HITE Hedge Asset Management LLC Purchases Shares of 200,000 Algonquin Power & Utilities Corp. $AQN

HITE Hedge Asset Management LLC purchased a new stake in Algonquin Power & Utilities Corp. (NYSE:AQN) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 200,000 shares of the utilities provider’s stock, valued at approximately $1,230,000.

A number of other large investors also recently bought and sold shares of AQN. Quarry LP acquired a new position in Algonquin Power & Utilities in the third quarter valued at approximately $29,000. Group One Trading LLC lifted its holdings in Algonquin Power & Utilities by 63.3% in the fourth quarter. Group One Trading LLC now owns 7,479 shares of the utilities provider’s stock valued at $46,000 after acquiring an additional 2,900 shares during the period. Fiera Capital Corp acquired a new position in Algonquin Power & Utilities in the third quarter valued at approximately $55,000. Vise Technologies Inc. acquired a new position in Algonquin Power & Utilities in the third quarter valued at approximately $56,000. Finally, R Squared Ltd acquired a new position in Algonquin Power & Utilities in the fourth quarter valued at approximately $68,000. 62.28% of the stock is owned by institutional investors and hedge funds.

Algonquin Power & Utilities Trading Up 0.8%

Shares of AQN stock opened at $5.94 on Friday. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.05 and a quick ratio of 0.87. The company has a market cap of $4.57 billion, a price-to-earnings ratio of 26.98 and a beta of 0.71. The stock has a 50 day simple moving average of $6.09 and a 200-day simple moving average of $6.26. Algonquin Power & Utilities Corp. has a 1-year low of $5.32 and a 1-year high of $7.11.

Algonquin Power & Utilities (NYSE:AQN) last announced its earnings results on Friday, May 8th. The utilities provider reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. The business had revenue of $713.69 million during the quarter, compared to the consensus estimate of $713.69 million. Algonquin Power & Utilities had a return on equity of 5.21% and a net margin of 6.62%.During the same period in the prior year, the company posted $0.14 EPS. On average, equities research analysts expect that Algonquin Power & Utilities Corp. will post 0.36 EPS for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend is Tuesday, June 30th. Algonquin Power & Utilities’s dividend payout ratio is presently 118.18%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AQN. Barclays initiated coverage on Algonquin Power & Utilities in a report on Wednesday, April 1st. They issued an “overweight” rating and a $7.00 price target for the company. TD Cowen reduced their target price on Algonquin Power & Utilities from $6.50 to $6.00 and set a “hold” rating for the company in a research note on Monday, March 9th. Wall Street Zen downgraded Algonquin Power & Utilities from a “buy” rating to a “hold” rating in a research note on Sunday, March 15th. Weiss Ratings raised Algonquin Power & Utilities from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, April 21st. Finally, Desjardins reduced their target price on Algonquin Power & Utilities from $7.25 to $7.00 and set a “buy” rating for the company in a research note on Monday, March 9th. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $6.83.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp (NYSE: AQN) is a diversified generation, transmission and distribution utility company headquartered in Oakville, Ontario. Established in 1988, the firm operates through two primary business segments: Regulated Utilities and Renewable Energy. Its Regulated Utilities segment comprises electric, natural gas and water distribution networks serving residential, commercial and industrial customers across North America, while its Renewable Energy portfolio includes hydroelectric, solar, wind and thermal generation facilities.

The company’s renewable energy assets span multiple jurisdictions in Canada and the United States, reflecting its strategy to expand clean power capacity in regions with supportive regulatory frameworks.