Wells Fargo & Company Initiates Coverage on Algonquin Power & Utilities Corp. (AQN)

Stock analysts at Wells Fargo & Company assumed coverage on shares of Algonquin Power & Utilities Corp. (NYSE:AQN) in a report released on Tuesday, The Fly reports. The firm set a “market perform” rating on the utilities provider’s stock.

AQN has been the topic of several other research reports. Zacks Investment Research downgraded Algonquin Power & Utilities Corp. from a “hold” rating to a “sell” rating in a report on Friday, March 24th. J P Morgan Chase & Co started coverage on Algonquin Power & Utilities Corp. in a report on Monday, February 27th. They set a “neutral” rating on the stock.

Shares of Algonquin Power & Utilities Corp. (AQN) opened at 10.65 on Tuesday. The stock has a market capitalization of $4.10 billion, a P/E ratio of 73.45 and a beta of 0.82. Algonquin Power & Utilities Corp. has a one year low of $7.75 and a one year high of $10.78. The stock’s 50 day moving average is $10.09 and its 200-day moving average is $9.28.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 30th will be issued a dividend of $0.1165 per share. The ex-dividend date is Wednesday, June 28th. This represents a $0.47 annualized dividend and a yield of 4.38%. Algonquin Power & Utilities Corp.’s payout ratio is presently 174.07%.

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A number of hedge funds have recently bought and sold shares of AQN. Barometer Capital Management Inc. increased its stake 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 valued at $30,520,000 after buying an additional 1,664,783 shares during the last quarter. LGT Capital Partners LTD. increased its stake 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 valued at $7,620,000 after buying an additional 110,000 shares during the last quarter. Bank of Montreal Can increased its stake 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 valued at $136,194,000 after buying an additional 5,661,282 shares during the last quarter. Davis Rea LTD. bought a new stake in Algonquin Power & Utilities Corp. during the first quarter valued at about $123,000. Finally, C WorldWide Group Holding A S bought a new stake in Algonquin Power & Utilities Corp. during the first quarter valued at about $3,352,000. Hedge funds and other institutional investors own 39.62% of the company’s stock.

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