Scotia Capital Inc. Has $9.13 Million Holdings in Algonquin Power & Utilities Corp. (NYSE:AQN)

Key Points

• Scotia Capital Inc. reduced its position in Algonquin Power & Utilities Corp. by 7.6% during the first quarter, now holding approximately 1,780,044 shares worth about $9.13 million.
• Algonquin Power & Utilities recently reported $0.14 earnings per share, exceeding estimates of $0.09, despite a negative net margin of 48.78%.
• The company declared a quarterly dividend of $0.065 per share, representing an annualized yield of 4.4%, with a payout ratio of -16.77%.

Scotia Capital Inc. cut its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 7.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,780,044 shares of the utilities provider's stock after selling 147,063 shares during the quarter. Scotia Capital Inc. owned 0.23% of Algonquin Power & Utilities worth $9,130,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Bank of Nova Scotia raised its holdings in shares of Algonquin Power & Utilities by 1.5% during the first quarter. Bank of Nova Scotia now owns 9,761,735 shares of the utilities provider's stock valued at $50,137,000 after acquiring an additional 139,907 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in Algonquin Power & Utilities in the 1st quarter worth about $289,000. Alberta Investment Management Corp boosted its position in Algonquin Power & Utilities by 12.7% during the 1st quarter. Alberta Investment Management Corp now owns 5,693,639 shares of the utilities provider's stock worth $29,252,000 after acquiring an additional 640,850 shares during the period. US Bancorp DE grew its stake in Algonquin Power & Utilities by 85.7% during the 1st quarter. US Bancorp DE now owns 4,887 shares of the utilities provider's stock valued at $25,000 after acquiring an additional 2,256 shares in the last quarter. Finally, Natixis Advisors LLC increased its holdings in shares of Algonquin Power & Utilities by 7.9% in the 1st quarter. Natixis Advisors LLC now owns 113,745 shares of the utilities provider's stock valued at $585,000 after purchasing an additional 8,339 shares during the period. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on AQN. BMO Capital Markets reaffirmed a "market perform" rating and set a $6.00 price objective (up from $5.00) on shares of Algonquin Power & Utilities in a research report on Monday, May 12th. CIBC boosted their price objective on Algonquin Power & Utilities from $5.75 to $6.25 and gave the stock a "neutral" rating in a research report on Wednesday, June 4th. Scotiabank boosted their price target on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a "sector perform" rating 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 report on Wednesday, May 21st. Finally, Desjardins boosted their price target on shares of Algonquin Power & Utilities from $4.75 to $6.00 and gave the company a "hold" rating in a report on Wednesday, June 4th. One analyst has rated the stock with a sell rating and twelve have issued a hold rating to the company. According to MarketBeat, Algonquin Power & Utilities has a consensus rating of "Hold" and a consensus price target of $6.31.

Algonquin Power & Utilities Price Performance

NYSE:AQN traded down $0.24 on Friday, reaching $5.68. The stock had a trading volume of 5,608,495 shares, compared to its average volume of 10,736,977. The company has a quick ratio of 0.94, a current ratio of 1.16 and a debt-to-equity ratio of 1.21. The company has a market capitalization of $4.36 billion, a P/E ratio of -3.66 and a beta of 0.68. Algonquin Power & Utilities Corp. has a 1-year low of $4.19 and a 1-year high of $6.24. The stock has a fifty day moving average price of $5.84 and a 200-day moving average price of $5.32.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last released its quarterly 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 4.74% and a negative net margin of 48.78%. The business had revenue of $535.59 million during the quarter, compared to analysts' expectations of $535.64 million. During the same period in the previous year, the business posted $0.09 earnings per share. Research analysts forecast that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 4.6%. Algonquin Power & Utilities's payout ratio is -16.77%.

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.