Anson Funds Management LP Has $3.28 Million Stock Position in Algonquin Power & Utilities Corp. $AQN

Key Points

• Anson Funds Management LP has significantly reduced its stake in Algonquin Power & Utilities Corp. by 52.8%, now holding 637,500 shares worth approximately $3.27 million.
• Algonquin Power & Utilities reported a quarterly earnings per share (EPS) of $0.04, matching analysts' expectations, with revenue around $535.59 million.
• The company declared a quarterly dividend of $0.065 per share, yielding 4.7%, with the dividend payout ratio reported at -14.44%.

Anson Funds Management LP cut its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 52.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 637,500 shares of the utilities provider's stock after selling 712,500 shares during the period. Anson Funds Management LP owned 0.08% of Algonquin Power & Utilities worth $3,277,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. US Bancorp DE lifted its position in Algonquin Power & Utilities by 85.7% during the first quarter. US Bancorp DE now owns 4,887 shares of the utilities provider's stock worth $25,000 after acquiring an additional 2,256 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Algonquin Power & Utilities during the first quarter worth approximately $31,000. Atria Wealth Solutions Inc. acquired a new stake in Algonquin Power & Utilities during the first quarter worth approximately $51,000. Sowell Financial Services LLC acquired a new stake in Algonquin Power & Utilities during the first quarter worth approximately $59,000. Finally, NBC Securities Inc. lifted its position in Algonquin Power & Utilities by 111,700.0% during the first quarter. NBC Securities Inc. now owns 12,298 shares of the utilities provider's stock worth $63,000 after acquiring an additional 12,287 shares during the last quarter. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. National Bank Financial upgraded shares of Algonquin Power & Utilities to a "hold" rating in a research report on Sunday, June 8th. Desjardins boosted their price objective on shares of Algonquin Power & Utilities from $4.75 to $6.00 and gave the company a "hold" rating in a research report on Wednesday, June 4th. Raymond James Financial boosted their price objective on shares of Algonquin Power & Utilities from $5.00 to $6.00 and gave the company a "market perform" rating in a research report on Wednesday, June 4th. Scotiabank boosted their target price on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Finally, Royal Bank Of Canada boosted their target price on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Eleven research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Algonquin Power & Utilities has an average rating of "Hold" and an average target price of $6.34.

Algonquin Power & Utilities Trading Down 0.8%

AQN stock traded down $0.05 during midday trading on Tuesday, hitting $5.55. The stock had a trading volume of 1,607,564 shares, compared to its average volume of 9,781,196. The firm has a market cap of $4.26 billion, a P/E ratio of -3.07 and a beta of 0.69. The company has a current ratio of 1.09, a quick ratio of 0.86 and a debt-to-equity ratio of 1.22. Algonquin Power & Utilities Corp. has a 1-year low of $4.19 and a 1-year high of $6.24. The business has a fifty day moving average price of $5.82 and a two-hundred day moving average price of $5.53.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last released its earnings results on Friday, August 8th. The utilities provider reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The business had revenue of $535.59 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the business earned $0.09 earnings per share. On average, sell-side analysts predict 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 disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.065 per share. The ex-dividend date is Monday, September 29th. This represents a $0.26 annualized dividend and a dividend yield of 4.7%. Algonquin Power & Utilities's dividend payout ratio is currently -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.