Cidel Asset Management Inc. Sells 3,509,142 Shares of Algonquin Power & Utilities Corp. $AQN

Key Points

• Cidel Asset Management cut its Algonquin Power & Utilities stake by 99.2%, selling 3.51 million shares in the second quarter and retaining 26,776 shares valued at approximately $157,000.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $6.72 price target versus AQN’s $5.30 share price.
• Algonquin reported quarterly EPS of $0.04, slightly below expectations, and declared a quarterly dividend of $0.065, representing a 4.9% annualized yield—though its payout ratio is elevated at 136.84%.

Cidel Asset Management Inc. lowered its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 99.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,776 shares of the utilities provider's stock after selling 3,509,142 shares during the period. Cidel Asset Management Inc.'s holdings in Algonquin Power & Utilities were worth $157,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Quarry LP bought a new stake in shares of Algonquin Power & Utilities during the 3rd quarter worth $29,000. Group One Trading LLC increased its holdings in Algonquin Power & Utilities by 63.3% during the fourth quarter. Group One Trading LLC now owns 7,479 shares of the utilities provider's stock worth $46,000 after buying an additional 2,900 shares during the last quarter. NewEdge Advisors LLC purchased a new stake in Algonquin Power & Utilities during the fourth quarter worth about $47,000. Vise Technologies Inc. bought a new stake in Algonquin Power & Utilities in the third quarter worth about $56,000. Finally, August Group Capital Ltd bought a new stake in Algonquin Power & Utilities in the second quarter worth about $62,000. 62.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AQN has been the subject of a number of research reports. National Bank Financial set a $7.00 target price on shares of Algonquin Power & Utilities and gave the company an "outperform" rating in a research report on Tuesday, September 1st. Weiss Ratings cut shares of Algonquin Power & Utilities from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Finally, TD set a $6.00 price objective on Algonquin Power & Utilities and gave the company a "hold" rating in a research note on Monday, August 31st. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $6.72.

Algonquin Power & Utilities Price Performance

NYSE AQN opened at $5.30 on Friday. The company has a market cap of $4.08 billion, a PE ratio of 27.92 and a beta of 0.70. Algonquin Power & Utilities Corp. has a 52 week low of $5.28 and a 52 week high of $7.11. The company has a quick ratio of 0.69, a current ratio of 0.88 and a debt-to-equity ratio of 1.28. The firm's 50-day simple moving average is $5.76 and its two-hundred day simple moving average is $6.03.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its earnings results on Friday, August 7th. The utilities provider reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). Algonquin Power & Utilities had a return on equity of 5.16% and a net margin of 5.77%.The business had revenue of $582.99 million during the quarter, compared to analysts' expectations of $582.99 million. During the same quarter in the previous year, the business earned $0.04 EPS. Algonquin Power & Utilities has set its FY 2027 guidance at 0.380-0.420 EPS and its FY 2026 guidance at 0.350-0.370 EPS. Research analysts predict that Algonquin Power & Utilities Corp. will post 0.35 earnings per share for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 29th will be paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date is Tuesday, September 29th. Algonquin Power & Utilities's payout ratio is currently 136.84%.

Algonquin Power & Utilities Profile

Algonquin Power & Utilities Corp. is a North American utility and renewable energy company headquartered in Oakville, Ontario. Through its Liberty operating businesses, the company has provided regulated electricity, natural gas, water and wastewater services to residential, commercial and industrial customers.

Algonquin has historically operated regulated utility systems in the United States and Canada, with activities including electricity distribution and transmission, natural gas distribution, and water and wastewater utilities.

Want to see what other hedge funds are holding AQN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.