Algonquin Power & Utilities Corp. (AQN) Raised to “Buy” at Zacks Investment Research

Algonquin Power & Utilities Corp. (NYSE:AQN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $12.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 8.89% from the stock’s current price.

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. “

Separately, Wells Fargo & Company started coverage on shares of Algonquin Power & Utilities Corp. in a research note on Tuesday, June 20th. They set a “market perform” rating for the company.

Algonquin Power & Utilities Corp. (NYSE AQN) traded down 2.09% during midday trading on Tuesday, hitting $10.79. The stock had a trading volume of 82,863 shares. The firm has a market cap of $4.16 billion, a P/E ratio of 62.73 and a beta of 0.81. The stock has a 50-day moving average price of $10.69 and a 200 day moving average price of $10.09. Algonquin Power & Utilities Corp. has a 12-month low of $7.75 and a 12-month high of $11.21.

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Institutional investors and hedge funds have recently modified their holdings of the company. Trexquant Investment LP purchased a new position in shares of Algonquin Power & Utilities Corp. during the 2nd quarter worth approximately $119,000. KCG Holdings Inc. increased its stake in shares of Algonquin Power & Utilities Corp. by 21.3% during the 1st quarter. KCG Holdings Inc. now owns 13,032 shares of the utilities provider’s stock worth $124,000 after purchasing an additional 2,288 shares in the last quarter. Virtu KCG Holdings LLC increased its stake in shares of Algonquin Power & Utilities Corp. by 7.4% during the 2nd quarter. Virtu KCG Holdings LLC now owns 13,997 shares of the utilities provider’s stock worth $147,000 after purchasing an additional 965 shares in the last quarter. Alliancebernstein L.P. purchased a new position in shares of Algonquin Power & Utilities Corp. during the 2nd quarter worth approximately $161,000. Finally, Jane Street Group LLC purchased a new position in shares of Algonquin Power & Utilities Corp. during the 1st quarter worth approximately $214,000. 38.06% of the stock is owned by institutional investors and hedge funds.

About Algonquin Power & Utilities Corp.

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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