PDT Partners LLC Grows Stake in Algonquin Power & Utilities Corp. $AQN

Key Points

• PDT Partners LLC increased its stake in Algonquin Power & Utilities Corp. by 62.3%, acquiring an additional 429,306 shares, bringing its total ownership to 1,118,379 shares.
• Several institutional investors have also increased their positions, with ownership among institutional investors at 62.28% as of the latest quarter.
• Algonquin Power & Utilities declared a quarterly dividend of $0.065 per share, representing a 4.5% dividend yield for shareholders of record by September 30th.

PDT Partners LLC boosted its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 62.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,118,379 shares of the utilities provider's stock after purchasing an additional 429,306 shares during the quarter. PDT Partners LLC owned about 0.15% of Algonquin Power & Utilities worth $5,748,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. US Bancorp DE increased its holdings in Algonquin Power & Utilities by 85.7% in the first quarter. US Bancorp DE now owns 4,887 shares of the utilities provider's stock worth $25,000 after purchasing an additional 2,256 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Algonquin Power & Utilities during the first quarter valued at approximately $31,000. Atria Wealth Solutions Inc. bought a new stake in Algonquin Power & Utilities during the first quarter worth $51,000. Sowell Financial Services LLC purchased a new stake in Algonquin Power & Utilities in the 1st quarter valued at $59,000. Finally, NBC Securities Inc. raised its position 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 buying an additional 12,287 shares during the last quarter. 62.28% of the stock is currently owned by institutional investors.

Algonquin Power & Utilities Price Performance

NYSE AQN traded up $0.02 during trading on Thursday, reaching $5.65. The company's stock had a trading volume of 3,679,807 shares, compared to its average volume of 10,099,617. The stock has a market capitalization of $4.34 billion, a PE ratio of -3.14 and a beta of 0.69. 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 firm has a fifty day moving average of $5.84 and a 200 day moving average of $5.49. Algonquin Power & Utilities Corp. has a one year low of $4.19 and a one year 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 earnings per share for the quarter, hitting analysts' consensus estimates of $0.04. The business had revenue of $535.59 million for the quarter, compared to analyst estimates 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 period in the prior year, the company earned $0.09 EPS. Analysts expect that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given 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 dividend payout ratio (DPR) is presently -14.44%.

Analyst Ratings Changes

A number of equities research analysts recently commented on AQN shares. National Bank Financial raised Algonquin Power & Utilities to a "hold" rating in a research report on Sunday, June 8th. National Bankshares lowered Algonquin Power & Utilities from an "outperform" rating to a "sector perform" rating and set a $6.75 price target for the company. in a research report on Wednesday, June 4th. Raymond James Financial increased their price target on Algonquin Power & Utilities from $5.00 to $6.00 and gave the company a "market perform" rating in a research report on Wednesday, June 4th. Royal Bank Of Canada increased their price target on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Finally, Desjardins increased their price target on Algonquin Power & Utilities from $4.75 to $6.00 and gave the company a "hold" rating in a research report on Wednesday, June 4th. Twelve analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $6.31.

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.