Van ECK Associates Corp Makes New Investment in Algonquin Power & Utilities Corp. (NYSE:AQN)

Van ECK Associates Corp acquired a new position in Algonquin Power & Utilities Corp. (NYSE:AQN) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 212,687 shares of the utilities provider’s stock, valued at approximately $1,058,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in AQN. The Manufacturers Life Insurance Company boosted its stake in shares of Algonquin Power & Utilities by 320.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider’s stock worth $42,633,000 after acquiring an additional 5,544,063 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Algonquin Power & Utilities by 156.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock worth $52,341,000 after buying an additional 5,426,523 shares during the period. Jane Street Group LLC boosted its holdings in shares of Algonquin Power & Utilities by 851.0% in the first quarter. Jane Street Group LLC now owns 3,765,026 shares of the utilities provider’s stock worth $23,797,000 after buying an additional 3,369,124 shares during the period. Private Management Group Inc. acquired a new stake in shares of Algonquin Power & Utilities during the third quarter valued at approximately $12,361,000. Finally, Davidson Kempner Capital Management LP lifted its position in shares of Algonquin Power & Utilities by 79.8% in the 2nd quarter. Davidson Kempner Capital Management LP now owns 4,634,250 shares of the utilities provider’s stock valued at $27,157,000 after acquiring an additional 2,056,534 shares in the last quarter. 62.28% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on AQN. Royal Bank of Canada reiterated a “sector perform” rating and set a $6.00 price target on shares of Algonquin Power & Utilities in a report on Friday, October 11th. Janney Montgomery Scott initiated 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. CIBC dropped their price objective on shares of Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating on the stock in a research note on Tuesday, October 22nd. Wells Fargo & Company decreased their target price on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Wednesday, October 16th. Finally, Desjardins dropped their price target on shares of 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 assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $6.18.

Algonquin Power & Utilities Stock Performance

Shares of AQN opened at $4.91 on Tuesday. The company has a market capitalization of $3.77 billion, a PE ratio of -3.81 and a beta of 0.68. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.97 and a quick ratio of 0.78. Algonquin Power & Utilities Corp. has a one year low of $4.67 and a one year high of $6.79. The company’s fifty day moving average price is $5.18 and its 200 day moving average price is $5.73.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). Algonquin Power & Utilities had a positive return on equity of 5.11% and a negative net margin of 39.12%. The business had revenue of $573.20 million for the quarter, compared to analyst estimates of $620.46 million. During the same period in the prior year, the firm posted $0.11 EPS. Algonquin Power & Utilities’s revenue for the quarter was up 1.5% on a year-over-year basis. As a group, analysts expect that Algonquin Power & Utilities Corp. will post 0.41 earnings per share for the current year.

Algonquin Power & Utilities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.065 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.26 dividend on an annualized basis and a dividend yield of 5.30%. Algonquin Power & Utilities’s dividend payout ratio is currently -20.15%.

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.