Algonquin Power & Utilities Corp. (NYSE:AQN) Position Boosted by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Algonquin Power & Utilities Corp. (NYSE:AQN) by 45.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 12,959,770 shares of the utilities provider’s stock after buying an additional 4,054,711 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Algonquin Power & Utilities were worth $70,806,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Central Pacific Bank Trust Division acquired a new position in shares of Algonquin Power & Utilities during the 3rd quarter worth $54,000. Claro Advisors LLC acquired a new position in Algonquin Power & Utilities during the second quarter worth $61,000. Capstone Investment Advisors LLC bought a new position in Algonquin Power & Utilities during the third quarter valued at about $58,000. Walleye Capital LLC bought a new position in shares of Algonquin Power & Utilities in the 3rd quarter valued at approximately $59,000. Finally, SeaCrest Wealth Management LLC acquired a new stake in Algonquin Power & Utilities in the 2nd quarter worth approximately $66,000. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Up 1.4 %

AQN opened at $4.95 on Friday. Algonquin Power & Utilities Corp. has a twelve month low of $4.67 and a twelve month high of $6.79. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of -3.84 and a beta of 0.68. The firm’s 50-day simple moving average is $5.02 and its 200-day simple moving average is $5.58. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92.

Algonquin Power & Utilities (NYSE:AQN) last posted its earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The firm had revenue of $573.20 million during the quarter, compared to the consensus estimate of $620.46 million. During the same quarter last year, the firm posted $0.11 EPS. The business’s revenue was up 1.5% on a year-over-year basis. Equities research analysts anticipate that Algonquin Power & Utilities Corp. will post 0.39 EPS for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.065 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.26 dividend on an annualized basis and a dividend yield of 5.25%. Algonquin Power & Utilities’s dividend payout ratio is -20.15%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Scotiabank lowered their price target on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Janney Montgomery Scott assumed coverage on Algonquin Power & Utilities in a research report on Thursday, September 5th. They set a “neutral” rating and a $6.00 price objective for the company. Desjardins lowered their target price on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a report on Monday, August 12th. CIBC reduced their price objective on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $6.00 target price on shares of Algonquin Power & Utilities in a research report on Friday, October 11th. One analyst has rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $6.18.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.