Geode Capital Management LLC Has $7.81 Million Stake in Algonquin Power & Utilities Corp. (NYSE:AQN)

Geode Capital Management LLC grew its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN) by 12.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,179,465 shares of the utilities provider’s stock after purchasing an additional 128,806 shares during the quarter. Geode Capital Management LLC owned about 0.15% of Algonquin Power & Utilities worth $7,808,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the business. Private Advisor Group LLC lifted its holdings in Algonquin Power & Utilities by 14.1% during the 3rd quarter. Private Advisor Group LLC now owns 17,769 shares of the utilities provider’s stock worth $97,000 after buying an additional 2,201 shares in the last quarter. Raymond James Trust N.A. lifted its stake in shares of 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 valued at $73,000 after acquiring an additional 3,343 shares during the period. Northwest & Ethical Investments L.P. boosted its holdings in Algonquin Power & Utilities by 12.3% in the third quarter. Northwest & Ethical Investments L.P. now owns 47,155 shares of the utilities provider’s stock valued at $258,000 after acquiring an additional 5,158 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in Algonquin Power & Utilities by 25.7% in the second quarter. EverSource Wealth Advisors LLC now owns 28,704 shares of the utilities provider’s stock worth $179,000 after purchasing an additional 5,863 shares during the period. Finally, Redwood Investment Management LLC lifted its position in Algonquin Power & Utilities by 1.2% during the 3rd quarter. Redwood Investment Management LLC now owns 505,299 shares of the utilities provider’s stock valued at $2,794,000 after purchasing an additional 6,176 shares during the period. Institutional investors own 62.28% of the company’s stock.

Wall Street Analysts Forecast Growth

AQN has been the topic of several analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $6.00 price objective on shares of Algonquin Power & Utilities in a report on Friday, October 11th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $7.00 price target on shares of Algonquin Power & Utilities in a research report on Thursday, December 12th. Scotiabank dropped their price objective 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. Wells Fargo & Company cut their target price on Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research note on Wednesday, October 16th. Finally, Janney Montgomery Scott initiated coverage on Algonquin Power & Utilities in a research report on Thursday, September 5th. They set a “neutral” rating and a $6.00 target price for the company. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $6.25.

Algonquin Power & Utilities Stock Up 2.0 %

AQN stock opened at $4.54 on Friday. Algonquin Power & Utilities Corp. has a 1-year low of $4.25 and a 1-year high of $6.79. The business’s 50 day simple moving average is $4.69 and its 200 day simple moving average is $5.29. 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 $3.48 billion, a PE ratio of -3.52 and a beta of 0.68.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings data 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). The firm had revenue of $573.20 million for the quarter, compared to the consensus estimate of $620.46 million. Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. The company’s revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.11 EPS. As a group, research analysts anticipate that Algonquin Power & Utilities Corp. will post 0.39 EPS for the current year.

Algonquin Power & Utilities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid 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 yield of 5.73%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -20.16%.

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.