Norges Bank Invests $67.07 Million in Algonquin Power & Utilities Corp. $AQN

Norges Bank acquired a new position in Algonquin Power & Utilities Corp. (NYSE:AQN) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 10,906,124 shares of the utilities provider’s stock, valued at approximately $67,065,000. Norges Bank owned approximately 1.42% of Algonquin Power & Utilities as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in AQN. Quarry LP bought a new stake in Algonquin Power & Utilities in the 3rd quarter worth about $29,000. Fiera Capital Corp bought a new stake in Algonquin Power & Utilities in the 3rd quarter worth about $55,000. Vise Technologies Inc. bought a new stake in Algonquin Power & Utilities in the 3rd quarter worth about $56,000. R Squared Ltd bought a new stake in Algonquin Power & Utilities in the 4th quarter worth about $68,000. Finally, Envestnet Asset Management Inc. bought a new stake in Algonquin Power & Utilities in the 2nd quarter worth about $85,000. 62.28% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on AQN. Wells Fargo & Company began coverage on shares of Algonquin Power & Utilities in a research report on Tuesday, May 12th. They issued an “equal weight” rating and a $7.00 price objective for the company. Barclays began coverage on shares of Algonquin Power & Utilities in a research report on Wednesday, April 1st. They issued an “overweight” rating and a $7.00 price objective for the company. Desjardins dropped their target price on shares of Algonquin Power & Utilities from $7.25 to $7.00 and set a “buy” rating on the stock in a research note on Monday, March 9th. Canadian Imperial Bank of Commerce boosted their target price on shares of Algonquin Power & Utilities from $6.25 to $6.50 and gave the company a “neutral” rating in a research note on Monday, April 20th. Finally, National Bank Financial dropped their target price on shares of Algonquin Power & Utilities from $7.50 to $7.25 and set an “outperform” rating on the stock in a research note on Monday, March 9th. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $6.83.

Algonquin Power & Utilities Stock Up 0.9%

AQN opened at $6.00 on Friday. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of 27.25 and a beta of 0.71. The company has a quick ratio of 0.87, a current ratio of 1.05 and a debt-to-equity ratio of 1.26. The company’s 50-day moving average price is $6.12 and its two-hundred day moving average price is $6.27. Algonquin Power & Utilities Corp. has a twelve month low of $5.32 and a twelve month high of $7.11.

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

Algonquin Power & Utilities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Tuesday, June 30th. Algonquin Power & Utilities’s dividend payout ratio is presently 118.18%.

About Algonquin Power & Utilities

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.