Picton Mahoney Asset Management Has $6.45 Million Position in Algonquin Power & Utilities Corp. $AQN

Picton Mahoney Asset Management lifted its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 51.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,199,417 shares of the utilities provider’s stock after purchasing an additional 406,117 shares during the period. Picton Mahoney Asset Management owned 0.16% of Algonquin Power & Utilities worth $6,447,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. EdgePoint Investment Group Inc. lifted its position in Algonquin Power & Utilities by 34.4% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 56,764,441 shares of the utilities provider’s stock worth $324,934,000 after buying an additional 14,540,847 shares in the last quarter. Norges Bank acquired a new stake in Algonquin Power & Utilities in the 2nd quarter valued at about $51,370,000. Ariel Investments LLC raised its stake in shares of Algonquin Power & Utilities by 88.6% in the second quarter. Ariel Investments LLC now owns 13,112,831 shares of the utilities provider’s stock worth $75,137,000 after acquiring an additional 6,160,490 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Algonquin Power & Utilities by 65.0% during the first quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider’s stock worth $62,738,000 after purchasing an additional 4,808,539 shares in the last quarter. Finally, Packer & Co Ltd bought a new stake in shares of Algonquin Power & Utilities during the third quarter valued at approximately $24,235,000. 62.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AQN has been the subject of several research analyst reports. Scotiabank upgraded shares of Algonquin Power & Utilities from a “sector perform” rating to a “sector outperform” rating and set a $6.50 price objective for the company in a research report on Tuesday, December 16th. National Bank Financial set a $7.50 price objective on Algonquin Power & Utilities in a research report on Wednesday, January 7th. Weiss Ratings raised Algonquin Power & Utilities from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, February 17th. Janney Montgomery Scott set a $7.00 price target on Algonquin Power & Utilities in a research note on Monday, November 10th. Finally, Zacks Research upgraded Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a report on Friday, January 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $6.67.

Algonquin Power & Utilities Price Performance

AQN opened at $6.98 on Thursday. The company has a fifty day moving average price of $6.52 and a two-hundred day moving average price of $6.07. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.98 and a current ratio of 1.23. Algonquin Power & Utilities Corp. has a 52 week low of $4.29 and a 52 week high of $7.11. The firm has a market capitalization of $5.36 billion, a PE ratio of -174.46 and a beta of 0.75.

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.