Cidel Asset Management Inc. Purchases 639,000 Shares of Algonquin Power & Utilities Corp. $AQN

Key Points

• Cidel Asset Management Inc. has increased its holdings in Algonquin Power & Utilities Corp. by 25.2%, acquiring 639,000 shares, bringing its total to over 3.17 million shares.
• Algonquin Power & Utilities recently reported a quarterly EPS of $0.04, aligning with analysts' expectations, and had a negative net margin of 57.66%.
• The company declared a $0.065 quarterly dividend, reflecting an annual yield of 4.4%, with a payout ratio of -14.44%.

Cidel Asset Management Inc. increased its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 25.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,178,346 shares of the utilities provider's stock after purchasing an additional 639,000 shares during the period. Algonquin Power & Utilities comprises about 1.1% of Cidel Asset Management Inc.'s investment portfolio, making the stock its 29th largest position. Cidel Asset Management Inc. owned about 0.41% of Algonquin Power & Utilities worth $18,145,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Sowell Financial Services LLC bought a new stake in Algonquin Power & Utilities in the first quarter valued at $59,000. Packer & Co Ltd bought a new stake in Algonquin Power & Utilities in the first quarter valued at $23,197,000. Manning & Napier Advisors LLC grew its position in Algonquin Power & Utilities by 10.0% in the first quarter. Manning & Napier Advisors LLC now owns 1,375,000 shares of the utilities provider's stock valued at $7,068,000 after acquiring an additional 125,000 shares during the period. Value Partners Investments Inc. grew its position in Algonquin Power & Utilities by 89.1% in the first quarter. Value Partners Investments Inc. now owns 37,963 shares of the utilities provider's stock valued at $195,000 after acquiring an additional 17,890 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new stake in Algonquin Power & Utilities in the first quarter valued at $288,000. 62.28% of the stock is currently owned by institutional investors.

Algonquin Power & Utilities Price Performance

Shares of AQN stock opened at $5.98 on Friday. The stock's fifty day moving average is $5.69 and its 200-day moving average is $5.63. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.86 and a current ratio of 1.09. The stock has a market capitalization of $4.59 billion, a PE ratio of -3.32 and a beta of 0.72. Algonquin Power & Utilities Corp. has a 52 week low of $4.19 and a 52 week high of $6.24.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last announced its earnings results on Friday, August 8th. The utilities provider reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. The company had revenue of $535.59 million for the quarter, compared to analysts' expectations 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 quarter in the prior year, the business earned $0.09 earnings per share. Equities research analysts expect that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, September 29th. Algonquin Power & Utilities's dividend payout ratio is -14.44%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Weiss Ratings reiterated a "sell (d)" rating on shares of Algonquin Power & Utilities in a research report on Wednesday, October 8th. TD Securities upgraded Algonquin Power & Utilities to a "hold" rating in a research report on Monday, August 11th. Wall Street Zen cut Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Desjardins increased their target price on Algonquin Power & Utilities from $6.25 to $6.75 and gave the stock a "buy" rating in a report on Thursday, October 9th. One research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $6.50.

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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