Algonquin Power & Utilities (NYSE:AQN) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of Algonquin Power & Utilities (NYSE:AQN) from a buy rating to a hold rating in a research note issued to investors on Tuesday, January 30th.

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. “

Shares of Algonquin Power & Utilities (NYSE AQN) remained flat at $$10.06 on Tuesday. The company had a trading volume of 52,375 shares, compared to its average volume of 153,590. The company has a current ratio of 0.94, a quick ratio of 0.76 and a debt-to-equity ratio of 1.32. The stock has a market capitalization of $3,947.77, a P/E ratio of 26.47, a price-to-earnings-growth ratio of 1.17 and a beta of 0.73. Algonquin Power & Utilities has a 12 month low of $8.95 and a 12 month high of $11.34.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings data on Tuesday, November 14th. The utilities provider reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.03. Algonquin Power & Utilities had a return on equity of 8.30% and a net margin of 10.20%. research analysts forecast that Algonquin Power & Utilities will post 0.54 earnings per share for the current year.

A number of institutional investors have recently bought and sold shares of AQN. The Manufacturers Life Insurance Company lifted its stake in Algonquin Power & Utilities by 89.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 14,499,935 shares of the utilities provider’s stock valued at $161,820,000 after purchasing an additional 6,860,548 shares during the last quarter. Mackenzie Financial Corp purchased a new stake in shares of Algonquin Power & Utilities during the fourth quarter worth $32,083,000. Bank of Montreal Can lifted its position in shares of Algonquin Power & Utilities by 7.8% during the fourth quarter. Bank of Montreal Can now owns 22,104,111 shares of the utilities provider’s stock worth $246,683,000 after acquiring an additional 1,605,282 shares in the last quarter. AGF Investments Inc. lifted its position in shares of Algonquin Power & Utilities by 137.7% during the fourth quarter. AGF Investments Inc. now owns 2,338,302 shares of the utilities provider’s stock worth $26,155,000 after acquiring an additional 1,354,788 shares in the last quarter. Finally, Highstreet Asset Management Inc. lifted its position in shares of Algonquin Power & Utilities by 126.2% during the fourth quarter. Highstreet Asset Management Inc. now owns 2,391,050 shares of the utilities provider’s stock worth $26,745,000 after acquiring an additional 1,334,003 shares in the last quarter. Institutional investors and hedge funds own 38.28% of the company’s stock.

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Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp., through its subsidiaries, engages in the generation, transmission, and distribution of utility assets in North America. The company generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

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