Kayne Anderson Capital Advisors LP Buys 117,766 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Kayne Anderson Capital Advisors LP grew its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 6.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,986,335 shares of the utilities provider’s stock after buying an additional 117,766 shares during the period. Kayne Anderson Capital Advisors LP’s holdings in Algonquin Power & Utilities were worth $12,554,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Algonquin Power & Utilities by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 25,717,759 shares of the utilities provider’s stock worth $152,249,000 after acquiring an additional 413,104 shares during the period. Toronto Dominion Bank grew its position in shares of Algonquin Power & Utilities by 7.9% during the 3rd quarter. Toronto Dominion Bank now owns 13,293,748 shares of the utilities provider’s stock valued at $78,699,000 after purchasing an additional 978,758 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Algonquin Power & Utilities by 6.6% in the third quarter. Invesco Ltd. now owns 9,881,130 shares of the utilities provider’s stock worth $58,496,000 after purchasing an additional 616,049 shares during the period. National Bank of Canada FI raised its position in shares of Algonquin Power & Utilities by 5.7% in the fourth quarter. National Bank of Canada FI now owns 9,602,819 shares of the utilities provider’s stock worth $61,848,000 after buying an additional 516,148 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in Algonquin Power & Utilities by 1.2% during the third quarter. Legal & General Group Plc now owns 8,292,660 shares of the utilities provider’s stock valued at $49,312,000 after buying an additional 99,374 shares during the period. 62.28% of the stock is currently owned by institutional investors.

Algonquin Power & Utilities Price Performance

Shares of AQN stock traded up $0.04 during trading hours on Thursday, hitting $6.66. 439,363 shares of the company’s stock were exchanged, compared to its average volume of 4,898,884. The company has a market capitalization of $4.59 billion, a PE ratio of 220.33 and a beta of 0.64. The company has a current ratio of 0.63, a quick ratio of 0.50 and a debt-to-equity ratio of 1.23. Algonquin Power & Utilities Corp. has a 12-month low of $4.90 and a 12-month high of $9.14. The business’s 50 day simple moving average is $6.14 and its 200-day simple moving average is $6.04.

Algonquin Power & Utilities (NYSE:AQN) last issued its earnings results on Friday, March 8th. The utilities provider reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. Algonquin Power & Utilities had a net margin of 1.06% and a return on equity of 5.64%. The company had revenue of $666.90 million for the quarter, compared to analysts’ expectations of $661.73 million. During the same quarter last year, the company earned $0.22 EPS. The firm’s revenue was down 10.8% compared to the same quarter last year. On average, equities research analysts anticipate that Algonquin Power & Utilities Corp. will post 0.48 earnings per share for the current year.

Algonquin Power & Utilities Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a dividend of $0.1085 per share. This represents a $0.43 annualized dividend and a yield of 6.52%. The ex-dividend date of this dividend was Wednesday, March 27th. Algonquin Power & Utilities’s dividend payout ratio is currently 1,433.33%.

Analyst Ratings Changes

AQN has been the topic of a number of research analyst reports. TD Securities upped their target price on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “hold” rating in a research note on Monday, March 11th. Scotiabank decreased their price objective on shares of Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating on the stock in a research report on Monday, April 22nd. StockNews.com upgraded shares of Algonquin Power & Utilities to a “sell” rating in a research report on Thursday, May 2nd. Finally, Desjardins raised shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating and increased their price target for the stock from $4.75 to $5.75 in a report on Monday, March 11th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $7.67.

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.