Triasima Portfolio Management inc. Trims Stake in Algonquin Power & Utilities Corp. (NYSE:AQN)

Triasima Portfolio Management inc. lessened its position in Algonquin Power & Utilities Corp. (NYSE:AQN) by 96.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 19,700 shares of the utilities provider’s stock after selling 519,000 shares during the quarter. Triasima Portfolio Management inc.’s holdings in Algonquin Power & Utilities were worth $87,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Capstone Investment Advisors LLC purchased a new position in Algonquin Power & Utilities during the third quarter valued at $58,000. Walleye Capital LLC bought a new position in shares of Algonquin Power & Utilities in the 3rd quarter worth about $59,000. Verdence Capital Advisors LLC purchased a new position in Algonquin Power & Utilities during the 3rd quarter valued at about $61,000. Ballentine Partners LLC bought a new stake in Algonquin Power & Utilities during the fourth quarter worth about $63,000. Finally, Raymond James Trust N.A. grew its holdings in Algonquin Power & Utilities by 33.4% in the third quarter. Raymond James Trust N.A. now owns 13,343 shares of the utilities provider’s stock worth $73,000 after purchasing an additional 3,343 shares during the period. 62.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on AQN shares. Wells Fargo & Company lowered their target price on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a report on Wednesday, October 16th. CIBC lowered their price objective on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Scotiabank cut their target price on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $7.00 price target on shares of Algonquin Power & Utilities in a research report on Thursday, December 12th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $6.00 price objective on shares of Algonquin Power & Utilities in a research report on Friday, October 11th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $6.13.

Algonquin Power & Utilities Price Performance

AQN opened at $4.46 on Friday. The company’s 50-day simple moving average is $4.50 and its two-hundred day simple moving average is $5.02. Algonquin Power & Utilities Corp. has a 52-week low of $4.19 and a 52-week high of $6.79. The stock has a market capitalization of $3.42 billion, a P/E ratio of -3.45 and a beta of 0.69. 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 earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (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 company had revenue of $573.20 million during the quarter, compared to analysts’ expectations of $620.46 million. During the same quarter in the prior year, the business posted $0.11 EPS. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, analysts predict that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current year.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.