Starboard Value LP Has $290.66 Million Stock Position in Algonquin Power & Utilities Corp. (NYSE:AQN)

Starboard Value LP grew its stake in Algonquin Power & Utilities Corp. (NYSE:AQN) by 5.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,316,000 shares of the utilities provider’s stock after acquiring an additional 3,175,000 shares during the period. Algonquin Power & Utilities accounts for approximately 5.3% of Starboard Value LP’s holdings, making the stock its 9th largest position. Starboard Value LP owned approximately 8.51% of Algonquin Power & Utilities worth $290,656,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of AQN. FIL Ltd grew its holdings in shares of Algonquin Power & Utilities by 85.6% in the 4th quarter. FIL Ltd now owns 40,886,793 shares of the utilities provider’s stock valued at $181,473,000 after acquiring an additional 18,857,515 shares in the last quarter. Norges Bank bought a new position in shares of Algonquin Power & Utilities in the 4th quarter valued at about $31,508,000. EdgePoint Investment Group Inc. grew its holdings in shares of Algonquin Power & Utilities by 32.8% in the 4th quarter. EdgePoint Investment Group Inc. now owns 22,830,789 shares of the utilities provider’s stock valued at $101,202,000 after acquiring an additional 5,640,705 shares in the last quarter. Private Management Group Inc. grew its holdings in shares of Algonquin Power & Utilities by 161.2% in the 4th quarter. Private Management Group Inc. now owns 5,924,983 shares of the utilities provider’s stock valued at $26,366,000 after acquiring an additional 3,656,840 shares in the last quarter. Finally, Toronto Dominion Bank grew its holdings in shares of Algonquin Power & Utilities by 40.2% in the 4th quarter. Toronto Dominion Bank now owns 7,910,535 shares of the utilities provider’s stock valued at $35,066,000 after acquiring an additional 2,267,343 shares in the last quarter. Institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Trading Up 1.7%

Shares of AQN stock opened at $5.59 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.73 and a debt-to-equity ratio of 1.17. The stock has a market cap of $4.29 billion, a P/E ratio of -4.33 and a beta of 0.67. The stock has a 50 day simple moving average of $5.22 and a 200 day simple moving average of $4.84. Algonquin Power & Utilities Corp. has a 1 year low of $4.19 and a 1 year high of $6.75.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings results on Friday, May 9th. The utilities provider reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.05. The company had revenue of $692.40 million during the quarter, compared to the consensus estimate of $699.08 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. During the same period in the prior year, the business earned $0.14 earnings per share. On average, research analysts predict that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $0.065 dividend. The ex-dividend date is Monday, June 30th. This represents a $0.26 annualized dividend and a yield of 4.66%. Algonquin Power & Utilities’s payout ratio is currently -15.48%.

Wall Street Analysts Forecast Growth

AQN has been the subject of a number of research analyst reports. BMO Capital Markets reiterated a “market perform” rating and set a $6.00 price target (up previously from $5.00) on shares of Algonquin Power & Utilities in a report on Monday, May 12th. Scotiabank lifted their price target on Algonquin Power & Utilities from $5.50 to $6.00 and gave the stock a “sector perform” rating in a report on Monday, May 12th. CIBC reduced their price target on Algonquin Power & Utilities from $5.50 to $5.25 and set a “neutral” rating for the company in a report on Thursday, April 24th. National Bankshares reduced their price target on Algonquin Power & Utilities from $6.75 to $6.25 and set an “outperform” rating for the company in a report on Tuesday, February 11th. Finally, Royal Bank of Canada lifted their price target on Algonquin Power & Utilities from $5.50 to $6.00 and gave the stock a “sector perform” rating in a report on Monday, May 12th. Ten investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Algonquin Power & Utilities has an average rating of “Hold” and a consensus price target of $6.03.

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.