Corvex Management LP Buys 303,829 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Corvex Management LP increased its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 10.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,345,455 shares of the utilities provider's stock after acquiring an additional 303,829 shares during the period. Algonquin Power & Utilities makes up 0.4% of Corvex Management LP's investment portfolio, making the stock its 26th largest holding. Corvex Management LP owned about 0.44% of Algonquin Power & Utilities worth $14,887,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of AQN. SVB Wealth LLC bought a new position in Algonquin Power & Utilities in the 4th quarter worth about $49,000. Avantax Advisory Services Inc. bought a new position in shares of Algonquin Power & Utilities in the fourth quarter worth approximately $58,000. Ballentine Partners LLC purchased a new stake in shares of Algonquin Power & Utilities during the fourth quarter valued at approximately $63,000. Spire Wealth Management increased its position in shares of Algonquin Power & Utilities by 149.6% during the fourth quarter. Spire Wealth Management now owns 17,000 shares of the utilities provider's stock valued at $76,000 after acquiring an additional 10,190 shares in the last quarter. Finally, Capstone Investment Advisors LLC raised its holdings in Algonquin Power & Utilities by 59.6% in the 4th quarter. Capstone Investment Advisors LLC now owns 17,060 shares of the utilities provider's stock worth $76,000 after acquiring an additional 6,370 shares during the last quarter. Hedge funds and other institutional investors own 62.28% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on AQN. Scotiabank increased their target price on Algonquin Power & Utilities from $5.25 to $5.50 and gave the company a "sector perform" rating in a research note on Thursday, February 13th. Royal Bank of Canada decreased their target price on Algonquin Power & Utilities from $6.00 to $5.50 and set a "sector perform" rating for the company in a research report on Tuesday, February 18th. National Bankshares dropped their price target on shares of Algonquin Power & Utilities from $6.75 to $6.25 and set an "outperform" rating on the stock in a report on Tuesday, February 11th. Finally, CIBC decreased their price objective on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a "neutral" rating for the company in a report on Thursday, April 24th. Eight equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $5.92.

Algonquin Power & Utilities Stock Performance

Shares of AQN stock traded up $0.53 during mid-day trading on Friday, reaching $5.99. 27,246,768 shares of the company's stock traded hands, compared to its average volume of 7,748,749. The firm has a 50 day moving average price of $5.14 and a two-hundred day moving average price of $4.82. Algonquin Power & Utilities Corp. has a 12 month low of $4.19 and a 12 month high of $6.75. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92. The firm has a market capitalization of $4.60 billion, a PE ratio of -4.64 and a beta of 0.67.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its quarterly earnings data on Friday, May 9th. The utilities provider reported $0.14 earnings per share for the quarter, beating analysts' consensus estimates of $0.09 by $0.05. Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The firm had revenue of $692.40 million for the quarter, compared to analysts' expectations of $699.08 million. During the same period in the previous year, the firm earned $0.14 EPS. On average, research analysts forecast that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current year.

Algonquin Power & Utilities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 4.34%. Algonquin Power & Utilities's payout ratio is -14.44%.

Algonquin Power & Utilities Company Profile

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.