Algonquin Power & Utilities Corp. (AQN) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Algonquin Power & Utilities Corp. (NYSE:AQN) from a sell rating to a hold rating in a research note issued to investors on Thursday.

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. “

A number of other analysts have also recently issued reports on the company. JPMorgan Chase & Co. started coverage on Algonquin Power & Utilities Corp. in a research note on Monday, February 27th. They set a neutral rating for the company. National Bank Financial reissued an outperform market weight rating on shares of Algonquin Power & Utilities Corp. in a research note on Sunday, January 22nd.

Algonquin Power & Utilities Corp. (NYSE:AQN) traded down 0.31% during trading on Thursday, reaching $9.57. 27,940 shares of the company’s stock traded hands. Algonquin Power & Utilities Corp. has a 12 month low of $7.75 and a 12 month high of $10.18. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 42.91 and a beta of 0.82. The firm’s 50 day moving average is $9.47 and its 200-day moving average is $8.82.

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A number of institutional investors have recently added to or reduced their stakes in AQN. Hexavest Inc. increased its position in Algonquin Power & Utilities Corp. by 4.9% in the first quarter. Hexavest Inc. now owns 692,728 shares of the utilities provider’s stock worth $6,597,000 after buying an additional 32,198 shares during the period. LGT Capital Partners LTD. increased its position in Algonquin Power & Utilities Corp. by 15.9% in the first quarter. LGT Capital Partners LTD. now owns 800,000 shares of the utilities provider’s stock worth $7,620,000 after buying an additional 110,000 shares during the period. Barometer Capital Management Inc. increased its position in Algonquin Power & Utilities Corp. by 109.5% in the first quarter. Barometer Capital Management Inc. now owns 3,185,783 shares of the utilities provider’s stock worth $30,520,000 after buying an additional 1,664,783 shares during the period. Finally, Bank of Montreal Can increased its position in Algonquin Power & Utilities Corp. by 66.2% in the first quarter. Bank of Montreal Can now owns 14,216,471 shares of the utilities provider’s stock worth $136,194,000 after buying an additional 5,661,282 shares during the period. 7.55% of the stock is owned by hedge funds and other institutional investors.

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