Algonquin Power & Utilities Corp. $AQN Shares Bought by Gabelli Funds LLC

Gabelli Funds LLC raised its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 53.4% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 2,156,643 shares of the utilities provider’s stock after buying an additional 751,143 shares during the period. Gabelli Funds LLC owned about 0.28% of Algonquin Power & Utilities worth $12,358,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. US Bancorp DE raised its position in Algonquin Power & Utilities by 85.7% during the first quarter. US Bancorp DE now owns 4,887 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 2,256 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Algonquin Power & Utilities during the 1st quarter worth approximately $31,000. Atria Wealth Solutions Inc. acquired a new stake in shares of Algonquin Power & Utilities during the 1st quarter worth approximately $51,000. Wedbush Securities Inc. purchased a new position in shares of Algonquin Power & Utilities during the 2nd quarter valued at approximately $58,000. Finally, Envestnet Asset Management Inc. acquired a new position in shares of Algonquin Power & Utilities in the 2nd quarter valued at $85,000. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Wall Street Analysts Forecast Growth

AQN has been the topic of several analyst reports. Janney Montgomery Scott set a $7.00 price target on shares of Algonquin Power & Utilities in a research report on Monday, November 10th. Raymond James Financial increased their target price on shares of 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. Desjardins lifted their price target 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. Wall Street Zen raised Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a report on Saturday, November 1st. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Algonquin Power & Utilities in a report on Monday, December 1st. Two research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $6.59.

Algonquin Power & Utilities Trading Down 1.5%

Shares of Algonquin Power & Utilities stock opened at $5.78 on Tuesday. The company has a current ratio of 1.23, a quick ratio of 0.98 and a debt-to-equity ratio of 1.26. Algonquin Power & Utilities Corp. has a twelve month low of $4.19 and a twelve month high of $6.48. The firm has a market capitalization of $4.44 billion, a PE ratio of -144.34 and a beta of 0.76. The firm’s 50-day moving average price is $5.89 and its 200 day moving average price is $5.80.

Algonquin Power & Utilities (NYSE:AQN) last announced its earnings results on Friday, November 7th. The utilities provider reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. The business had revenue of $600.80 million during the quarter, compared to analysts’ expectations of $596.67 million. Algonquin Power & Utilities had a positive return on equity of 5.14% and a negative net margin of 1.11%.During the same quarter in the prior year, the firm earned $0.08 earnings per share. On average, sell-side analysts predict that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be issued a $0.065 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $0.26 dividend on an annualized basis and a yield of 4.5%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -650.00%.

Algonquin Power & Utilities Profile

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.