Cidel Asset Management Inc. Boosts Stock Position in Algonquin Power & Utilities Corp. $AQN

Cidel Asset Management Inc. boosted its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 42.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,535,918 shares of the utilities provider’s stock after buying an additional 1,048,080 shares during the period. Algonquin Power & Utilities makes up about 1.2% of Cidel Asset Management Inc.’s investment portfolio, making the stock its 28th largest holding. Cidel Asset Management Inc. owned 0.46% of Algonquin Power & Utilities worth $21,587,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Algonquin Power & Utilities by 3.3% during the third quarter. Vanguard Group Inc. now owns 33,744,586 shares of the utilities provider’s stock valued at $181,377,000 after acquiring an additional 1,086,040 shares in the last quarter. Quantbot Technologies LP boosted its stake in Algonquin Power & Utilities by 77.7% in the 3rd quarter. Quantbot Technologies LP now owns 398,318 shares of the utilities provider’s stock worth $2,139,000 after purchasing an additional 174,118 shares in the last quarter. ARS Investment Partners LLC grew its position in Algonquin Power & Utilities by 29.6% during the 4th quarter. ARS Investment Partners LLC now owns 863,660 shares of the utilities provider’s stock valued at $5,312,000 after purchasing an additional 197,490 shares during the last quarter. Callodine Capital Management LP grew its position in Algonquin Power & Utilities by 15.3% during the 3rd quarter. Callodine Capital Management LP now owns 5,581,841 shares of the utilities provider’s stock valued at $29,974,000 after purchasing an additional 740,872 shares during the last quarter. Finally, Anson Funds Management LP increased its stake in Algonquin Power & Utilities by 266.7% during the 3rd quarter. Anson Funds Management LP now owns 1,100,000 shares of the utilities provider’s stock valued at $5,911,000 after purchasing an additional 800,000 shares in the last quarter. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Zacks Research downgraded shares of Algonquin Power & Utilities from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 9th. Canadian Imperial Bank of Commerce raised their price target on shares of Algonquin Power & Utilities from $6.25 to $6.50 and gave the company a “neutral” rating in a research report on Monday, April 20th. Desjardins decreased their price objective on shares of Algonquin Power & Utilities from $7.25 to $7.00 and set a “buy” rating for the company in a report on Monday, March 9th. Wells Fargo & Company started coverage on Algonquin Power & Utilities in a research report on Tuesday, May 12th. They issued an “equal weight” rating and a $7.00 price objective on the stock. Finally, Raymond James Financial upgraded Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and increased their target price for the company from $6.50 to $7.25 in a research note on Monday, March 9th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $6.83.

Algonquin Power & Utilities Stock Performance

Shares of NYSE AQN opened at $5.92 on Wednesday. The firm’s 50-day moving average price is $6.05 and its 200-day moving average price is $6.26. Algonquin Power & Utilities Corp. has a 52-week low of $5.32 and a 52-week high of $7.11. The company has a market cap of $4.56 billion, a PE ratio of 26.91 and a beta of 0.71. The company has a quick ratio of 0.87, a current ratio of 1.05 and a debt-to-equity ratio of 1.26.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings data on Friday, May 8th. The utilities provider reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. The firm had revenue of $713.69 million during the quarter, compared to analysts’ expectations of $713.69 million. Algonquin Power & Utilities had a net margin of 6.62% and a return on equity of 5.21%. During the same period in the previous year, the company earned $0.14 earnings per share. As a group, analysts anticipate that Algonquin Power & Utilities Corp. will post 0.36 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.065 per share. The ex-dividend date is Tuesday, June 30th. This represents a $0.26 dividend on an annualized basis and a yield of 4.4%. Algonquin Power & Utilities’s payout ratio is currently 118.18%.

Algonquin Power & Utilities 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.