Point72 Europe London LLP Takes $4.97 Million Position in Algonquin Power & Utilities Corp. $AQN

Key Points

• Point72 Europe London LLP has invested approximately $4.97 million in Algonquin Power & Utilities Corp., acquiring 967,000 shares during the first quarter.
• Several major hedge funds have also increased their positions in Algonquin, with Starboard Value LP boosting its holdings by 5.1%, now owning 65.3 million shares worth $290.6 million.
• Algonquin Power & Utilities recently announced a quarterly dividend of $0.065 per share, representing an annualized yield of 4.5%.

Point72 Europe London LLP acquired a new stake in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 967,000 shares of the utilities provider's stock, valued at approximately $4,971,000. Point72 Europe London LLP owned about 0.13% of Algonquin Power & Utilities at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. US Bancorp DE lifted its stake 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 valued at $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 approximately $31,000. Atria Wealth Solutions Inc. purchased a new stake in Algonquin Power & Utilities in the first quarter valued at approximately $51,000. Sowell Financial Services LLC purchased a new stake in Algonquin Power & Utilities in the first quarter valued at approximately $59,000. Finally, NBC Securities Inc. lifted its stake 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 buying an additional 12,287 shares during the last quarter. Hedge funds and other institutional investors own 62.28% of the company's stock.

Analysts Set New Price Targets

AQN has been the subject of a number of research reports. National Bankshares cut Algonquin Power & Utilities from an "outperform" rating to a "sector perform" rating and set a $6.75 price objective for the company. in a research note on Wednesday, June 4th. Wall Street Zen cut Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Desjardins upped their price target 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. BMO Capital Markets restated a "market perform" rating and set a $6.00 price target (up previously from $5.00) on shares of Algonquin Power & Utilities in a research note on Monday, May 12th. Finally, Raymond James Financial upped their price target 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. Twelve investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Algonquin Power & Utilities has a consensus rating of "Hold" and an average price target of $6.31.

Algonquin Power & Utilities Price Performance

NYSE:AQN traded up $0.02 during trading hours on Thursday, hitting $5.65. The company's stock had a trading volume of 3,630,455 shares, compared to its average volume of 10,099,323. The business's 50-day moving average is $5.84 and its two-hundred day moving average is $5.48. The company 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 quick ratio of 0.86 and a current ratio of 1.09. 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 released 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. The firm had revenue of $535.59 million during the quarter, compared to analysts' expectations 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 quarter in the prior year, the business posted $0.09 earnings per share. As a group, research analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The company also recently declared 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 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 dividend payout ratio (DPR) is currently -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.