Cidel Asset Management Inc. Sells 6,240 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Cidel Asset Management Inc. reduced its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 0.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,493,771 shares of the utilities provider’s stock after selling 6,240 shares during the period. Cidel Asset Management Inc.’s holdings in Algonquin Power & Utilities were worth $11,063,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AQN. Private Management Group Inc. lifted its holdings in Algonquin Power & Utilities by 161.2% during the fourth quarter. Private Management Group Inc. now owns 5,924,983 shares of the utilities provider’s stock valued at $26,366,000 after purchasing an additional 3,656,840 shares in the last quarter. Spire Wealth Management raised its position in shares of Algonquin Power & Utilities by 149.6% during the 4th quarter. Spire Wealth Management now owns 17,000 shares of the utilities provider’s stock valued at $76,000 after purchasing an additional 10,190 shares during the period. Manning & Napier Advisors LLC lifted its stake in shares of Algonquin Power & Utilities by 25.0% during the 4th quarter. Manning & Napier Advisors LLC now owns 1,250,000 shares of the utilities provider’s stock valued at $5,562,000 after buying an additional 250,000 shares in the last quarter. Kingswood Wealth Advisors LLC bought a new position in Algonquin Power & Utilities in the 4th quarter worth $106,000. Finally, Duncan Williams Asset Management LLC purchased a new stake in Algonquin Power & Utilities in the 4th quarter worth $88,000. 62.28% of the stock is currently owned by institutional investors.

Algonquin Power & Utilities Price Performance

Algonquin Power & Utilities stock opened at $4.46 on Friday. Algonquin Power & Utilities Corp. has a 52-week low of $4.19 and a 52-week high of $6.79. The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17. The firm’s fifty day moving average is $4.50 and its 200 day moving average is $5.02. The company has a market cap of $3.42 billion, a price-to-earnings ratio of -3.45 and a beta of 0.69.

Algonquin Power & Utilities (NYSE:AQN) last announced its earnings results on Thursday, November 7th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). The business had revenue of $573.20 million for the quarter, compared to analysts’ expectations of $620.46 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.11 earnings per share. Sell-side analysts forecast that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

AQN has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of Algonquin Power & Utilities in a research note on Thursday, December 12th. CIBC dropped their price target on Algonquin Power & Utilities from $5.75 to $5.50 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Wells Fargo & Company reduced their price objective on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research report on Wednesday, October 16th. Scotiabank lowered their target price on shares of Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $6.00 target price on shares of Algonquin Power & Utilities in a research note on Friday, October 11th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Algonquin Power & Utilities presently has an average rating of “Hold” and an average target price of $6.13.

Algonquin Power & Utilities Profile

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.