DORCHESTER WEALTH MANAGEMENT Co trimmed its holdings in shares of Algonquin Power & Utilities Corp (NYSE:AQN) by 12.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,827 shares of the utilities provider’s stock after selling 7,613 shares during the period. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Algonquin Power & Utilities were worth $594,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. Hexavest Inc. increased its position in shares of Algonquin Power & Utilities by 16.4% in the first quarter. Hexavest Inc. now owns 497,579 shares of the utilities provider’s stock valued at $5,598,000 after acquiring an additional 70,074 shares during the last quarter. Tibra Equities Europe Ltd bought a new position in Algonquin Power & Utilities during the first quarter worth about $1,599,000. Corrado Advisors LLC bought a new position in Algonquin Power & Utilities during the first quarter worth about $165,000. Deutsche Bank AG grew its holdings in Algonquin Power & Utilities by 6.8% during the fourth quarter. Deutsche Bank AG now owns 1,548,547 shares of the utilities provider’s stock worth $15,562,000 after purchasing an additional 98,633 shares during the period. Finally, Norges Bank bought a new position in Algonquin Power & Utilities during the fourth quarter worth about $29,200,000. 46.52% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:AQN traded up $0.05 during trading on Thursday, hitting $11.34. 362,225 shares of the company were exchanged, compared to its average volume of 291,295. The company has a market capitalization of $5.54 billion, a PE ratio of 17.18, a price-to-earnings-growth ratio of 2.12 and a beta of 0.74. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.79 and a current ratio of 0.99. Algonquin Power & Utilities Corp has a 1-year low of $9.45 and a 1-year high of $11.60.
The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were given a dividend of $0.128 per share. The ex-dividend date was Thursday, March 28th. This represents a $0.51 dividend on an annualized basis and a yield of 4.51%. Algonquin Power & Utilities’s dividend payout ratio (DPR) is currently 77.27%.
A number of equities analysts recently commented on the company. Zacks Investment Research upgraded Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a report on Tuesday, February 5th. National Bank Financial boosted their price objective on Algonquin Power & Utilities from $11.50 to $12.00 and gave the stock a “sector perform” rating in a report on Monday, April 22nd. TD Securities boosted their price target on Algonquin Power & Utilities from $12.00 to $12.50 and gave the company a “buy” rating in a research note on Monday, March 4th. Raymond James reiterated a “strong-buy” rating and issued a $13.00 price target on shares of Algonquin Power & Utilities in a research note on Friday, March 1st. Finally, Bank of America assumed coverage on Algonquin Power & Utilities in a research note on Wednesday, February 27th. They issued a “neutral” rating and a $11.00 price target for the company. Six research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $12.13.
Algonquin Power & Utilities Profile
Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in Canada and the United States. It generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.
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