1,392,900 Shares in Algonquin Power & Utilities Corp. $AQN Bought by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) during the second quarter, Holdings Channel reports. The fund purchased 1,392,900 shares of the utilities provider’s stock, valued at approximately $7,973,000.

Several other hedge funds have also recently made changes to their positions in AQN. US Bancorp DE lifted its stake in shares of Algonquin Power & Utilities by 85.7% in the 1st quarter. US Bancorp DE now owns 4,887 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 2,256 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Algonquin Power & Utilities in the first quarter valued at approximately $31,000. Atria Wealth Solutions Inc. bought a new position in shares of Algonquin Power & Utilities during the 1st quarter worth approximately $51,000. Wedbush Securities Inc. bought a new position in shares of Algonquin Power & Utilities during the 2nd quarter worth approximately $58,000. Finally, Oakwell Private Wealth Management LLC acquired a new stake in shares of Algonquin Power & Utilities during the 1st quarter worth approximately $63,000. 62.28% of the stock is owned by institutional investors.

Algonquin Power & Utilities Price Performance

AQN stock opened at $6.17 on Thursday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.86 and a current ratio of 1.09. The business has a 50-day simple moving average of $5.71 and a two-hundred day simple moving average of $5.73. The company has a market capitalization of $4.74 billion, a P/E ratio of -3.42 and a beta of 0.75. Algonquin Power & Utilities Corp. has a 52-week low of $4.19 and a 52-week high of $6.48.

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

Algonquin Power & Utilities Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AQN. Janney Montgomery Scott set a $7.00 target price on shares of Algonquin Power & Utilities in a research report on Monday. TD Securities upgraded shares of Algonquin Power & Utilities to a “hold” rating in a report on Monday, August 11th. Weiss Ratings reissued a “sell (d)” rating on shares of Algonquin Power & Utilities in a research report on Wednesday, November 5th. Raymond James Financial boosted their target price on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a “market perform” rating in a research report on Friday, October 24th. Finally, Wall Street Zen upgraded 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 assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $6.59.

Algonquin Power & Utilities Profile

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.