Alberta Investment Management Corp Buys New Shares in Algonquin Power & Utilities Corp. $AQN

Key Points

• Alberta Investment Management Corp. acquired 187,540 AQN shares in the second quarter, valued at approximately $1.1 million. Institutional investors and hedge funds collectively own 62.28% of Algonquin Power & Utilities.
• Analyst sentiment is moderately positive, with six Buy ratings and five Holds, producing a consensus target price of $6.81 versus the stock’s $5.84 opening price.
• Algonquin reported quarterly EPS of $0.04, slightly below the $0.05 consensus estimate, while maintaining a quarterly dividend of $0.065 per share, representing a 4.5% annualized yield.

Alberta Investment Management Corp bought a new position in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 187,540 shares of the utilities provider's stock, valued at approximately $1,102,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AQN. EdgePoint Investment Group Inc. lifted its holdings in shares of Algonquin Power & Utilities by 32.6% during the fourth quarter. EdgePoint Investment Group Inc. now owns 81,727,385 shares of the utilities provider's stock worth $502,563,000 after purchasing an additional 20,074,709 shares during the period. Vanguard Group Inc. raised its position in Algonquin Power & Utilities by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 34,456,155 shares of the utilities provider's stock worth $211,871,000 after buying an additional 711,569 shares during the last quarter. Bank of Montreal Can raised its position in Algonquin Power & Utilities by 23.1% during the 4th quarter. Bank of Montreal Can now owns 20,717,144 shares of the utilities provider's stock worth $127,395,000 after buying an additional 3,886,254 shares during the last quarter. Principal Financial Group Inc. raised its position in Algonquin Power & Utilities by 13.0% during the 1st quarter. Principal Financial Group Inc. now owns 13,633,904 shares of the utilities provider's stock worth $83,497,000 after buying an additional 1,563,924 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Algonquin Power & Utilities by 65.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider's stock valued at $62,738,000 after acquiring an additional 4,808,539 shares during the period. Institutional investors and hedge funds own 62.28% of the company's stock.

Analyst Upgrades and Downgrades

AQN has been the topic of a number of research reports. Canadian Imperial Bank of Commerce increased their price objective on shares of Algonquin Power & Utilities from $6.25 to $6.50 and gave the stock a "neutral" rating in a research note on Monday, April 20th. Wells Fargo & Company assumed coverage on shares of Algonquin Power & Utilities in a research report on Tuesday, May 12th. They set an "equal weight" rating and a $7.00 target price for the company. National Bank Financial lowered their price target on shares of Algonquin Power & Utilities from $7.25 to $7.00 and set an "outperform" rating on the stock in a report on Friday, July 3rd. Finally, Weiss Ratings downgraded Algonquin Power & Utilities from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, August 11th. Six analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $6.81.

Algonquin Power & Utilities Price Performance

NYSE:AQN opened at $5.84 on Tuesday. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.88 and a quick ratio of 0.69. The company has a 50 day moving average price of $5.84 and a 200-day moving average price of $6.15. Algonquin Power & Utilities Corp. has a 1-year low of $5.32 and a 1-year high of $7.11. The firm has a market cap of $4.50 billion, a price-to-earnings ratio of 30.74 and a beta of 0.70.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The utilities provider reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.01). Algonquin Power & Utilities had a return on equity of 5.16% and a net margin of 5.77%.The firm had revenue of $582.99 million for the quarter, compared to analysts' expectations of $582.99 million. During the same period last year, the company posted $0.04 earnings per share. Algonquin Power & Utilities has set its FY 2027 guidance at 0.380-0.420 EPS and its FY 2026 guidance at 0.350-0.370 EPS. Equities research analysts forecast that Algonquin Power & Utilities Corp. will post 0.35 EPS for the current year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 29th will be given a dividend of $0.065 per share. The ex-dividend date is Tuesday, September 29th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.5%. Algonquin Power & Utilities's dividend payout ratio (DPR) is 136.84%.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp NYSE: AQN is a diversified generation, transmission and distribution utility company headquartered in Oakville, Ontario. Established in 1988, the firm operates through two primary business segments: Regulated Utilities and Renewable Energy. Its Regulated Utilities segment comprises electric, natural gas and water distribution networks serving residential, commercial and industrial customers across North America, while its Renewable Energy portfolio includes hydroelectric, solar, wind and thermal generation facilities.

The company's renewable energy assets span multiple jurisdictions in Canada and the United States, reflecting its strategy to expand clean power capacity in regions with supportive regulatory frameworks.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source