Why are Institutional Investors Interested in Buying Algonquin Power & Utilities Corp. (AQN)?

Algonquin Power & Utilities Corp. (NYSE: AQN) is 0.49% higher on its value in year-to-date trading and has touched a low of $9.53 and a high of $16.85 in the current 52-week trading range. The AQN stock was last observed hovering at around $14.00 in the last trading session, with the day’s gains setting it 0.22% off its average median price target of $15.50 for the next 12 months. It is also 21.0% off the consensus price target high of $18.00 offered by analysts, but current levels are -13.76% lower than the price target low of $12.50 for the same period.

Currently trading at $14.22, the stock is 4.65% and 6.79% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 0.68 million and changing 1.57% at the moment leaves the stock 2.05% off its SMA200. AQN registered 22.06% gain for a year compared to 6-month loss of 2.16%. The firm has a 50-day simple moving average (SMA 50) of $13.72 and a 200-day simple moving average (SMA200) of $14.16.

The stock witnessed a 2.67% gain in the last 1 month and extending the period to 3 months gives it a -8.96%, and is 5.88% up over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 2.21% over the week and 2.83% over the month.

Algonquin Power & Utilities Corp. (AQN) has around 2469 employees, a market worth around $7.50B and $1.61B in sales. Current P/E ratio is 19.75. Distance from 52-week low is 49.21% and -15.61% from its 52-week high.

Algonquin Power & Utilities Corp. (AQN) Analyst Forecasts

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Algonquin Power & Utilities Corp. (AQN) Top Institutional Holders

349 institutions hold shares in Algonquin Power & Utilities Corp. (AQN), with 1.63M shares held by insiders accounting for 0.31% while institutional investors hold 49.56% of the company’s shares. The shares outstanding are 527.39M, and float is at 525.20M with Short Float at 0.45%. Institutions hold 49.41% of the Float.

The top institutional shareholder in the company is Bank of Montreal/Can/ with over 37.78 million shares valued at $506.31 million. The investor’s holdings represent 7.17% of the AQN Shares outstanding. As of Mar 30, 2020, the second largest holder is Royal Bank of Canada with 24.4 million shares valued at $326.94 million to account for 4.63% of the shares outstanding. The other top investors are Vanguard Group, Inc. (The) which holds 15.72 million shares representing 2.98% and valued at over $210.67 million, while Pictet Asset Management Ltd holds 2.12% of the shares totaling 11.18 million with a market value of $149.86 million.

Algonquin Power & Utilities Corp. (AQN): Who are the competitors?

The company’s main competitors (and peers) include PG&E Corporation (PCG) that is -30.58% lower over the past 12 months. American Water Works Company Inc. (AWK) is 13.05% up on the 1-year trading charts. Short interest in the company’s stock has fallen -18.8% from the last report on Apr 14, 2020 to stand at a total of 2.78 million short shares sold with a short interest ratio of 3.07.