Point72 Asia Singapore Pte. Ltd. Invests $89,000 in Algonquin Power & Utilities Corp. (NYSE:AQN)

Point72 Asia Singapore Pte. Ltd. purchased a new stake in Algonquin Power & Utilities Corp. (NYSE:AQN) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 15,205 shares of the utilities provider’s stock, valued at approximately $89,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its holdings in shares of Algonquin Power & Utilities by 76.3% in the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 1,882 shares in the last quarter. Claro Advisors LLC acquired a new stake in Algonquin Power & Utilities during the 2nd quarter worth about $61,000. SeaCrest Wealth Management LLC acquired a new stake in Algonquin Power & Utilities during the 2nd quarter worth about $66,000. Larson Financial Group LLC acquired a new stake in Algonquin Power & Utilities during the 1st quarter worth about $76,000. Finally, SVB Wealth LLC purchased a new position in Algonquin Power & Utilities during the 1st quarter valued at about $82,000. Institutional investors and hedge funds own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Performance

Shares of NYSE AQN opened at $5.53 on Friday. The business’s 50-day simple moving average is $5.58 and its 200-day simple moving average is $5.96. Algonquin Power & Utilities Corp. has a 52 week low of $4.90 and a 52 week high of $6.79. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.78 and a current ratio of 0.97. The firm has a market cap of $4.24 billion, a price-to-earnings ratio of -11.29 and a beta of 0.67.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. Algonquin Power & Utilities had a return on equity of 5.36% and a net margin of 4.70%. The company had revenue of $598.60 million for the quarter, compared to the consensus estimate of $635.95 million. During the same quarter last year, the company posted $0.08 earnings per share. The company’s revenue for the quarter was down 4.7% compared to the same quarter last year. As a group, equities research analysts expect that Algonquin Power & Utilities Corp. will post 0.43 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a yield of 4.70%. The ex-dividend date of this dividend is Monday, September 30th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is -53.06%.

Analyst Ratings Changes

A number of research analysts recently commented on AQN shares. Janney Montgomery Scott assumed coverage on shares of Algonquin Power & Utilities in a research report on Thursday, September 5th. They set a “neutral” rating and a $6.00 price objective on the stock. Desjardins decreased their target price on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating for the company in a research note on Monday, August 12th. CIBC lowered their price target on shares of Algonquin Power & Utilities from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Raymond James cut Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $7.75 to $7.00 in a research report on Monday, August 12th. Finally, Wells Fargo & Company downgraded Algonquin Power & Utilities from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $8.50 to $6.00 in a research note on Monday, August 12th. One 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 company. According to MarketBeat.com, Algonquin Power & Utilities presently has an average rating of “Hold” and a consensus target price of $6.33.

Algonquin Power & Utilities Company Profile

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.