Northwest & Ethical Investments L.P. Buys 5,158 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Northwest & Ethical Investments L.P. increased its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 12.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 47,155 shares of the utilities provider’s stock after purchasing an additional 5,158 shares during the period. Northwest & Ethical Investments L.P.’s holdings in Algonquin Power & Utilities were worth $258,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Central Pacific Bank Trust Division bought a new position in shares of Algonquin Power & Utilities during the third quarter worth approximately $54,000. Claro Advisors LLC bought a new position in Algonquin Power & Utilities during the 2nd quarter worth $61,000. SeaCrest Wealth Management LLC acquired a new position in Algonquin Power & Utilities in the 2nd quarter valued at $66,000. Verdence Capital Advisors LLC bought a new stake in shares of Algonquin Power & Utilities during the 3rd quarter valued at $61,000. Finally, Raymond James Trust N.A. grew its stake in Algonquin Power & Utilities by 33.4% during the third quarter. Raymond James Trust N.A. now owns 13,343 shares of the utilities provider’s stock worth $73,000 after buying an additional 3,343 shares in the last quarter. 62.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Raymond James lowered shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $7.75 to $7.00 in a report on Monday, August 12th. Wells Fargo & Company lowered their price target on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a report on Wednesday, October 16th. Janney Montgomery Scott initiated coverage on Algonquin Power & Utilities in a report on Thursday, September 5th. They set a “neutral” rating and a $6.00 price objective on the stock. Scotiabank lowered their target price on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating for the company in a report on Friday, November 8th. Finally, Desjardins cut their price target on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a research note on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Algonquin Power & Utilities currently has an average rating of “Hold” and an average target price of $6.18.

Algonquin Power & Utilities Stock Up 1.4 %

Algonquin Power & Utilities stock opened at $4.95 on Friday. Algonquin Power & Utilities Corp. has a 1-year low of $4.67 and a 1-year high of $6.79. The company has a current ratio of 0.92, a quick ratio of 0.73 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of -3.84 and a beta of 0.68. The firm’s fifty day moving average price is $5.02 and its two-hundred day moving average price is $5.57.

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

Algonquin Power & Utilities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a yield of 5.25%. The ex-dividend date is Tuesday, December 31st. Algonquin Power & Utilities’s payout ratio is -20.16%.

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.