Callodine Capital Management LP Purchases 1,365,969 Shares of Algonquin Power & Utilities Corp. $AQN

Callodine Capital Management LP raised its stake in Algonquin Power & Utilities Corp. (NYSE:AQN) by 39.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,840,969 shares of the utilities provider’s stock after acquiring an additional 1,365,969 shares during the quarter. Algonquin Power & Utilities makes up approximately 2.9% of Callodine Capital Management LP’s investment portfolio, making the stock its 12th largest position. Callodine Capital Management LP owned 0.63% of Algonquin Power & Utilities worth $27,739,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in AQN. EdgePoint Investment Group Inc. lifted its stake in Algonquin Power & Utilities by 84.9% in the 1st quarter. EdgePoint Investment Group Inc. now owns 42,223,594 shares of the utilities provider’s stock valued at $216,868,000 after purchasing an additional 19,392,805 shares during the last quarter. Southpoint Capital Advisors LP bought a new stake in shares of Algonquin Power & Utilities during the first quarter worth $51,400,000. Norges Bank acquired a new position in shares of Algonquin Power & Utilities during the second quarter worth $51,370,000. Ariel Investments LLC bought a new position in shares of Algonquin Power & Utilities in the 1st quarter valued at $35,735,000. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Algonquin Power & Utilities by 65.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider’s stock valued at $62,738,000 after acquiring an additional 4,808,539 shares during the last quarter. 62.28% of the stock is owned by institutional investors.

Algonquin Power & Utilities Stock Performance

NYSE:AQN opened at $5.87 on Friday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.98 and a current ratio of 1.23. Algonquin Power & Utilities Corp. has a fifty-two week low of $4.19 and a fifty-two week high of $6.48. The company has a 50 day simple moving average of $5.88 and a two-hundred day simple moving average of $5.79. The company has a market capitalization of $4.51 billion, a PE ratio of -146.71 and a beta of 0.77.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Friday, November 7th. The utilities provider reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. Algonquin Power & Utilities had a negative net margin of 1.11% and a positive return on equity of 5.14%. The company had revenue of $600.80 million for the quarter, compared to analyst estimates of $596.67 million. During the same period in the prior year, the firm posted $0.08 EPS. Research analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be given a $0.065 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.26 annualized dividend and a dividend yield of 4.4%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is -650.00%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. TD Securities raised Algonquin Power & Utilities to a “hold” rating in a report on Monday, August 11th. Desjardins upped their price objective on Algonquin Power & Utilities from $6.25 to $6.75 and gave the company a “buy” rating in a research note on Thursday, October 9th. Janney Montgomery Scott set a $7.00 price objective on shares of Algonquin Power & Utilities in a report on Monday, November 10th. Weiss Ratings reissued a “sell (d+)” rating on shares of Algonquin Power & Utilities in a report on Monday, December 1st. Finally, Wall Street Zen upgraded shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a research report on Saturday, November 1st. Two investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $6.59.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.