Formidable Asset Management LLC Lowers Holdings in Algonquin Power & Utilities Corp. $AQN

Formidable Asset Management LLC trimmed its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN) by 8.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 69,370 shares of the utilities provider’s stock after selling 6,283 shares during the period. Formidable Asset Management LLC’s holdings in Algonquin Power & Utilities were worth $397,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Public Employees Retirement System of Ohio grew its holdings in shares of Algonquin Power & Utilities by 59.9% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,066,247 shares of the utilities provider’s stock worth $11,834,000 after purchasing an additional 774,061 shares during the period. Ballentine Partners LLC lifted its position in Algonquin Power & Utilities by 10.6% in the second quarter. Ballentine Partners LLC now owns 23,484 shares of the utilities provider’s stock valued at $135,000 after buying an additional 2,242 shares during the last quarter. Value Partners Investments Inc. lifted its position in Algonquin Power & Utilities by 26.4% in the second quarter. Value Partners Investments Inc. now owns 47,983 shares of the utilities provider’s stock valued at $274,000 after buying an additional 10,020 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Algonquin Power & Utilities by 65.0% in the first quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider’s stock valued at $62,738,000 after buying an additional 4,808,539 shares during the last quarter. Finally, EdgePoint Investment Group Inc. lifted its holdings in shares of Algonquin Power & Utilities by 84.9% in the 1st quarter. EdgePoint Investment Group Inc. now owns 42,223,594 shares of the utilities provider’s stock worth $216,868,000 after acquiring an additional 19,392,805 shares during the last quarter. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Price Performance

AQN stock opened at $5.39 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.09 and a quick ratio of 0.86. The firm has a market capitalization of $4.14 billion, a P/E ratio of -2.99 and a beta of 0.69. The business’s 50-day moving average is $5.75 and its two-hundred day moving average is $5.56. Algonquin Power & Utilities Corp. has a 1 year low of $4.19 and a 1 year high of $6.24.

Algonquin Power & Utilities (NYSE:AQN) last issued its earnings results on Friday, August 8th. The utilities provider reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. The firm had revenue of $535.59 million for the quarter, compared to analysts’ expectations of $535.64 million. Algonquin Power & Utilities had a negative net margin of 57.66% and a positive return on equity of 4.76%. During the same quarter last year, the company earned $0.09 earnings per share. Analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a $0.065 dividend. This represents a $0.26 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Monday, September 29th. Algonquin Power & Utilities’s dividend payout ratio is -14.44%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. CIBC upped their price objective on shares of Algonquin Power & Utilities from $5.75 to $6.25 and gave the stock a “neutral” rating in a report on Wednesday, June 4th. National Bankshares cut Algonquin Power & Utilities from an “outperform” rating to a “sector perform” rating and set a $6.75 price target on the stock. in a research note on Wednesday, June 4th. Wall Street Zen cut Algonquin Power & Utilities from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Royal Bank Of Canada increased their target price on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “sector perform” rating in a research note on Wednesday, June 4th. Finally, Scotiabank increased their target price on Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a “sector perform” rating in a research note on Wednesday, June 4th. Eleven analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $6.34.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.