Cidel Asset Management Inc. Reduces Stake in Algonquin Power & Utilities Corp. $AQN

Cidel Asset Management Inc. lowered its stake in Algonquin Power & Utilities Corp. (NYSE:AQN) by 99.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,776 shares of the utilities provider’s stock after selling 3,509,142 shares during the quarter. Cidel Asset Management Inc.’s holdings in Algonquin Power & Utilities were worth $157,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. EdgePoint Investment Group Inc. increased its position in shares of Algonquin Power & Utilities by 32.6% during the fourth quarter. EdgePoint Investment Group Inc. now owns 81,727,385 shares of the utilities provider’s stock valued at $502,563,000 after buying an additional 20,074,709 shares during the period. Bank of Montreal Can boosted its position in shares of Algonquin Power & Utilities by 23.1% in the fourth quarter. Bank of Montreal Can now owns 20,717,144 shares of the utilities provider’s stock valued at $127,395,000 after acquiring an additional 3,886,254 shares during the period. Principal Financial Group Inc. grew its stake in Algonquin Power & Utilities by 13.0% during the first quarter. Principal Financial Group Inc. now owns 13,633,904 shares of the utilities provider’s stock valued at $83,497,000 after acquiring an additional 1,563,924 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Algonquin Power & Utilities by 65.0% during 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 acquiring an additional 4,808,539 shares in the last quarter. Finally, Norges Bank purchased a new position in Algonquin Power & Utilities during the fourth quarter valued at approximately $67,065,000. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Stock Performance

Shares of AQN opened at $5.30 on Friday. Algonquin Power & Utilities Corp. has a 12-month low of $5.28 and a 12-month high of $7.11. The company has a current ratio of 0.88, a quick ratio of 0.69 and a debt-to-equity ratio of 1.28. The company has a market cap of $4.08 billion, a PE ratio of 27.92 and a beta of 0.70. The stock has a 50-day moving average price of $5.76 and a 200-day moving average price of $6.03.

Algonquin Power & Utilities (NYSE:AQN) last posted its quarterly earnings data on Friday, August 7th. The utilities provider reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). The company had revenue of $582.99 million during the quarter, compared to the consensus estimate of $582.99 million. Algonquin Power & Utilities had a return on equity of 5.16% and a net margin of 5.77%.During the same quarter last year, the company posted $0.04 earnings per share. Algonquin Power & Utilities has set its FY 2027 guidance at 0.380-0.420 EPS and its FY 2026 guidance at 0.350-0.370 EPS. As a group, equities analysts forecast that Algonquin Power & Utilities Corp. will post 0.35 earnings per share for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 29th will be issued a $0.065 dividend. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.9%. Algonquin Power & Utilities’s dividend payout ratio is presently 136.84%.

Analysts Set New Price Targets

AQN has been the topic of several recent analyst reports. TD set a $6.00 target price on shares of Algonquin Power & Utilities and gave the stock a “hold” rating in a research note on Monday, August 31st. National Bank Financial set a $7.00 price target on shares of Algonquin Power & Utilities and gave the company an “outperform” rating in a research report on Tuesday, September 1st. Finally, Weiss Ratings cut shares of Algonquin Power & Utilities from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Algonquin Power & Utilities has a consensus rating of “Moderate Buy” and a consensus price target of $6.72.

Algonquin Power & Utilities Company Profile

Algonquin Power & Utilities Corp. is a North American utility and renewable energy company headquartered in Oakville, Ontario. Through its Liberty operating businesses, the company has provided regulated electricity, natural gas, water and wastewater services to residential, commercial and industrial customers.

Algonquin has historically operated regulated utility systems in the United States and Canada, with activities including electricity distribution and transmission, natural gas distribution, and water and wastewater utilities.