Corvex Management LP Increases Stock Position in Algonquin Power & Utilities Corp. (NYSE:AQN)

Corvex Management LP boosted its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 10.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. 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 accounts for about 0.4% of Corvex Management LP's holdings, making the stock its 26th biggest position. Corvex Management LP owned 0.44% of Algonquin Power & Utilities worth $14,887,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on AQN shares. Royal Bank of Canada decreased their price target on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set a "sector perform" rating on the stock in a report on Tuesday, February 18th. CIBC lowered their target price on Algonquin Power & Utilities from $5.50 to $5.25 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Scotiabank upped their price target on Algonquin Power & Utilities from $5.25 to $5.50 and gave the company a "sector perform" rating in a research report on Thursday, February 13th. Finally, National Bankshares reduced their price target on Algonquin Power & Utilities from $6.75 to $6.25 and set an "outperform" rating on the stock in a research note on Tuesday, February 11th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $5.92.

Algonquin Power & Utilities Stock Performance

Shares of NYSE AQN opened at $5.39 on Tuesday. The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17. The firm's 50-day moving average price is $5.07 and its 200-day moving average price is $4.80. Algonquin Power & Utilities Corp. has a 52-week low of $4.19 and a 52-week high of $6.79. The company has a market cap of $4.13 billion, a PE ratio of -4.17 and a beta of 0.67.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last released its quarterly earnings results on Friday, March 7th. The utilities provider reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.04). Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The firm had revenue of $584.80 million for the quarter, compared to the consensus estimate of $644.73 million. As a group, analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.065 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.26 dividend on an annualized basis and a yield of 4.83%. Algonquin Power & Utilities's dividend payout ratio is currently -14.44%.

Algonquin Power & Utilities 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.

Want to see what other hedge funds are holding AQN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.