Wedge Capital Management L L P NC Invests $3.59 Million in Algonquin Power & Utilities Corp. (NYSE:AQN)

Wedge Capital Management L L P NC acquired a new stake in Algonquin Power & Utilities Corp. (NYSE:AQN) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 658,064 shares of the utilities provider’s stock, valued at approximately $3,586,000. Wedge Capital Management L L P NC owned approximately 0.09% of Algonquin Power & Utilities as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Algonquin Power & Utilities by 156.0% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock valued at $52,341,000 after acquiring an additional 5,426,523 shares during the period. Troluce Capital Advisors LLC lifted its holdings in shares of Algonquin Power & Utilities by 33.3% during the 2nd quarter. Troluce Capital Advisors LLC now owns 2,575,000 shares of the utilities provider’s stock valued at $15,090,000 after purchasing an additional 643,352 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Algonquin Power & Utilities by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock valued at $165,893,000 after purchasing an additional 262,333 shares during the period. Nomura Holdings Inc. bought a new stake in Algonquin Power & Utilities during the 4th quarter worth approximately $318,000. Finally, Triasima Portfolio Management inc. acquired a new stake in Algonquin Power & Utilities during the 2nd quarter worth approximately $3,164,000. Institutional investors and hedge funds own 62.28% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Janney Montgomery Scott initiated coverage on shares of Algonquin Power & Utilities in a report on Thursday, September 5th. They issued a “neutral” rating and a $6.00 price target for the company. Desjardins lowered their target price on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating for the company in a report on Monday, August 12th. Raymond James downgraded Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $7.75 to $7.00 in a research note on Monday, August 12th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $6.00 price objective on shares of Algonquin Power & Utilities in a research report on Friday, October 11th. Finally, National Bank Financial raised Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Algonquin Power & Utilities has a consensus rating of “Hold” and a consensus target price of $6.30.

Algonquin Power & Utilities Stock Up 0.7 %

AQN stock opened at $5.10 on Wednesday. Algonquin Power & Utilities Corp. has a twelve month low of $4.90 and a twelve month high of $6.79. The company has a market cap of $3.91 billion, a price-to-earnings ratio of -10.40 and a beta of 0.66. The company has a quick ratio of 0.78, a current ratio of 0.97 and a debt-to-equity ratio of 1.08. The business has a 50 day moving average price of $5.37 and a two-hundred day moving average price of $5.89.

Algonquin Power & Utilities (NYSE:AQN) last issued its earnings results on Friday, August 9th. The utilities provider reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. The business had revenue of $598.60 million for the quarter, compared to the consensus estimate of $635.95 million. Algonquin Power & Utilities had a net margin of 4.70% and a return on equity of 5.36%. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.08 earnings per share. Analysts anticipate that Algonquin Power & Utilities Corp. will post 0.43 EPS for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.065 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.26 annualized dividend and a yield of 5.10%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is currently -53.06%.

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.