Alberta Investment Management Corp Has $29.25 Million Position in Algonquin Power & Utilities Corp. (NYSE:AQN)

Key Points

• Alberta Investment Management Corp increased its stake in Algonquin Power & Utilities Corp by 12.7%, owning 5,693,639 shares valued at approximately $29.25 million.
• Algonquin Power & Utilities recently reported $0.14 earnings per share (EPS) for the quarter, which exceeded analysts' estimates of $0.09.
• Analysts have raised price targets for Algonquin Power & Utilities, with BMO Capital Markets setting a new target of $6.00, while Desjardins increased theirs to $6.00 as well.

Alberta Investment Management Corp lifted its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 12.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,693,639 shares of the utilities provider's stock after purchasing an additional 640,850 shares during the quarter. Alberta Investment Management Corp owned approximately 0.74% of Algonquin Power & Utilities worth $29,252,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. US Bancorp DE grew its stake in Algonquin Power & Utilities by 85.7% in the 1st quarter. US Bancorp DE now owns 4,887 shares of the utilities provider's stock valued at $25,000 after buying an additional 2,256 shares during the last quarter. Sowell Financial Services LLC acquired a new position in Algonquin Power & Utilities in the 1st quarter valued at $59,000. NBC Securities Inc. grew its stake in 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 valued at $63,000 after buying an additional 12,287 shares during the last quarter. Oakwell Private Wealth Management LLC acquired a new position in Algonquin Power & Utilities in the 1st quarter valued at $63,000. Finally, Capstone Investment Advisors LLC grew its stake 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 buying an additional 6,370 shares during the last quarter. Institutional investors and hedge funds own 62.28% of the company's stock.

Algonquin Power & Utilities Stock Performance

NYSE AQN traded up $0.02 on Tuesday, hitting $6.02. 4,856,003 shares of the stock were exchanged, compared to its average volume of 10,692,951. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.16 and a quick ratio of 0.94. The business's fifty day moving average is $5.82 and its 200 day moving average is $5.30. Algonquin Power & Utilities Corp. has a 52 week low of $4.19 and a 52 week high of $6.26. The company has a market capitalization of $4.62 billion, a PE ratio of -3.89 and a beta of 0.68.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $699.08 million. During the same period in the previous year, the company earned $0.14 earnings per share. Research analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Monday, June 30th. Algonquin Power & Utilities's dividend payout ratio (DPR) is presently -16.77%.

Analyst Ratings Changes

AQN has been the topic of a number of research analyst reports. BMO Capital Markets reiterated a "market perform" rating and issued a $6.00 target price (up from $5.00) on shares of Algonquin Power & Utilities in a research note on Monday, May 12th. Royal Bank Of Canada increased their price target on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. TD Securities increased their price target on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "hold" rating in a report on Wednesday, June 4th. Scotiabank increased their price target on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. Finally, Raymond James Financial increased their price target on shares of Algonquin Power & Utilities from $5.00 to $6.00 and gave the company a "market perform" rating in a report on Wednesday, June 4th. One research analyst has rated the stock with a sell rating and twelve have assigned a hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $6.31.

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.