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

Cidel Asset Management Inc. lifted its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 2.6% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,379,391 shares of the utilities provider’s stock after buying an additional 35,260 shares during the quarter. Cidel Asset Management Inc.’s holdings in Algonquin Power & Utilities were worth $20,574,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. PNC Financial Services Group Inc. bought a new position in shares of Algonquin Power & Utilities during the second quarter worth about $26,000. Assetmark Inc. bought a new position in shares of Algonquin Power & Utilities during the first quarter worth about $37,000. Tompkins Financial Corp raised 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 period. FineMark National Bank & Trust raised 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 period. Finally, Bank of Nova Scotia Trust Co. raised 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 period. 42.27% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts recently weighed in on AQN shares. Raymond James reiterated an “outperform” rating on shares of Algonquin Power & Utilities in a research note on Monday, August 16th. Zacks Investment Research upgraded shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a research note on Tuesday, August 17th. Morgan Stanley increased their price objective on shares of Algonquin Power & Utilities from $16.00 to $16.50 and gave the stock an “equal weight” rating in a research note on Thursday, August 19th. Finally, Credit Suisse Group dropped their price target on shares of Algonquin Power & Utilities from C$17.50 to C$16.50 and set a “neutral” rating on the stock in a research note on Tuesday, May 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $17.00.

Shares of NYSE AQN traded up $0.15 during mid-day trading on Wednesday, reaching $15.56. 38,365 shares of the company traded hands, 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 debt-to-equity ratio of 0.94, a current ratio of 0.62 and a quick ratio of 0.52. The firm has a market cap of $9.61 billion, a PE ratio of 13.88, a price-to-earnings-growth ratio of 2.55 and a beta of 0.37. The stock has a fifty 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 data on Wednesday, August 11th. The utilities provider reported $0.15 EPS for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.02. Algonquin Power & Utilities had a net margin of 33.35% and a return on equity of 7.59%. The business had revenue of $527.52 million for the quarter, compared to analyst estimates of $444.52 million. As a group, analysts predict that Algonquin Power & Utilities Corp. will post 0.71 EPS for the current fiscal year.

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

About Algonquin Power & Utilities

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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