Norges Bank Takes $28.32 Million Position in Algonquin Power & Utilities Corp. (NYSE:AQN)

Norges Bank bought a new position in shares of Algonquin Power & Utilities Corp. (NYSE:AQNFree Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 4,488,808 shares of the utilities provider’s stock, valued at approximately $28,322,000. Norges Bank owned approximately 0.65% of Algonquin Power & Utilities at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of AQN. Sasco Capital Inc. CT purchased a new stake in shares of Algonquin Power & Utilities during the third quarter worth $18,156,000. Hudson Bay Capital Management LP purchased a new stake in Algonquin Power & Utilities during the 3rd quarter worth about $8,936,000. Toronto Dominion Bank raised its position in Algonquin Power & Utilities by 7.9% in the 3rd quarter. Toronto Dominion Bank now owns 13,293,748 shares of the utilities provider’s stock valued at $78,699,000 after purchasing an additional 978,758 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Algonquin Power & Utilities by 6.6% in the 3rd quarter. Invesco Ltd. now owns 9,881,130 shares of the utilities provider’s stock valued at $58,496,000 after buying an additional 616,049 shares during the period. Finally, National Bank of Canada FI grew its position in shares of Algonquin Power & Utilities by 5.7% during the fourth quarter. National Bank of Canada FI now owns 9,602,819 shares of the utilities provider’s stock worth $61,848,000 after buying an additional 516,148 shares in the last quarter. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Stock Up 0.8 %

AQN stock opened at $6.31 on Friday. The company has a market cap of $4.35 billion, a price-to-earnings ratio of -12.88 and a beta of 0.64. The company has a fifty day moving average price of $6.30 and a 200 day moving average price of $6.18. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.98 and a quick ratio of 0.79. Algonquin Power & Utilities Corp. has a 12 month low of $4.90 and a 12 month high of $8.74.

Algonquin Power & Utilities (NYSE:AQNGet Free Report) last announced its earnings results on Friday, May 10th. The utilities provider reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The business had revenue of $737.10 million during the quarter, compared to analysts’ expectations of $813.38 million. Algonquin Power & Utilities had a negative net margin of 12.44% and a positive return on equity of 5.39%. Algonquin Power & Utilities’s quarterly revenue was down 5.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.17 earnings per share. Sell-side analysts expect that Algonquin Power & Utilities Corp. will post 0.44 earnings per share for the current year.

Algonquin Power & Utilities Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.108 per share. This represents a $0.43 annualized dividend and a dividend yield of 6.85%. The ex-dividend date is Friday, June 28th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -87.76%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. StockNews.com upgraded shares of Algonquin Power & Utilities to a “sell” rating in a research note on Friday, May 10th. Scotiabank dropped their target price on Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating on the stock in a report on Monday, April 22nd. Wells Fargo & Company upped their price objective on Algonquin Power & Utilities from $8.00 to $8.50 and gave the stock an “overweight” rating in a research report on Monday, May 13th. Desjardins cut their target price on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a research report on Monday, May 13th. Finally, National Bankshares upped their price target on Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a “sector perform” rating in a report on Tuesday, May 28th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Algonquin Power & Utilities currently has an average rating of “Hold” and a consensus price target of $7.44.

Read Our Latest Report on Algonquin Power & Utilities

Algonquin Power & Utilities Profile

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding AQN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Algonquin Power & Utilities Corp. (NYSE:AQNFree Report).

Institutional Ownership by Quarter for Algonquin Power & Utilities (NYSE:AQN)

Receive News & Ratings for Algonquin Power & Utilities Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Algonquin Power & Utilities and related companies with MarketBeat.com's FREE daily email newsletter.