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

Wedbush Securities Inc. acquired a new stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 10,200 shares of the utilities provider’s stock, valued at approximately $58,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. US Bancorp DE grew its position in Algonquin Power & Utilities by 85.7% during the first quarter. US Bancorp DE now owns 4,887 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 2,256 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Algonquin Power & Utilities in the 1st quarter valued at about $31,000. Atria Wealth Solutions Inc. purchased a new stake in shares of Algonquin Power & Utilities during the 1st quarter worth about $51,000. Oakwell Private Wealth Management LLC acquired a new stake in Algonquin Power & Utilities during the 1st quarter worth approximately $63,000. Finally, Bank of New York Mellon Corp raised its holdings in Algonquin Power & Utilities by 16.3% in 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 buying an additional 2,073 shares during the period. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Algonquin Power & Utilities Price Performance

Shares of NYSE:AQN opened at $6.17 on Friday. The company has a market cap of $4.74 billion, a PE ratio of -3.42 and a beta of 0.75. Algonquin Power & Utilities Corp. has a fifty-two week low of $4.19 and a fifty-two week high of $6.48. The firm has a 50-day simple moving average of $5.72 and a 200 day simple moving average of $5.74. The company has a quick ratio of 0.86, a current ratio of 1.09 and a debt-to-equity ratio of 1.22.

Algonquin Power & Utilities (NYSE:AQN) last issued its earnings results on Friday, November 7th. The utilities provider reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. The company 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 previous year, the firm posted $0.08 earnings per share. On average, sell-side analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AQN. Raymond James Financial upped their price target on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “market perform” rating in a report on Friday, October 24th. Janney Montgomery Scott set a $7.00 price objective on shares of Algonquin Power & Utilities in a report on Monday. Wall Street Zen raised shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a research report on Saturday, November 1st. Weiss Ratings reissued a “sell (d)” rating on shares of Algonquin Power & Utilities in a report on Wednesday, November 5th. Finally, Desjardins upped their price objective on Algonquin Power & Utilities from $6.25 to $6.75 and gave the company a “buy” rating in a research note on Thursday, October 9th. Two investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price 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.