XTX Topco Ltd Raises Stock Holdings in Algonquin Power & Utilities Corp. (NYSE:AQN)

Key Points

• XTX Topco Ltd increased its stake in Algonquin Power & Utilities Corp. by 243.5% during the first quarter, bringing its total holdings to 89,694 shares worth approximately $461,000.
• Other institutional investors, such as Starboard Value LP and EdgePoint Investment Group Inc., also increased their stakes, indicating growing interest in the utilities provider.
• Algonquin Power & Utilities reported earnings of $0.14 EPS, exceeding analysts' expectations, despite revenue for the quarter slightly falling short of estimates.

XTX Topco Ltd increased its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 243.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 89,694 shares of the utilities provider's stock after buying an additional 63,584 shares during the quarter. XTX Topco Ltd's holdings in Algonquin Power & Utilities were worth $461,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Starboard Value LP increased its stake in Algonquin Power & Utilities by 5.1% during the fourth quarter. Starboard Value LP now owns 65,316,000 shares of the utilities provider's stock worth $290,656,000 after acquiring an additional 3,175,000 shares during the last quarter. EdgePoint Investment Group Inc. lifted its holdings in Algonquin Power & Utilities by 32.8% during the 4th quarter. EdgePoint Investment Group Inc. now owns 22,830,789 shares of the utilities provider's stock worth $101,202,000 after buying an additional 5,640,705 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Algonquin Power & Utilities by 0.7% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 13,051,123 shares of the utilities provider's stock worth $57,852,000 after buying an additional 91,353 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Algonquin Power & Utilities by 5.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 8,140,676 shares of the utilities provider's stock worth $36,217,000 after purchasing an additional 420,202 shares during the last quarter. Finally, Toronto Dominion Bank lifted its holdings in shares of Algonquin Power & Utilities by 40.2% in the 4th quarter. Toronto Dominion Bank now owns 7,910,535 shares of the utilities provider's stock worth $35,066,000 after purchasing an additional 2,267,343 shares during the last quarter. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Stock Performance

Shares of NYSE AQN opened at $5.90 on Friday. 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 stock has a market capitalization of $4.53 billion, a price-to-earnings ratio of -3.80 and a beta of 0.68. The stock's fifty day simple moving average is $5.84 and its 200 day simple moving average is $5.32. Algonquin Power & Utilities Corp. has a 52-week low of $4.19 and a 52-week high of $6.26.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last issued its earnings results on Friday, May 9th. The utilities provider reported $0.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.09 by $0.05. The business had revenue of $692.40 million for the quarter, compared to analysts' expectations of $699.08 million. Algonquin Power & Utilities had a positive return on equity of 4.74% and a negative net margin of 48.78%. During the same period in the previous year, the firm posted $0.14 EPS. As a group, sell-side analysts forecast that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Wall Street Zen downgraded Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Scotiabank lifted their target price 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. National Bankshares downgraded Algonquin Power & Utilities from an "outperform" rating to a "sector perform" rating and set a $6.75 target price on the stock. in a research note on Wednesday, June 4th. BMO Capital Markets reiterated a "market perform" rating and set a $6.00 price target (up from $5.00) on shares of Algonquin Power & Utilities in a research report on Monday, May 12th. Finally, Royal Bank Of Canada lifted 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. One equities research analyst has rated the stock with a sell rating and twelve have given a hold rating to the company. According to MarketBeat, Algonquin Power & Utilities presently has a consensus rating of "Hold" and an average price target of $6.31.

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.

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