Goldman Sachs Group Inc. Raises Stock Holdings in Algonquin Power & Utilities Corp. (NYSE:AQN)

Goldman Sachs Group Inc. lifted its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 754.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 15,552,484 shares of the utilities provider’s stock after acquiring an additional 13,731,305 shares during the period. Goldman Sachs Group Inc.’s holdings in Algonquin Power & Utilities were worth $98,292,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Pacifica Partners Inc. increased its position in shares of Algonquin Power & Utilities by 1,975.0% during the fourth quarter. Pacifica Partners Inc. now owns 4,150 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 3,950 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Algonquin Power & Utilities by 76.3% during the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 1,882 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Algonquin Power & Utilities during the fourth quarter valued at approximately $64,000. Seven Mile Advisory purchased a new stake in Algonquin Power & Utilities in the fourth quarter worth $67,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Algonquin Power & Utilities in the fourth quarter worth $70,000. 62.28% of the stock is owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Stock Up 0.7 %

Shares of NYSE:AQN traded up $0.04 during midday trading on Friday, reaching $5.77. 13,055,702 shares of the company traded hands, compared to its average volume of 5,045,457. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.79 and a current ratio of 0.98. Algonquin Power & Utilities Corp. has a 12 month low of $4.90 and a 12 month high of $8.54. The firm’s fifty day moving average price is $6.26 and its two-hundred day moving average price is $6.18.

Algonquin Power & Utilities (NYSE:AQN) last posted its earnings results on Friday, May 10th. The utilities provider reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.01). Algonquin Power & Utilities had a positive return on equity of 5.39% and a negative net margin of 12.44%. The business had revenue of $737.10 million for the quarter, compared to analysts’ expectations of $813.38 million. During the same quarter in the previous year, the firm earned $0.17 earnings per share. Algonquin Power & Utilities’s quarterly revenue was down 5.3% compared to the same quarter last year. Analysts predict that Algonquin Power & Utilities Corp. will post 0.46 earnings per share for the current fiscal year.

Algonquin Power & Utilities Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a dividend of $0.108 per share. This represents a $0.43 annualized dividend and a yield of 7.49%. The ex-dividend date is Friday, June 28th. Algonquin Power & Utilities’s payout ratio is -87.76%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AQN. National Bankshares raised their target price on Algonquin Power & Utilities from $6.75 to $7.25 and gave the stock a “sector perform” rating in a research report on Tuesday, May 28th. Desjardins raised their target price on Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a “hold” rating in a research report on Thursday, June 6th. Wells Fargo & Company raised their target price on Algonquin Power & Utilities from $8.00 to $8.50 and gave the stock an “overweight” rating in a research report on Monday, May 13th. TD Securities raised their target price on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “hold” rating in a research report on Monday, March 11th. Finally, StockNews.com raised Algonquin Power & Utilities to a “sell” rating in a research report on Friday, May 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Algonquin Power & Utilities presently has an average rating of “Hold” and an average price target of $7.47.

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.