Algonquin Power & Utilities Corp. $AQN Position Boosted by Public Employees Retirement System of Ohio

Key Points

• The Public Employees Retirement System of Ohio increased its stake in Algonquin Power & Utilities Corp. by 59.9%, owning approximately 0.27% of the company, valued at $11.8 million.
• Several equities analysts have revised their price targets for Algonquin, with the consensus rating being a "Hold" and an average target price of $6.34.
• Algonquin Power & Utilities recently announced a quarterly dividend of $0.065 per share, translating to an annualized yield of 4.8%.

Public Employees Retirement System of Ohio increased its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 59.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,066,247 shares of the utilities provider's stock after buying an additional 774,061 shares during the quarter. Public Employees Retirement System of Ohio owned about 0.27% of Algonquin Power & Utilities worth $11,834,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. US Bancorp DE grew its holdings 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 worth $25,000 after buying an additional 2,256 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Algonquin Power & Utilities during the 1st quarter valued at $31,000. Atria Wealth Solutions Inc. bought a new position in Algonquin Power & Utilities during the 1st quarter valued at $51,000. Sowell Financial Services LLC bought a new position in Algonquin Power & Utilities during the 1st quarter valued at $59,000. Finally, Oakwell Private Wealth Management LLC bought a new position in Algonquin Power & Utilities during the 1st quarter valued at $63,000. 62.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on AQN shares. CIBC increased their price target on Algonquin Power & Utilities from $5.75 to $6.25 and gave the company a "neutral" rating in a research note on Wednesday, June 4th. Raymond James Financial increased their price target on Algonquin Power & Utilities from $5.00 to $6.00 and gave the company a "market perform" rating in a research note on Wednesday, June 4th. National Bankshares lowered Algonquin Power & Utilities from an "outperform" rating to a "sector perform" rating and set a $6.75 price target for the company. in a research note on Wednesday, June 4th. National Bank Financial raised Algonquin Power & Utilities to a "hold" rating in a research note on Sunday, June 8th. Finally, Royal Bank Of Canada increased their price target on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. Eleven investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, Algonquin Power & Utilities has a consensus rating of "Hold" and an average target price of $6.34.

Algonquin Power & Utilities Stock Performance

AQN opened at $5.39 on Friday. The firm has a market cap of $4.14 billion, a PE ratio of -2.99 and a beta of 0.69. The company has a quick ratio of 0.86, a current ratio of 1.09 and a debt-to-equity ratio of 1.22. The business has a fifty day simple moving average of $5.75 and a 200-day simple moving average of $5.56. Algonquin Power & Utilities Corp. has a fifty-two week low of $4.19 and a fifty-two week high of $6.24.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last released its quarterly earnings data on Friday, August 8th. The utilities provider reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. The business had revenue of $535.59 million during the quarter, compared to analyst estimates of $535.64 million. Algonquin Power & Utilities had a positive return on equity of 4.76% and a negative net margin of 57.66%.During the same period last year, the company posted $0.09 EPS. As a group, equities analysts predict that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a $0.065 dividend. The ex-dividend date is Monday, September 29th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.8%. Algonquin Power & Utilities's dividend payout ratio is presently -14.44%.

About Algonquin Power & Utilities

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.

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