Cidel Asset Management Inc. Purchases 1,048,080 Shares of Algonquin Power & Utilities Corp. $AQN

Cidel Asset Management Inc. raised its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 42.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,535,918 shares of the utilities provider’s stock after purchasing an additional 1,048,080 shares during the quarter. Algonquin Power & Utilities accounts for approximately 1.2% of Cidel Asset Management Inc.’s holdings, making the stock its 28th biggest position. Cidel Asset Management Inc.’s holdings in Algonquin Power & Utilities were worth $21,587,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Quarry LP bought a new position in shares of Algonquin Power & Utilities in the 3rd quarter worth approximately $29,000. Group One Trading LLC grew its position in Algonquin Power & Utilities by 63.3% during the fourth quarter. Group One Trading LLC now owns 7,479 shares of the utilities provider’s stock valued at $46,000 after buying an additional 2,900 shares during the period. NewEdge Advisors LLC bought a new stake in Algonquin Power & Utilities during the fourth quarter valued at approximately $47,000. Vise Technologies Inc. purchased a new stake in Algonquin Power & Utilities during the third quarter valued at approximately $56,000. Finally, Tudor Investment Corp ET AL purchased a new stake in Algonquin Power & Utilities during the fourth quarter valued at approximately $62,000. 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. Barclays assumed coverage on shares of Algonquin Power & Utilities in a research note on Wednesday, April 1st. They set an “overweight” rating and a $7.00 price target on the stock. Wells Fargo & Company assumed coverage on Algonquin Power & Utilities in a research report on Tuesday, May 12th. They set an “equal weight” rating and a $7.00 target price on the stock. Zacks Research lowered Algonquin Power & Utilities from a “strong-buy” rating to a “hold” rating in a report on Monday, March 9th. Canadian Imperial Bank of Commerce lifted their price objective on Algonquin Power & Utilities from $6.25 to $6.50 and gave the company a “neutral” rating in a research report on Monday, April 20th. Finally, Wall Street Zen downgraded Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a research note on Sunday, March 15th. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Algonquin Power & Utilities currently has an average rating of “Moderate Buy” and an average target price of $6.83.

Algonquin Power & Utilities Stock Up 1.0%

Shares of AQN opened at $5.92 on Wednesday. The business’s 50 day moving average is $6.05 and its 200 day moving average is $6.26. The company has a current ratio of 1.05, a quick ratio of 0.87 and a debt-to-equity ratio of 1.26. Algonquin Power & Utilities Corp. has a 12-month low of $5.32 and a 12-month high of $7.11. The company has a market capitalization of $4.56 billion, a PE ratio of 26.91 and a beta of 0.71.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings results on Friday, May 8th. The utilities provider reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. Algonquin Power & Utilities had a return on equity of 5.21% and a net margin of 6.62%.The business had revenue of $713.69 million during the quarter, compared to the consensus estimate of $713.69 million. During the same period in the prior year, the company posted $0.14 EPS. Research analysts expect that Algonquin Power & Utilities Corp. will post 0.36 earnings per share for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given 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 dividend yield of 4.4%. Algonquin Power & Utilities’s dividend payout ratio is currently 118.18%.

About Algonquin Power & Utilities

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.