Davidson Kempner Capital Management LP Purchases 2,056,534 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Davidson Kempner Capital Management LP boosted its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN) by 79.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,634,250 shares of the utilities provider’s stock after acquiring an additional 2,056,534 shares during the quarter. Davidson Kempner Capital Management LP owned 0.60% of Algonquin Power & Utilities worth $27,157,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in AQN. EverSource Wealth Advisors LLC boosted its position in shares of Algonquin Power & Utilities by 25.7% during the second quarter. EverSource Wealth Advisors LLC now owns 28,704 shares of the utilities provider’s stock valued at $179,000 after buying an additional 5,863 shares during the last quarter. XTX Topco Ltd lifted its stake in shares of Algonquin Power & Utilities by 18.1% during the 2nd quarter. XTX Topco Ltd now owns 50,195 shares of the utilities provider’s stock valued at $294,000 after buying an additional 7,697 shares in the last quarter. Hsbc Holdings PLC increased its stake in Algonquin Power & Utilities by 28.3% in the 2nd quarter. Hsbc Holdings PLC now owns 315,576 shares of the utilities provider’s stock worth $1,865,000 after buying an additional 69,593 shares in the last quarter. O Brien Greene & Co. Inc bought a new stake in Algonquin Power & Utilities during the second quarter valued at about $744,000. Finally, Vanguard Personalized Indexing Management LLC lifted its position in shares of Algonquin Power & Utilities by 12.4% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 88,019 shares of the utilities provider’s stock valued at $511,000 after acquiring an additional 9,717 shares in the last quarter. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Desjardins decreased their target price on Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a research note on Monday, August 12th. National Bankshares increased their target price on shares of Algonquin Power & Utilities from $6.75 to $7.25 and gave the company a “sector perform” rating in a research note on Tuesday, May 28th. Janney Montgomery Scott initiated coverage on Algonquin Power & Utilities in a report on Thursday, September 5th. They set a “neutral” rating and a $6.00 price objective for the company. Scotiabank lowered their target price on shares of Algonquin Power & Utilities from $6.50 to $5.75 and set a “sector perform” rating for the company in a research note on Tuesday, August 13th. Finally, National Bank Financial raised shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $6.33.

Algonquin Power & Utilities Stock Up 1.1 %

AQN stock opened at $5.52 on Monday. The company has a current ratio of 0.97, a quick ratio of 0.78 and a debt-to-equity ratio of 1.08. The firm has a 50-day moving average of $5.64 and a two-hundred day moving average of $5.98. Algonquin Power & Utilities Corp. has a 12 month low of $4.90 and a 12 month high of $6.94. The company has a market cap of $4.23 billion, a price-to-earnings ratio of -11.27 and a beta of 0.67.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings results on Friday, August 9th. The utilities provider reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. Algonquin Power & Utilities had a net margin of 4.70% and a return on equity of 5.36%. The firm had revenue of $598.60 million for the quarter, compared to analysts’ expectations of $635.95 million. During the same quarter in the previous year, the company posted $0.08 EPS. The company’s revenue was down 4.7% compared to the same quarter last year. As a group, analysts forecast that Algonquin Power & Utilities Corp. will post 0.43 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a yield of 4.71%. The ex-dividend date of this dividend is Monday, September 30th. Algonquin Power & Utilities’s payout ratio is -53.06%.

Algonquin Power & Utilities Company 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.