonquin Power & Utilities Corp. is headquartered in Oakville, Canada. “

Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. assumed coverage on shares of Algonquin Power & Utilities Corp. in a report on Monday, February 27th. They issued a “neutral” rating on the stock. National Bank Financial reiterated an “outperform market weight” rating on shares of Algonquin Power & Utilities Corp. in a report on Sunday, January 22nd.

Shares of Algonquin Power & Utilities Corp. (NYSE:AQN) traded up 1.5919% during trading on Friday, hitting $10.0068. The stock had a trading volume of 48,141 shares. The firm’s 50-day moving average is $9.60 and its 200-day moving average is $8.94. Algonquin Power & Utilities Corp. has a one year low of $7.75 and a one year high of $10.18. The firm has a market cap of $2.74 billion, a P/E ratio of 45.4855 and a beta of 0.82.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 30th will be issued a dividend of $0.1165 per share. The ex-dividend date is Wednesday, June 28th. This represents a $0.47 dividend on an annualized basis and a dividend yield of 4.74%. Algonquin Power & Utilities Corp.’s payout ratio is 140.00%.

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Large investors have recently modified their holdings of the company. Davis Rea LTD. bought a new stake in shares of Algonquin Power & Utilities Corp. during the first quarter worth approximately $123,000. KCG Holdings Inc. increased its position in Algonquin Power & Utilities Corp. by 21.3% in the first quarter. KCG Holdings Inc. now owns 13,032 shares of the utilities provider’s stock worth $124,000 after buying an additional 2,288 shares during the period. Morris Capital Advisors LLC increased its position in Algonquin Power & Utilities Corp. by 7.4% in the first quarter. Morris Capital Advisors LLC now owns 18,679 shares of the utilities provider’s stock worth $179,000 after buying an additional 1,280 shares during the period. Jane Street Group LLC acquired a new position in Algonquin Power & Utilities Corp. during the first quarter worth $214,000. Finally, Bank of New York Mellon Corp increased its position in Algonquin Power & Utilities Corp. by 174.2% in the first quarter. Bank of New York Mellon Corp now owns 28,915 shares of the utilities provider’s stock worth $277,000 after buying an additional 18,369 shares during the period. Institutional investors and hedge funds own 7.55% of the company’s stock.

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