Kayne Anderson Capital Advisors LP Sells 3,440,152 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Kayne Anderson Capital Advisors LP decreased its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 84.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 634,087 shares of the utilities provider’s stock after selling 3,440,152 shares during the period. Kayne Anderson Capital Advisors LP owned 0.08% of Algonquin Power & Utilities worth $3,456,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of AQN. Central Pacific Bank Trust Division bought a new position in shares of Algonquin Power & Utilities in the third quarter valued at about $54,000. Claro Advisors LLC acquired a new stake in Algonquin Power & Utilities in the second quarter valued at $61,000. Verdence Capital Advisors LLC bought a new stake in Algonquin Power & Utilities in the third quarter valued at approximately $61,000. SeaCrest Wealth Management LLC acquired a new position in Algonquin Power & Utilities in the 2nd quarter valued at about $66,000. Finally, SVB Wealth LLC bought a new stake in Algonquin Power & Utilities in the 1st quarter valued at $82,000. Institutional investors and hedge funds own 62.28% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Janney Montgomery Scott started coverage on shares of Algonquin Power & Utilities in a report on Thursday, September 5th. They issued a “neutral” rating and a $6.00 target price on the stock. Desjardins decreased their price target on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating for the company in a research report on Monday, August 12th. National Bank Financial upgraded Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. CIBC dropped their target price on shares of Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Finally, Scotiabank cut their price target on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating on the stock in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.18.

Algonquin Power & Utilities Stock Performance

Shares of AQN stock opened at $4.82 on Monday. The company’s 50-day moving average is $5.14 and its 200 day moving average is $5.69. The company has a market capitalization of $3.70 billion, a price-to-earnings ratio of -3.74 and a beta of 0.68. Algonquin Power & Utilities Corp. has a one year low of $4.67 and a one year high of $6.79. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The firm had revenue of $573.20 million during the quarter, compared to the consensus estimate of $620.46 million. During the same period in the previous year, the firm earned $0.11 EPS. The business’s revenue was up 1.5% on a year-over-year basis. Sell-side analysts expect that Algonquin Power & Utilities Corp. will post 0.4 EPS for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a yield of 5.39%. The ex-dividend date is Tuesday, December 31st. Algonquin Power & Utilities’s dividend payout ratio is presently -20.16%.

About Algonquin Power & Utilities

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.