Packer & Co Ltd Invests $23.20 Million in Algonquin Power & Utilities Corp. (NYSE:AQN)

Packer & Co Ltd purchased a new stake in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,513,113 shares of the utilities provider's stock, valued at approximately $23,197,000. Algonquin Power & Utilities accounts for approximately 7.0% of Packer & Co Ltd's portfolio, making the stock its 5th biggest position. Packer & Co Ltd owned approximately 0.59% of Algonquin Power & Utilities as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of AQN. SVB Wealth LLC bought a new position in Algonquin Power & Utilities during the fourth quarter worth $49,000. Avantax Advisory Services Inc. acquired a new position in Algonquin Power & Utilities during the 4th quarter worth approximately $58,000. Sowell Financial Services LLC acquired a new position in shares of Algonquin Power & Utilities during the first quarter worth approximately $59,000. NBC Securities Inc. lifted its holdings in shares of Algonquin Power & Utilities by 111,700.0% in the 1st quarter. NBC Securities Inc. now owns 12,298 shares of the utilities provider's stock worth $63,000 after purchasing an additional 12,287 shares in the last quarter. Finally, Capstone Investment Advisors LLC grew its position 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 valued at $76,000 after purchasing an additional 6,370 shares during the period. Institutional investors own 62.28% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on AQN shares. Wall Street Zen lowered shares of Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Royal Bank Of Canada lifted their target price on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. National Bank Financial raised Algonquin Power & Utilities to a "hold" rating in a research report on Sunday, June 8th. Desjardins lifted their price objective on shares of Algonquin Power & Utilities from $4.75 to $6.00 and gave the stock a "hold" rating in a report on Wednesday, June 4th. Finally, BMO Capital Markets reiterated a "market perform" rating and issued a $6.00 target price (up previously from $5.00) on shares of Algonquin Power & Utilities in a research note on Monday, May 12th. One investment analyst has rated the stock with a sell rating and twelve have given a hold rating to the company's stock. According to data from MarketBeat, Algonquin Power & Utilities currently has a consensus rating of "Hold" and an average price target of $6.31.

Algonquin Power & Utilities Price Performance

AQN traded down $0.05 during trading on Tuesday, reaching $5.74. 14,770,122 shares of the company were exchanged, compared to its average volume of 8,611,333. Algonquin Power & Utilities Corp. has a 12-month low of $4.19 and a 12-month high of $6.36. The company has a market cap of $4.40 billion, a price-to-earnings ratio of -3.70 and a beta of 0.67. The company has a quick ratio of 0.94, a current ratio of 1.16 and a debt-to-equity ratio of 1.21. The company's 50-day moving average is $5.57 and its two-hundred day moving average is $5.00.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last announced its quarterly earnings results on Friday, May 9th. The utilities provider reported $0.14 EPS for the quarter, beating the consensus estimate of $0.09 by $0.05. Algonquin Power & Utilities had a negative net margin of 48.78% and a positive return on equity of 4.74%. The firm had revenue of $692.40 million during the quarter, compared to the consensus estimate of $699.08 million. During the same period last year, the firm earned $0.14 EPS. Research analysts forecast that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.065 per share. The ex-dividend date is Monday, June 30th. This represents a $0.26 annualized dividend and a yield of 4.53%. Algonquin Power & Utilities's payout ratio is presently -16.77%.

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.