Callodine Capital Management LP Buys 600,000 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Callodine Capital Management LP boosted its stake in Algonquin Power & Utilities Corp. (NYSE:AQN) by 30.0% in the fourth quarter, Holdings Channel reports. The firm owned 2,600,000 shares of the utilities provider’s stock after purchasing an additional 600,000 shares during the quarter. Algonquin Power & Utilities accounts for about 2.4% of Callodine Capital Management LP’s investment portfolio, making the stock its 14th largest position. Callodine Capital Management LP’s holdings in Algonquin Power & Utilities were worth $11,570,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of AQN. State Street Corp raised its position in shares of Algonquin Power & Utilities by 11.7% in the 3rd quarter. State Street Corp now owns 2,536,900 shares of the utilities provider’s stock valued at $13,991,000 after buying an additional 266,500 shares in the last quarter. Barclays PLC lifted its stake in Algonquin Power & Utilities by 33.2% during the third quarter. Barclays PLC now owns 829,508 shares of the utilities provider’s stock worth $4,522,000 after purchasing an additional 206,603 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Algonquin Power & Utilities by 12.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,179,465 shares of the utilities provider’s stock valued at $7,808,000 after purchasing an additional 128,806 shares in the last quarter. Virtu Financial LLC increased its stake in shares of Algonquin Power & Utilities by 382.0% in the 3rd quarter. Virtu Financial LLC now owns 82,854 shares of the utilities provider’s stock valued at $452,000 after purchasing an additional 65,663 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Algonquin Power & Utilities by 10.4% during the 3rd quarter. Franklin Resources Inc. now owns 644,652 shares of the utilities provider’s stock worth $3,264,000 after buying an additional 60,946 shares in the last quarter. Institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Price Performance

Shares of NYSE:AQN opened at $5.40 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.73 and a current ratio of 0.92. Algonquin Power & Utilities Corp. has a 52 week low of $4.19 and a 52 week high of $6.79. The firm has a market cap of $4.14 billion, a PE ratio of -4.18 and a beta of 0.65. The firm’s fifty day moving average is $4.94 and its 200-day moving average is $4.79.

Algonquin Power & Utilities (NYSE:AQN) last announced its earnings results on Friday, March 7th. The utilities provider reported $0.06 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.04). The company had revenue of $584.80 million for the quarter, compared to analyst estimates of $644.73 million. Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. Sell-side analysts predict that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current year.

Algonquin Power & Utilities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.065 dividend. This represents a $0.26 annualized dividend and a yield of 4.82%. The ex-dividend date of this dividend was Monday, March 31st. Algonquin Power & Utilities’s payout ratio is presently -14.44%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AQN. Royal Bank of Canada reduced their price objective on Algonquin Power & Utilities from $6.00 to $5.50 and set a “sector perform” rating on the stock in a research note on Tuesday, February 18th. National Bankshares lowered their price objective on shares of Algonquin Power & Utilities from $6.75 to $6.25 and set an “outperform” rating for the company in a research report on Tuesday, February 11th. Finally, Scotiabank boosted their target price on shares of Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a “sector perform” rating in a research note on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $5.94.

Algonquin Power & Utilities Company 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.