Algonquin Power & Utilities Corp. $AQN Shares Purchased by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC increased its stake in Algonquin Power & Utilities Corp. by 20.8%, now owning approximately 0.07% of the company valued at about $2.84 million.
• Various hedge funds are adjusting their positions in Algonquin, with US Bancorp DE leading with an 85.7% increase during the first quarter.
• Research analysts have raised target prices for AQN, with the consensus now at $6.31, indicating a generally positive outlook on the stock.

Hsbc Holdings PLC boosted its position in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 20.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 554,396 shares of the utilities provider's stock after purchasing an additional 95,511 shares during the period. Hsbc Holdings PLC owned about 0.07% of Algonquin Power & Utilities worth $2,841,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its holdings in Algonquin Power & Utilities by 16.3% in the first quarter. Bank of New York Mellon Corp now owns 14,809 shares of the utilities provider's stock valued at $76,000 after buying an additional 2,073 shares in the last quarter. US Bancorp DE increased its holdings in Algonquin Power & Utilities by 85.7% in the first 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 in the last quarter. DekaBank Deutsche Girozentrale increased its holdings in Algonquin Power & Utilities by 5.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 114,834 shares of the utilities provider's stock valued at $583,000 after buying an additional 5,693 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Algonquin Power & Utilities in the first quarter valued at about $31,000. Finally, Signaturefd LLC increased its holdings in Algonquin Power & Utilities by 14.6% in the first quarter. Signaturefd LLC now owns 48,586 shares of the utilities provider's stock valued at $250,000 after buying an additional 6,203 shares in the last quarter. 62.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on AQN shares. Royal Bank Of Canada increased their target price 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. CIBC increased their target price on shares of Algonquin Power & Utilities from $5.75 to $6.25 and gave the company a "neutral" rating in a report on Wednesday, June 4th. Raymond James Financial increased their target price 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. National Bank Financial raised shares of Algonquin Power & Utilities to a "hold" rating in a research note on Sunday, June 8th. Finally, Desjardins raised their price objective on shares of Algonquin Power & Utilities from $4.75 to $6.00 and gave the stock a "hold" rating in a research note on Wednesday, June 4th. Twelve equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $6.31.

Algonquin Power & Utilities Stock Performance

Shares of AQN opened at $5.77 on Wednesday. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.09 and a quick ratio of 0.86. The firm has a 50 day simple moving average of $5.83 and a 200-day simple moving average of $5.44. Algonquin Power & Utilities Corp. has a 1-year low of $4.19 and a 1-year high of $6.24. The stock has a market cap of $4.43 billion, a price-to-earnings ratio of -3.21 and a beta of 0.67.

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

Algonquin Power & Utilities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a $0.065 dividend. This represents a $0.26 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Monday, September 29th. Algonquin Power & Utilities's payout ratio is presently -14.44%.

Algonquin Power & Utilities Company 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.

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