Algonquin Power & Utilities Corp. $AQN Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC lifted its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 57.7% during the 1st quarter, Holdings Channel.com reports. The fund owned 1,947,792 shares of the utilities provider’s stock after buying an additional 712,800 shares during the period. Renaissance Technologies LLC’s holdings in Algonquin Power & Utilities were worth $11,959,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of AQN. EdgePoint Investment Group Inc. increased its stake in Algonquin Power & Utilities by 32.6% in the 4th quarter. EdgePoint Investment Group Inc. now owns 81,727,385 shares of the utilities provider’s stock valued at $502,563,000 after purchasing an additional 20,074,709 shares in the last quarter. Principal Financial Group Inc. acquired a new position in Algonquin Power & Utilities during the fourth quarter worth $74,263,000. Norges Bank purchased a new stake in Algonquin Power & Utilities during the fourth quarter worth $67,065,000. Goldman Sachs Group Inc. boosted its position in Algonquin Power & Utilities by 65.0% during the first quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider’s stock worth $62,738,000 after purchasing an additional 4,808,539 shares in the last quarter. Finally, Citadel Advisors LLC boosted its position in Algonquin Power & Utilities by 14,166.9% during the third quarter. Citadel Advisors LLC now owns 4,445,126 shares of the utilities provider’s stock worth $23,870,000 after purchasing an additional 4,476,726 shares in the last quarter. Institutional investors and hedge funds own 62.28% of the company’s stock.

Algonquin Power & Utilities Trading Down 2.1%

Shares of Algonquin Power & Utilities stock opened at $5.86 on Friday. Algonquin Power & Utilities Corp. has a 1 year low of $5.32 and a 1 year high of $7.11. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.05 and a quick ratio of 0.87. The business has a 50 day moving average price of $5.87 and a 200 day moving average price of $6.20. The company has a market capitalization of $4.51 billion, a P/E ratio of 26.61 and a beta of 0.71.

Algonquin Power & Utilities (NYSE:AQN) last announced its earnings results on Friday, May 8th. The utilities provider reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $713.69 million for the quarter, compared to analysts’ expectations of $713.69 million. Algonquin Power & Utilities had a return on equity of 5.21% and a net margin of 6.62%.During the same quarter in the prior year, the firm earned $0.14 EPS. Sell-side analysts anticipate that Algonquin Power & Utilities Corp. will post 0.36 EPS for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.065 dividend. This represents a $0.26 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Tuesday, June 30th. Algonquin Power & Utilities’s dividend payout ratio is currently 118.18%.

Wall Street Analysts Forecast Growth

AQN has been the subject of a number of research analyst reports. National Bank Financial dropped their price target on Algonquin Power & Utilities from $7.25 to $7.00 and set an “outperform” rating for the company in a research report on Friday, July 3rd. Canadian Imperial Bank of Commerce boosted their price objective on shares of Algonquin Power & Utilities from $6.25 to $6.50 and gave the stock a “neutral” rating in a research report on Monday, April 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Algonquin Power & Utilities in a research report on Friday, July 17th. Finally, Wells Fargo & Company assumed coverage on shares of Algonquin Power & Utilities in a research note on Tuesday, May 12th. They issued an “equal weight” rating and a $7.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.81.

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.