Algonquin Power & Utilities Corp. (NYSE:AQN) Holdings Increased by Cidel Asset Management Inc.

Cidel Asset Management Inc. grew its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 1.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,539,346 shares of the utilities provider's stock after buying an additional 45,575 shares during the quarter. Cidel Asset Management Inc. owned about 0.33% of Algonquin Power & Utilities worth $13,039,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SVB Wealth LLC purchased a new position in shares of Algonquin Power & Utilities in the fourth quarter worth approximately $49,000. Charles Schwab Investment Management Inc. boosted its position in shares of Algonquin Power & Utilities by 4.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,303,614 shares of the utilities provider's stock valued at $10,219,000 after acquiring an additional 92,373 shares in the last quarter. Aigen Investment Management LP acquired a new stake in shares of Algonquin Power & Utilities during the 4th quarter valued at about $262,000. Raymond James Financial Inc. acquired a new position in Algonquin Power & Utilities in the fourth quarter valued at about $990,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Algonquin Power & Utilities by 20.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 177,815 shares of the utilities provider's stock valued at $789,000 after buying an additional 29,832 shares in the last quarter. 62.28% of the stock is currently owned by institutional investors.

Algonquin Power & Utilities Stock Performance

Shares of AQN stock opened at $5.73 on Tuesday. 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 company has a fifty day moving average price of $5.61 and a two-hundred day moving average price of $5.04. Algonquin Power & Utilities Corp. has a one year low of $4.19 and a one year high of $6.36. The stock has a market cap of $4.40 billion, a P/E ratio of -3.70 and a beta of 0.67.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last issued its quarterly earnings data on Friday, May 9th. The utilities provider reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.05. The business had revenue of $692.40 million during the quarter, compared to analysts' expectations of $699.08 million. Algonquin Power & Utilities had a negative net margin of 48.78% and a positive return on equity of 4.74%. During the same quarter in the previous year, the company earned $0.14 EPS. As a group, equities analysts predict that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.54%. The ex-dividend date of this dividend is Monday, June 30th. Algonquin Power & Utilities's payout ratio is -16.77%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on AQN. National Bankshares lowered shares of Algonquin Power & Utilities from an "outperform" rating to a "sector perform" rating and set a $6.75 price target on the stock. in a research report on Wednesday, June 4th. Desjardins upped their target price on shares of Algonquin Power & Utilities from $4.75 to $6.00 and gave the stock a "hold" rating in a research report on Wednesday, June 4th. Royal Bank Of Canada upped 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 report on Wednesday, June 4th. BMO Capital Markets reiterated a "market perform" rating and set a $6.00 target price (up from $5.00) on shares of Algonquin Power & Utilities in a research report on Monday, May 12th. Finally, CIBC upped their target price on shares of Algonquin Power & Utilities from $5.75 to $6.25 and gave the stock a "neutral" rating in a research report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating and twelve have given a hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $6.31.

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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