Pursue Wealth Partners LLC Makes New Investment in Algonquin Power & Utilities Corp. (NYSE:AQN)

Pursue Wealth Partners LLC purchased a new stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 26,086 shares of the utilities provider’s stock, valued at approximately $165,000.

A number of other institutional investors have also recently made changes to their positions in the company. Intact Investment Management Inc. grew its holdings in shares of Algonquin Power & Utilities by 2.4% during the fourth quarter. Intact Investment Management Inc. now owns 4,962,219 shares of the utilities provider’s stock valued at $31,309,000 after buying an additional 114,060 shares during the last quarter. Atria Wealth Solutions Inc. grew its holdings in shares of Algonquin Power & Utilities by 19.0% during the fourth quarter. Atria Wealth Solutions Inc. now owns 25,000 shares of the utilities provider’s stock valued at $160,000 after buying an additional 4,000 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Algonquin Power & Utilities by 120.9% during the fourth quarter. Signaturefd LLC now owns 48,062 shares of the utilities provider’s stock valued at $304,000 after buying an additional 26,307 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Algonquin Power & Utilities by 0.8% during the fourth quarter. Mackenzie Financial Corp now owns 459,806 shares of the utilities provider’s stock valued at $2,902,000 after buying an additional 3,443 shares during the last quarter. Finally, Consolidated Portfolio Review Corp grew its holdings in shares of Algonquin Power & Utilities by 13.9% during the fourth quarter. Consolidated Portfolio Review Corp now owns 43,022 shares of the utilities provider’s stock valued at $272,000 after buying an additional 5,251 shares during the last quarter. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AQN. BMO Capital Markets upgraded shares of Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and increased their price target for the company from $7.00 to $7.50 in a report on Monday, January 8th. StockNews.com upgraded shares of Algonquin Power & Utilities to a “sell” rating in a research report on Wednesday, April 17th. Desjardins upgraded shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating and increased their price objective for the company from $4.75 to $5.75 in a research report on Monday, March 11th. Scotiabank lowered their price objective on shares of Algonquin Power & Utilities from $7.50 to $6.50 and set a “sector perform” rating on the stock in a research report on Monday, April 22nd. Finally, National Bankshares lowered their price objective on shares of Algonquin Power & Utilities from $7.50 to $7.25 and set a “sector perform” rating on the stock in a research report on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Algonquin Power & Utilities has a consensus rating of “Hold” and a consensus target price of $7.67.

Algonquin Power & Utilities Stock Performance

AQN traded down $0.05 during trading on Friday, hitting $6.12. The company’s stock had a trading volume of 4,115,511 shares, compared to its average volume of 4,582,244. The company has a quick ratio of 0.50, a current ratio of 0.63 and a debt-to-equity ratio of 1.23. Algonquin Power & Utilities Corp. has a one year low of $4.90 and a one year high of $9.14. The firm has a market cap of $4.22 billion, a PE ratio of 204.00 and a beta of 0.66. The business’s 50 day simple moving average is $6.05 and its 200-day simple moving average is $5.99.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings results on Friday, March 8th. The utilities provider reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.02. Algonquin Power & Utilities had a net margin of 1.06% and a return on equity of 5.64%. The business had revenue of $666.90 million for the quarter, compared to the consensus estimate of $661.73 million. During the same period last year, the firm earned $0.22 earnings per share. The company’s quarterly revenue was down 10.8% on a year-over-year basis. As a group, sell-side analysts predict that Algonquin Power & Utilities Corp. will post 0.49 EPS for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $0.1085 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.43 annualized dividend and a dividend yield of 7.09%. Algonquin Power & Utilities’s payout ratio is 1,433.33%.

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.