Algonquin Power & Utilities Corp. (NYSE: AQN) experienced a significant reduction in its position by Connor Clark & Lunn Investment Management Ltd., according to their Form 13F filing with the Securities and Exchange Commission for the first quarter. The investment management firm decreased its holdings by 57.9%, selling off approximately 2,260,100 shares of the utilities provider’s stock. As a result, Connor Clark & Lunn Investment Management Ltd. now owns roughly 1,643,528 shares of Algonquin Power & Utilities Corp., representing about 0.24% of the company’s total value at the end of the reporting period.
On August 10th, Algonquin Power & Utilities Corp. announced its quarterly earnings results. The company reported EPS (earnings per share) of $0.08 for the quarter, falling short of the consensus estimate by ($0.02). Despite the lower earnings figure, Algonquin Power & Utilities still maintained a positive return on equity of 5.99%. However, it did record a negative net margin of 8.96%. Additionally, the company generated $627.30 million in revenue during that quarter, surpassing analyst estimates which projected $611.83 million in revenue. Although there was only a modest increase of .5% in revenue compared to the previous year, this demonstrates consistent growth for Algonquin Power & Utilities Corp.
In comparison to the same period last year when it earned $0.16 EPS, Algonquin Power & Utilities Corp.’s performance has declined slightly this year in terms of earnings per share. However, equities analysts anticipate that the company will achieve an earnings per share figure of 0.55 over the current fiscal year.
The recent actions taken by Connor Clark & Lunn Investment Management Ltd., as well as Algonquin Power & Utilities Corp.’s quarterly earnings report, highlight important developments within the company. Investors and analysts will continue to monitor Algonquin Power & Utilities Corp.’s performance closely to assess its future prospects in the market.
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Growing Interest in Algonquin Power & Utilities Sparks Curiosity among Investors
The recent movement of large investors in Algonquin Power & Utilities has raised eyebrows and sparked curiosity among market observers. Ceredex Value Advisors LLC, for instance, has increased its stake in the company by 5.7% during the first quarter, now owning a total of 1,759,209 shares valued at $14,966,000. This move was made after purchasing an additional 94,400 shares in the last quarter.
Another player that entered the scene is Parallel Advisors LLC. During the first quarter, they acquired a new stake in Algonquin Power & Utilities worth approximately $64,000. Additionally, Schechter Investment Advisors LLC joined in by purchasing a new stake in the company worth approximately $164,000 during the same period.
Kepos Capital LP decided to boost its position in Algonquin Power & Utilities significantly. Their stake increased by 69.1% during the fourth quarter of last year. They now own 22,573 shares of the utilities provider’s stock valued at $149,000.
Naples Global Advisors LLC also made moves to increase its holdings in Algonquin Power & Utilities during the first quarter. Their stake grew by 14.1%, with a total of 357,057 shares valued at $3,037,000.
These recent investment activities from various institutions indicate a growing interest in Algonquin Power & Utilities as an attractive opportunity within the market.
Algonquin Power & Utilities stock opened Thursday at a price of $7.21 per share. It currently holds a 50-day moving average of $8.12 and a two-hundred day moving average of $8.12.
The company’s financial standing showcases a debt-to-equity ratio of 1.14 and current and quick ratios of 0.71 and 0.56 respectively.
Over the past year, Algonquin Power & Utilities has seen fluctuations in its share price, with a low of $6.41 and a high of $14.55.
In terms of its dividend policy, the company recently announced a quarterly dividend to be paid on October 13th. Shareholders of record as of September 28th will receive a dividend of $0.108 per share. The ex-dividend date for this payout is set for September 27th. With an annualized yield of 6%, Algonquin Power & Utilities’s dividend represents a sizeable return for investors.
Analysts from multiple companies have voiced their opinions on Algonquin Power & Utilities. Wells Fargo & Company raised their target price from $9.50 to $10.00, BMO Capital Markets reduced their target price from $9.00 to $8.50 with a “market perform” rating, and StockNews.com initiated coverage with a “sell” rating on the stock.
Scotiabank also lowered their target price from $9.25 to $9.00, while CSFB decreased it from $10.50 to $10.00 but maintained an “outperform” rating.
These varied ratings illustrate the diversity of opinion surrounding Algonquin Power & Utilities’s performance in the market.
Considering all these factors, it is important for potential investors and market observers to carefully analyze the current state and future prospects of Algonquin Power & Utilities before making any investment decisions.
