Algonquin Power & Utilities Corp. $AQN Stock Position Lifted by EdgePoint Investment Group Inc.

Key Points

• EdgePoint Investment Group Inc. increased its stake in Algonquin Power & Utilities by 84.9%, acquiring over 19.3 million shares, resulting in a total of 42.2 million shares held.
• Several analysts have raised their target prices for Algonquin Power & Utilities, with BMO Capital Markets setting a new target of $6.00, while Scotiabank and Royal Bank of Canada increased theirs to $6.50.
• Algonquin Power & Utilities announced a quarterly dividend of $0.065 per share, representing an annual yield of 4.6%, with the payout date set for October 15th.

EdgePoint Investment Group Inc. boosted its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 84.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 42,223,594 shares of the utilities provider's stock after buying an additional 19,392,805 shares during the period. Algonquin Power & Utilities accounts for 1.8% of EdgePoint Investment Group Inc.'s investment portfolio, making the stock its 20th largest position. EdgePoint Investment Group Inc. owned 5.50% of Algonquin Power & Utilities worth $216,868,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. US Bancorp DE boosted its stake in Algonquin Power & Utilities by 85.7% during the first quarter. US Bancorp DE now owns 4,887 shares of the utilities provider's stock worth $25,000 after buying an additional 2,256 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Algonquin Power & Utilities in the first quarter valued at $31,000. Atria Wealth Solutions Inc. purchased a new stake in Algonquin Power & Utilities in the first quarter valued at $51,000. Sowell Financial Services LLC purchased a new stake in Algonquin Power & Utilities in the first quarter valued at $59,000. Finally, NBC Securities Inc. raised its position in Algonquin Power & Utilities by 111,700.0% in the first quarter. NBC Securities Inc. now owns 12,298 shares of the utilities provider's stock valued at $63,000 after purchasing an additional 12,287 shares during the period. Institutional investors and hedge funds own 62.28% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on AQN shares. Raymond James Financial increased their target price on Algonquin Power & Utilities from $5.00 to $6.00 and gave the stock a "market perform" rating in a research note on Wednesday, June 4th. Desjardins increased 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. 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 report on Wednesday, June 4th. TD Securities upgraded Algonquin Power & Utilities to a "hold" rating in a report on Monday, August 11th. Finally, Royal Bank Of Canada upped their price target on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a "sector perform" 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, Algonquin Power & Utilities presently has an average rating of "Hold" and an average price target of $6.34.

Algonquin Power & Utilities Stock Performance

Shares of NYSE AQN traded up $0.01 during trading hours on Tuesday, reaching $5.64. The stock had a trading volume of 1,532,658 shares, compared to its average volume of 9,975,788. The firm has a market cap of $4.33 billion, a price-to-earnings ratio of -3.13 and a beta of 0.69. The company has a current ratio of 1.09, a quick ratio of 0.86 and a debt-to-equity ratio of 1.22. Algonquin Power & Utilities Corp. has a fifty-two week low of $4.19 and a fifty-two week high of $6.24. The firm has a 50-day moving average of $5.83 and a 200-day moving average of $5.51.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last announced its earnings results on Friday, August 8th. The utilities provider reported $0.04 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates 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 in the prior year, the firm earned $0.09 EPS. Equities research analysts predict that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current year.

Algonquin Power & Utilities Dividend Announcement

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

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.