Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 1,392,900 Algonquin Power & Utilities Corp. $AQN

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Algonquin Power & Utilities Corp. (NYSE:AQN) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,392,900 shares of the utilities provider’s stock, valued at approximately $7,973,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.18% of Algonquin Power & Utilities as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. US Bancorp DE raised its stake in Algonquin Power & Utilities by 85.7% in the 1st quarter. US Bancorp DE now owns 4,887 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 2,256 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Algonquin Power & Utilities in the first quarter valued at $31,000. Atria Wealth Solutions Inc. acquired a new position in shares of Algonquin Power & Utilities in the first quarter valued at $51,000. Wedbush Securities Inc. bought a new position in shares of Algonquin Power & Utilities in the second quarter valued at about $58,000. Finally, Oakwell Private Wealth Management LLC acquired a new stake in shares of Algonquin Power & Utilities during the 1st quarter worth about $63,000. 62.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Wall Street Zen upgraded shares of Algonquin Power & Utilities from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. Raymond James Financial upped their target price on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a “market perform” rating in a research report on Friday, October 24th. Desjardins lifted their price target on Algonquin Power & Utilities from $6.25 to $6.75 and gave the stock a “buy” rating in a report on Thursday, October 9th. Janney Montgomery Scott set a $7.00 price target on Algonquin Power & Utilities in a research note on Monday. Finally, TD Securities upgraded Algonquin Power & Utilities to a “hold” rating in a research report on Monday, August 11th. Two investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $6.59.

Algonquin Power & Utilities Price Performance

Shares of NYSE:AQN opened at $6.17 on Thursday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.86 and a current ratio of 1.09. Algonquin Power & Utilities Corp. has a 52 week low of $4.19 and a 52 week high of $6.48. The firm has a market cap of $4.74 billion, a PE ratio of -3.42 and a beta of 0.75. The firm’s fifty day moving average is $5.71 and its 200-day moving average is $5.73.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Friday, November 7th. The utilities provider reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. The business had revenue of $600.80 million during the quarter, compared to the consensus estimate of $596.67 million. Algonquin Power & Utilities had a positive return on equity of 4.76% and a negative net margin of 57.66%.During the same period in the prior year, the business posted $0.08 earnings per share. Sell-side analysts predict that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current year.

Algonquin Power & Utilities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Wednesday, December 31st. Algonquin Power & Utilities’s payout ratio is currently -650.00%.

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.