Algonquin Power & Utilities Corp (NYSE:AQN) Sees Significant Growth in Short Interest

Algonquin Power & Utilities Corp (NYSE:AQN) was the recipient of a large increase in short interest in the month of October. As of October 15th, there was short interest totalling 7,310,000 shares, an increase of 194.8% from the September 15th total of 2,480,000 shares. Approximately 1.5% of the company’s stock are sold short. Based on an average daily trading volume, of 698,800 shares, the days-to-cover ratio is presently 10.5 days.

Several research analysts have weighed in on AQN shares. Industrial Alliance Securities lowered shares of Algonquin Power & Utilities to a “buy” rating and set a $19.00 price objective on the stock. in a research note on Wednesday, October 9th. Zacks Investment Research upgraded shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. TD Securities started coverage on shares of Algonquin Power & Utilities in a research note on Thursday, October 17th. They issued a “buy” rating on the stock. Raymond James reiterated a “strong-buy” rating and issued a $15.00 price objective on shares of Algonquin Power & Utilities in a research note on Friday, August 9th. Finally, CIBC set a $14.30 price objective on shares of Algonquin Power & Utilities and gave the company a “buy” rating in a research note on Tuesday, October 15th. Five analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $13.93.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada increased its stake in shares of Algonquin Power & Utilities by 3.0% during the 2nd quarter. Royal Bank of Canada now owns 26,281,502 shares of the utilities provider’s stock worth $318,268,000 after purchasing an additional 775,818 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Algonquin Power & Utilities by 4.8% during the 2nd quarter. Vanguard Group Inc. now owns 13,524,622 shares of the utilities provider’s stock worth $163,783,000 after purchasing an additional 618,463 shares during the last quarter. TD Asset Management Inc. increased its stake in shares of Algonquin Power & Utilities by 2.7% during the 2nd quarter. TD Asset Management Inc. now owns 11,263,390 shares of the utilities provider’s stock worth $136,790,000 after purchasing an additional 295,846 shares during the last quarter. Toronto Dominion Bank increased its stake in shares of Algonquin Power & Utilities by 8.8% during the 2nd quarter. Toronto Dominion Bank now owns 9,624,166 shares of the utilities provider’s stock worth $116,878,000 after purchasing an additional 777,721 shares during the last quarter. Finally, Pictet Asset Management Ltd. increased its stake in shares of Algonquin Power & Utilities by 11.3% during the 2nd quarter. Pictet Asset Management Ltd. now owns 7,900,692 shares of the utilities provider’s stock worth $95,951,000 after purchasing an additional 799,922 shares during the last quarter. Institutional investors own 45.89% of the company’s stock.

Shares of AQN opened at $13.51 on Tuesday. The company’s fifty day moving average is $13.65 and its 200-day moving average is $12.55. Algonquin Power & Utilities has a 12 month low of $9.67 and a 12 month high of $14.45. The firm has a market cap of $7.28 billion, a price-to-earnings ratio of 20.47, a price-to-earnings-growth ratio of 2.85 and a beta of 0.58. The company has a quick ratio of 0.83, a current ratio of 1.03 and a debt-to-equity ratio of 1.01.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings results on Thursday, August 8th. The utilities provider reported $0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by ($0.02). Algonquin Power & Utilities had a return on equity of 7.57% and a net margin of 21.46%. The business had revenue of $343.58 million for the quarter, compared to analyst estimates of $372.40 million. As a group, research analysts predict that Algonquin Power & Utilities will post 0.6 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.142 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.57 annualized dividend and a dividend yield of 4.20%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is 84.85%.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in Canada and the United States. It generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

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