Algonquin Power & Utilities Corp. (NYSE:AQN) Shares Sold by Philosophy Capital Management LLC

Philosophy Capital Management LLC lowered its stake in Algonquin Power & Utilities Corp. (NYSE:AQN) by 0.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 4,344,266 shares of the utilities provider’s stock after selling 12,301 shares during the period. Algonquin Power & Utilities accounts for approximately 1.9% of Philosophy Capital Management LLC’s holdings, making the stock its 13th biggest holding. Philosophy Capital Management LLC owned 0.57% of Algonquin Power & Utilities worth $23,676,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. The Manufacturers Life Insurance Company raised its holdings in shares of Algonquin Power & Utilities by 320.6% during the second quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider’s stock worth $42,633,000 after purchasing an additional 5,544,063 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of Algonquin Power & Utilities by 156.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock valued at $52,341,000 after buying an additional 5,426,523 shares during the last quarter. Private Management Group Inc. acquired a new stake in Algonquin Power & Utilities during the third quarter worth about $12,361,000. Davidson Kempner Capital Management LP lifted its holdings in Algonquin Power & Utilities by 79.8% in the second quarter. Davidson Kempner Capital Management LP now owns 4,634,250 shares of the utilities provider’s stock worth $27,157,000 after acquiring an additional 2,056,534 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in Algonquin Power & Utilities by 31.2% in the second quarter. Point72 Asset Management L.P. now owns 5,956,389 shares of the utilities provider’s stock valued at $34,989,000 after acquiring an additional 1,415,889 shares during the period. Institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Trading Up 0.3 %

Shares of NYSE:AQN opened at $4.85 on Wednesday. The company has a 50 day moving average of $4.99 and a 200-day moving average of $5.54. The company has a current ratio of 0.92, a quick ratio of 0.73 and a debt-to-equity ratio of 1.17. The firm has a market cap of $3.72 billion, a P/E ratio of -3.76 and a beta of 0.68. Algonquin Power & Utilities Corp. has a twelve month low of $4.67 and a twelve month high of $6.79.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The firm had revenue of $573.20 million for the quarter, compared to the consensus estimate of $620.46 million. During the same period in the previous year, the business posted $0.11 earnings per share. The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, analysts anticipate that Algonquin Power & Utilities Corp. will post 0.39 earnings per share for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.065 dividend. This represents a $0.26 annualized dividend and a yield of 5.37%. The ex-dividend date of this dividend is Tuesday, December 31st. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -20.15%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on AQN shares. Scotiabank dropped their price target on Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. National Bank Financial upgraded Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. CIBC reduced their price target on shares of Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Desjardins dropped their price objective on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a report on Monday, August 12th. Finally, Wells Fargo & Company reduced their target price on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $6.18.

Algonquin Power & Utilities Profile

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.