Algonquin Power & Utilities Corp. (NYSE:AQN) Shares Bought by Cidel Asset Management Inc.

Cidel Asset Management Inc. boosted its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 2.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,379,391 shares of the utilities provider’s stock after acquiring an additional 35,260 shares during the quarter. Cidel Asset Management Inc. owned about 0.22% of Algonquin Power & Utilities worth $20,574,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. PNC Financial Services Group Inc. acquired a new stake in Algonquin Power & Utilities during the second quarter worth $26,000. Assetmark Inc. acquired a new stake in Algonquin Power & Utilities during the first quarter worth $37,000. Tompkins Financial Corp increased its stake in Algonquin Power & Utilities by 42.4% during the first quarter. Tompkins Financial Corp now owns 4,700 shares of the utilities provider’s stock worth $74,000 after acquiring an additional 1,400 shares during the last quarter. FineMark National Bank & Trust increased its stake in Algonquin Power & Utilities by 9.9% during the first quarter. FineMark National Bank & Trust now owns 11,535 shares of the utilities provider’s stock worth $183,000 after acquiring an additional 1,035 shares during the last quarter. Finally, Bank of Nova Scotia Trust Co. increased its stake in Algonquin Power & Utilities by 13.0% during the first quarter. Bank of Nova Scotia Trust Co. now owns 11,599 shares of the utilities provider’s stock worth $184,000 after acquiring an additional 1,332 shares during the last quarter. 42.27% of the stock is owned by institutional investors.

Algonquin Power & Utilities stock traded up $0.15 during midday trading on Wednesday, reaching $15.56. The company’s stock had a trading volume of 38,365 shares, compared to its average volume of 1,561,467. Algonquin Power & Utilities Corp. has a fifty-two week low of $13.72 and a fifty-two week high of $17.86. The company has a quick ratio of 0.52, a current ratio of 0.62 and a debt-to-equity ratio of 0.94. The company has a market cap of $9.61 billion, a P/E ratio of 13.88, a P/E/G ratio of 2.55 and a beta of 0.37. The business has a 50-day simple moving average of $15.51 and a 200-day simple moving average of $15.64.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings results on Wednesday, August 11th. The utilities provider reported $0.15 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.02. Algonquin Power & Utilities had a return on equity of 7.59% and a net margin of 33.35%. The company had revenue of $527.52 million for the quarter, compared to analysts’ expectations of $444.52 million. As a group, equities analysts forecast that Algonquin Power & Utilities Corp. will post 0.71 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Thursday, September 30th will be given a dividend of $0.1706 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.39%. The ex-dividend date is Wednesday, September 29th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is currently 106.25%.

Several research firms have recently commented on AQN. Zacks Investment Research upgraded Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a research report on Tuesday, August 17th. Morgan Stanley raised their price target on Algonquin Power & Utilities from $16.00 to $16.50 and gave the stock an “equal weight” rating in a research report on Thursday, August 19th. Raymond James restated an “outperform” rating on shares of Algonquin Power & Utilities in a research report on Monday, August 16th. Finally, Credit Suisse Group lowered their price target on Algonquin Power & Utilities from C$17.50 to C$16.50 and set a “neutral” rating for the company in a research report on Tuesday, May 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Algonquin Power & Utilities presently has a consensus rating of “Hold” and an average price target of $17.00.

Algonquin Power & Utilities Profile

Algonquin Power & Utilities Corp. operates as a diversified utility company. The firm engages in the ownership and operation of a portfolio of regulated and non-regulated generation, distribution and transmission utility assets. It operates through the following segments: Regulated Services Group, and Renewable Energy Group.

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Institutional Ownership by Quarter for Algonquin Power & Utilities (NYSE:AQN)

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