Gabelli Funds LLC Increases Stock Position in Algonquin Power & Utilities Corp. (NYSE:AQN)

Gabelli Funds LLC increased its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQNFree Report) by 9.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 458,300 shares of the utilities provider’s stock after buying an additional 38,100 shares during the period. Gabelli Funds LLC owned 0.07% of Algonquin Power & Utilities worth $2,724,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in AQN. Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in Algonquin Power & Utilities during the third quarter worth $28,000. Power Corp of Canada purchased a new position in Algonquin Power & Utilities during the first quarter valued at $31,000. Captrust Financial Advisors lifted its holdings in Algonquin Power & Utilities by 66.4% during the second quarter. Captrust Financial Advisors now owns 3,526 shares of the utilities provider’s stock valued at $47,000 after purchasing an additional 1,407 shares in the last quarter. CTC Alternative Strategies Ltd. purchased a new position in Algonquin Power & Utilities during the third quarter valued at $62,000. Finally, Kingswood Wealth Advisors LLC purchased a new position in Algonquin Power & Utilities during the third quarter valued at $70,000. 52.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on AQN shares. Scotiabank increased their price objective on shares of Algonquin Power & Utilities from $7.00 to $7.50 and gave the company a “sector perform” rating in a report on Wednesday, January 24th. Desjardins decreased their price objective on shares of Algonquin Power & Utilities from $6.50 to $4.75 and set a “sell” rating on the stock in a report on Wednesday, October 25th. TD Securities decreased their price objective on shares of Algonquin Power & Utilities from $8.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, October 18th. National Bankshares reduced their target price on shares of Algonquin Power & Utilities from $7.50 to $7.25 and set a “sector perform” rating for the company in a research report on Tuesday, January 9th. Finally, CIBC increased their target price on shares of Algonquin Power & Utilities from $7.00 to $7.50 and gave the company a “neutral” rating in a research report on Tuesday, January 9th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $7.70.

View Our Latest Research Report on Algonquin Power & Utilities

Algonquin Power & Utilities Price Performance

Algonquin Power & Utilities stock opened at $5.78 on Friday. Algonquin Power & Utilities Corp. has a 12-month low of $4.90 and a 12-month high of $9.14. The stock has a market cap of $3.98 billion, a P/E ratio of -16.51 and a beta of 0.67. The company has a 50-day moving average price of $6.21 and a 200 day moving average price of $6.42. The company has a current ratio of 0.66, a quick ratio of 0.50 and a debt-to-equity ratio of 1.22.

Algonquin Power & Utilities (NYSE:AQNGet Free Report) last released its quarterly earnings data on Friday, November 10th. The utilities provider reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.01). Algonquin Power & Utilities had a positive return on equity of 6.13% and a negative net margin of 8.35%. The firm had revenue of $624.70 million for the quarter, compared to analyst estimates of $643.87 million. During the same quarter in the previous year, the business posted $0.11 earnings per share. Algonquin Power & Utilities’s revenue for the quarter was down 6.0% on a year-over-year basis. Sell-side analysts anticipate that Algonquin Power & Utilities Corp. will post 0.51 earnings per share for the current year.

Algonquin Power & Utilities Profile

(Free Report)

Algonquin Power & Utilities Corp., a renewable energy and utility company, that provides energy and water solutions and services in North America and internationally. The company operates through two segments, Regulated Services Group and Renewable Energy Group. The Regulated Services Group segment provides a portfolio of rate-regulated water, electricity, and gas utility services.

Further Reading

Institutional Ownership by Quarter for Algonquin Power & Utilities (NYSE:AQN)

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