Guardian Capital Advisors LP increased its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN – Get Rating) by 8.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 239,504 shares of the utilities provider’s stock after buying an additional 18,050 shares during the period. Guardian Capital Advisors LP’s holdings in Algonquin Power & Utilities were worth $1,685,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AQN. Verition Fund Management LLC bought a new stake in shares of Algonquin Power & Utilities in the 4th quarter worth about $210,000. Cetera Investment Advisers bought a new stake in shares of Algonquin Power & Utilities in the 4th quarter worth about $70,000. Marshall Wace LLP bought a new stake in shares of Algonquin Power & Utilities in the 4th quarter worth about $22,963,000. Two Sigma Advisers LP increased its position in shares of Algonquin Power & Utilities by 149.5% in the 4th quarter. Two Sigma Advisers LP now owns 2,929,700 shares of the utilities provider’s stock worth $19,102,000 after purchasing an additional 1,755,400 shares during the last quarter. Finally, Sourcerock Group LLC bought a new stake in shares of Algonquin Power & Utilities in the 4th quarter worth about $261,000. Hedge funds and other institutional investors own 41.26% of the company’s stock.
Wall Street Analyst Weigh In
AQN has been the subject of several research analyst reports. Wells Fargo & Company boosted their target price on shares of Algonquin Power & Utilities from $9.50 to $10.00 in a research report on Friday, May 12th. StockNews.com assumed coverage on shares of Algonquin Power & Utilities in a research report on Thursday, May 18th. They issued a “sell” rating for the company. TD Securities lifted their price target on shares of Algonquin Power & Utilities from $8.00 to $9.00 and gave the company a “hold” rating in a report on Monday, April 17th. Bank of America lowered shares of Algonquin Power & Utilities from a “buy” rating to a “neutral” rating and decreased their price target for the company from $9.00 to $8.50 in a report on Tuesday, April 18th. Finally, Royal Bank of Canada lifted their price target on shares of Algonquin Power & Utilities from $8.00 to $9.00 and gave the company a “sector perform” rating in a report on Wednesday, April 12th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $10.13.
Algonquin Power & Utilities Trading Down 0.6 %
Algonquin Power & Utilities (NYSE:AQN – Get Rating) last posted its earnings results on Thursday, May 11th. The utilities provider reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. The firm had revenue of $778.60 million during the quarter, compared to analyst estimates of $770.77 million. Algonquin Power & Utilities had a negative net margin of 1.17% and a positive return on equity of 6.74%. Sell-side analysts expect that Algonquin Power & Utilities Corp. will post 0.57 earnings per share for the current year.
Algonquin Power & Utilities Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 30th will be given a dividend of $0.216 per share. This represents a $0.86 dividend on an annualized basis and a dividend yield of 10.05%. This is an increase from Algonquin Power & Utilities’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Thursday, June 29th. Algonquin Power & Utilities’s payout ratio is -716.55%.
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 following business segments: Regulated Services Group, Renewable Energy Group, and Corporate. 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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