Alpha Omega Wealth Management LLC Has $1.22 Million Stock Holdings in Algonquin Power & Utilities Corp. $AQN

Key Points

• Alpha Omega Wealth Management LLC reduced its stake in Algonquin Power & Utilities Corp. by 52.1%, now holding shares worth $1.22 million after selling 231,467 shares in the second quarter.
• The stock of Algonquin Power & Utilities has seen varied analyst ratings, with a current consensus of "Hold" and an average target price of $6.34.
• Algonquin Power & Utilities announced a quarterly dividend of $0.065 per share, effective for shareholders of record as of September 30th, representing an annual yield of 4.8%.

Alpha Omega Wealth Management LLC lessened its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 52.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 213,133 shares of the utilities provider's stock after selling 231,467 shares during the period. Alpha Omega Wealth Management LLC's holdings in Algonquin Power & Utilities were worth $1,221,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in AQN. Value Partners Investments Inc. raised its holdings in Algonquin Power & Utilities by 26.4% in the 2nd quarter. Value Partners Investments Inc. now owns 47,983 shares of the utilities provider's stock valued at $274,000 after acquiring an additional 10,020 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Algonquin Power & Utilities by 65.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider's stock valued at $62,738,000 after acquiring an additional 4,808,539 shares in the last quarter. EdgePoint Investment Group Inc. raised its holdings in Algonquin Power & Utilities by 84.9% in the 1st quarter. EdgePoint Investment Group Inc. now owns 42,223,594 shares of the utilities provider's stock valued at $216,868,000 after acquiring an additional 19,392,805 shares in the last quarter. Corvex Management LP raised its holdings in Algonquin Power & Utilities by 69.9% in the 1st quarter. Corvex Management LP now owns 5,683,855 shares of the utilities provider's stock valued at $29,215,000 after acquiring an additional 2,338,400 shares in the last quarter. Finally, Ariel Investments LLC acquired a new position in Algonquin Power & Utilities in the 1st quarter valued at approximately $35,735,000. Institutional investors and hedge funds own 62.28% of the company's stock.

Algonquin Power & Utilities Stock Down 0.7%

NYSE AQN opened at $5.44 on Tuesday. The firm has a market cap of $4.18 billion, a PE ratio of -3.02 and a beta of 0.69. Algonquin Power & Utilities Corp. has a one year low of $4.19 and a one year high of $6.24. The stock's 50 day simple moving average is $5.78 and its 200 day simple moving average is $5.56. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.09 and a quick ratio of 0.86.

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

Algonquin Power & Utilities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.065 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $0.26 annualized dividend and a yield of 4.8%. Algonquin Power & Utilities's dividend payout ratio is currently -14.44%.

Analysts Set New Price Targets

Several equities analysts have commented on AQN shares. TD Securities raised Algonquin Power & Utilities to a "hold" rating in a report on Monday, August 11th. National Bank Financial raised Algonquin Power & Utilities to a "hold" rating in a report on Sunday, June 8th. Raymond James Financial upped their price target on Algonquin Power & Utilities from $5.00 to $6.00 and gave the company a "market perform" rating in a report on Wednesday, June 4th. Wall Street Zen cut Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Finally, Desjardins upped their price target on Algonquin Power & Utilities from $4.75 to $6.00 and gave the company a "hold" rating in a report on Wednesday, June 4th. Eleven equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Algonquin Power & Utilities currently has a consensus rating of "Hold" and an average target price of $6.34.

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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