Cibc World Market Inc. Cuts Holdings in Algonquin Power & Utilities Corp. $AQN

Cibc World Market Inc. reduced its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 13.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,471,707 shares of the utilities provider’s stock after selling 1,043,680 shares during the quarter. Cibc World Market Inc. owned 0.84% of Algonquin Power & Utilities worth $34,776,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Wedbush Securities Inc. acquired a new position in Algonquin Power & Utilities in the 2nd quarter worth about $58,000. Davis Rea LTD. purchased a new stake in shares of Algonquin Power & Utilities in the third quarter valued at approximately $67,000. Envestnet Asset Management Inc. acquired a new position in shares of Algonquin Power & Utilities during the 2nd quarter worth approximately $85,000. SG Americas Securities LLC lifted its position in shares of Algonquin Power & Utilities by 29.1% during the 3rd quarter. SG Americas Securities LLC now owns 15,840 shares of the utilities provider’s stock valued at $85,000 after buying an additional 3,572 shares in the last quarter. Finally, Moors & Cabot Inc. acquired a new stake in Algonquin Power & Utilities in the 2nd quarter valued at $99,000. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Trading Up 0.1%

Shares of Algonquin Power & Utilities stock opened at $6.63 on Thursday. Algonquin Power & Utilities Corp. has a 1-year low of $4.29 and a 1-year high of $6.68. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.23 and a quick ratio of 0.98. The stock has a market cap of $5.09 billion, a P/E ratio of -165.58 and a beta of 0.76. The stock’s 50 day simple moving average is $6.28 and its 200-day simple moving average is $5.97.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on AQN shares. Desjardins upped their price objective on shares of Algonquin Power & Utilities from $7.00 to $7.25 and gave the stock a “buy” rating in a research report on Thursday, February 5th. 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. Scotiabank upgraded Algonquin Power & Utilities from a “sector perform” rating to a “sector outperform” rating and set a $6.50 price objective on the stock in a report on Tuesday, December 16th. Raymond James Financial boosted their price objective on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “market perform” rating in a research note on Friday, October 24th. Finally, National Bank Financial set a $7.50 target price on Algonquin Power & Utilities in a research report on Wednesday, January 7th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Algonquin Power & Utilities has an average rating of “Moderate Buy” and an average target price of $6.67.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp (NYSE: AQN) is a diversified generation, transmission and distribution utility company headquartered in Oakville, Ontario. Established in 1988, the firm operates through two primary business segments: Regulated Utilities and Renewable Energy. Its Regulated Utilities segment comprises electric, natural gas and water distribution networks serving residential, commercial and industrial customers across North America, while its Renewable Energy portfolio includes hydroelectric, solar, wind and thermal generation facilities.

The company’s renewable energy assets span multiple jurisdictions in Canada and the United States, reflecting its strategy to expand clean power capacity in regions with supportive regulatory frameworks.