Hennessy Advisors Inc. Grows Stock Position in Algonquin Power & Utilities Corp. $AQN

Key Points

• Hennessy Advisors Inc. increased its ownership in Algonquin Power & Utilities Corp. by 46.1% during the second quarter, now holding 166,064 shares valued at $952,000.
• Several institutional investors have notably increased their stakes, including Squarepoint Ops LLC with a 451.9% increase in the fourth quarter.
• Algonquin Power & Utilities will pay a quarterly dividend of $0.065 per share on October 15th, with a current dividend yield of 4.5%.

Hennessy Advisors Inc. boosted its stake in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 46.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 166,064 shares of the utilities provider's stock after purchasing an additional 52,400 shares during the period. Hennessy Advisors Inc.'s holdings in Algonquin Power & Utilities were worth $952,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in AQN. Squarepoint Ops LLC increased its holdings in Algonquin Power & Utilities by 451.9% in the 4th quarter. Squarepoint Ops LLC now owns 73,040 shares of the utilities provider's stock valued at $325,000 after purchasing an additional 59,806 shares during the last quarter. NBC Securities Inc. increased its holdings in Algonquin Power & Utilities by 111,700.0% in the 1st 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 last quarter. Alpha Omega Wealth Management LLC increased its holdings in Algonquin Power & Utilities by 18.5% in the 1st quarter. Alpha Omega Wealth Management LLC now owns 444,600 shares of the utilities provider's stock valued at $2,285,000 after purchasing an additional 69,500 shares during the last quarter. Krilogy Financial LLC increased its holdings in Algonquin Power & Utilities by 14.8% in the 1st quarter. Krilogy Financial LLC now owns 1,861,445 shares of the utilities provider's stock valued at $9,568,000 after purchasing an additional 240,400 shares during the last quarter. Finally, Sowell Financial Services LLC acquired a new stake in Algonquin Power & Utilities in the 1st quarter valued at approximately $59,000. Institutional investors and hedge funds own 62.28% of the company's stock.

Algonquin Power & Utilities Stock Performance

NYSE:AQN opened at $5.79 on Friday. The company has a fifty day simple moving average of $5.70 and a two-hundred day simple moving average of $5.59. The company has a market cap of $4.44 billion, a price-to-earnings ratio of -3.21 and a beta of 0.72. The company has a quick ratio of 0.86, a current ratio of 1.09 and a debt-to-equity ratio of 1.22. 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 posted its quarterly earnings results on Friday, August 8th. The utilities provider reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. The business had revenue of $535.59 million during the quarter, compared to the consensus estimate of $535.64 million. Algonquin Power & Utilities had a negative net margin of 57.66% and a positive return on equity of 4.76%. During the same quarter in the previous year, the firm posted $0.09 earnings per share. As a group, equities analysts anticipate 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 announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.065 per share. The ex-dividend date is Monday, September 29th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.5%. Algonquin Power & Utilities's payout ratio is presently -14.44%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on AQN shares. Wall Street Zen upgraded shares of Algonquin Power & Utilities from a "sell" rating to a "hold" rating in a report on Saturday. Weiss Ratings reiterated a "sell (d)" rating on shares of Algonquin Power & Utilities in a report on Saturday, September 27th. TD Securities upgraded shares of Algonquin Power & Utilities to a "hold" rating in a research note on Monday, August 11th. Desjardins upgraded shares of Algonquin Power & Utilities from a "hold" rating to a "buy" rating and boosted their price target for the stock from $6.00 to $6.25 in a research note on Wednesday. Finally, National Bank Financial upgraded shares of Algonquin Power & Utilities to a "hold" rating in a research note on Sunday, June 8th. One investment analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $6.36.

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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