Wedbush Securities Inc. Buys Shares of 10,200 Algonquin Power & Utilities Corp. $AQN

Wedbush Securities Inc. bought a new position in Algonquin Power & Utilities Corp. (NYSE:AQN) in the 2nd quarter, HoldingsChannel reports. The fund bought 10,200 shares of the utilities provider’s stock, valued at approximately $58,000.

A number of other hedge funds also recently made changes to their positions in AQN. US Bancorp DE boosted its position in shares of Algonquin Power & Utilities by 85.7% during the first quarter. US Bancorp DE now owns 4,887 shares of the utilities provider’s stock worth $25,000 after buying an additional 2,256 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in Algonquin Power & Utilities in the 1st quarter valued at approximately $31,000. Atria Wealth Solutions Inc. bought a new stake in Algonquin Power & Utilities during the 1st quarter valued at $51,000. Oakwell Private Wealth Management LLC bought a new position in shares of Algonquin Power & Utilities in the first quarter worth $63,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Algonquin Power & Utilities by 16.3% during the first quarter. Bank of New York Mellon Corp now owns 14,809 shares of the utilities provider’s stock valued at $76,000 after purchasing an additional 2,073 shares during the period. Institutional investors own 62.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AQN. TD Securities upgraded shares of Algonquin Power & Utilities to a “hold” rating in a research note on Monday, August 11th. Desjardins boosted their price target on shares of Algonquin Power & Utilities from $6.25 to $6.75 and gave the stock a “buy” rating in a research report on Thursday, October 9th. Raymond James Financial upped their price target 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. Janney Montgomery Scott set a $7.00 price objective on shares of Algonquin Power & Utilities in a research note on Monday. Finally, Wall Street Zen raised Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a report on Saturday, November 1st. Two equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Algonquin Power & Utilities currently has a consensus rating of “Hold” and a consensus price target of $6.59.

Algonquin Power & Utilities Stock Performance

Shares of AQN opened at $6.17 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.09 and a quick ratio of 0.86. The firm’s 50 day moving average is $5.72 and its 200-day moving average is $5.74. Algonquin Power & Utilities Corp. has a 12-month low of $4.19 and a 12-month high of $6.48. The stock has a market capitalization of $4.74 billion, a P/E ratio of -3.42 and a beta of 0.75.

Algonquin Power & Utilities (NYSE:AQN) last issued its earnings results on Friday, November 7th. The utilities provider reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. The firm had revenue of $600.80 million during the quarter, compared to analysts’ expectations of $596.67 million. Algonquin Power & Utilities had a negative net margin of 57.66% and a positive return on equity of 4.76%. During the same period last year, the firm posted $0.08 earnings per share. Equities research analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be paid a dividend of $0.065 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.26 annualized dividend and a dividend yield of 4.2%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is currently -650.00%.

About Algonquin Power & Utilities

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.