Algonquin Power & Utilities Corp. $AQN Shares Bought by Corvex Management LP

Key Points

• Corvex Management LP increased its stake in Algonquin Power & Utilities Corp. by 69.9%, acquiring an additional 2,338,400 shares to total 5,683,855 shares.
• Several institutional investors, including Southpoint Capital Advisors LP and Ariel Investments LLC, also made significant recent investments, collectively owning 62.28% of the company's stock.
• Algonquin Power & Utilities announced a quarterly dividend of $0.065 per share, representing a 4.6% dividend yield.

Corvex Management LP boosted its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 69.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,683,855 shares of the utilities provider's stock after buying an additional 2,338,400 shares during the period. Algonquin Power & Utilities accounts for about 1.1% of Corvex Management LP's investment portfolio, making the stock its 23rd biggest holding. Corvex Management LP owned approximately 0.74% of Algonquin Power & Utilities worth $29,215,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Algonquin Power & Utilities in the 1st quarter valued at $288,000. Russell Investments Group Ltd. grew its stake in Algonquin Power & Utilities by 25.9% in the first quarter. Russell Investments Group Ltd. now owns 104,156 shares of the utilities provider's stock valued at $535,000 after purchasing an additional 21,401 shares during the last quarter. Sowell Financial Services LLC bought a new position in Algonquin Power & Utilities in the first quarter worth about $59,000. Atria Wealth Solutions Inc. bought a new position in Algonquin Power & Utilities in the first quarter worth about $51,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Algonquin Power & Utilities by 12.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,782,827 shares of the utilities provider's stock valued at $25,734,000 after buying an additional 654,006 shares during the last quarter. Hedge funds and other institutional investors own 62.28% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. National Bank Financial raised shares of Algonquin Power & Utilities to a "hold" rating in a research report on Sunday, June 8th. TD Securities raised shares of Algonquin Power & Utilities to a "hold" rating in a report on Monday, August 11th. National Bankshares downgraded 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. Raymond James Financial raised their price objective on Algonquin Power & Utilities from $5.00 to $6.00 and gave the stock a "market perform" rating in a research report on Wednesday, June 4th. Finally, Desjardins boosted their target price on Algonquin Power & Utilities from $4.75 to $6.00 and gave the stock a "hold" rating in a research note on Wednesday, June 4th. Eleven equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $6.34.

Algonquin Power & Utilities Stock Performance

AQN traded down $0.04 on Monday, reaching $5.64. 4,139,880 shares of the stock were exchanged, compared to its average volume of 10,024,728. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.09 and a quick ratio of 0.86. The company's 50-day moving average price is $5.84 and its 200 day moving average price is $5.50. The firm has a market capitalization of $4.33 billion, a PE ratio of -3.13 and a beta of 0.69. Algonquin Power & Utilities Corp. has a fifty-two week low of $4.19 and a fifty-two week high of $6.24.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last announced 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 during the quarter, compared to analysts' expectations of $535.64 million. During the same period last year, the business posted $0.09 earnings per share. As a group, sell-side analysts forecast that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a yield of 4.6%. The ex-dividend date is Monday, September 29th. Algonquin Power & Utilities's payout ratio is presently -14.44%.

Algonquin Power & Utilities 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.