Intricate maneuvers and calculating business decisions are just the norm when it comes to the world of finance. A prime example is Raymond James Financial Services Advisors Inc.’s recent move in reducing their position in Algonquin Power & Utilities Corp. by 20.7%. This decision was disclosed by the company in their most recent disclosure with the Securities and Exchange Commission.
This reduction in shares amounted to a total of 65,446 shares sold during the fourth quarter, leaving them with a remaining 250,072 shares after this period ended. The value of these holdings at this time amounted to $1,630,000 as per their latest SEC filing. This implies that Raymond James Financial Services Advisors Inc. has more capital to allocate and diversify elsewhere.
News of this came just after Algonquin Power & Utilities reported its quarterly earnings results for Q4 and revealed that they had exceeded expectations. The utilities provider reported an EPS (earnings per share) of $0.17 for the quarter, surpassing analysts’ predictions by $0.01; meanwhile, their revenue stood at $778.60 million as opposed to the consensus estimate of $770.77 million.
Algonquin Power & Utilities Corp., an investment holding company that focuses on energy generation and water distribution facilities, operates through three primary business segments: Regulated Services Group, Renewable Energy Group, and Corporate. Their Regulated Services Group owns and operates various electric, natural gas, water distribution utility systems alongside wastewater collection utility services – all integral components in today’s world.
As analysts predict the likelihood that Algonquin Power & Utilities will post 0.58 earnings per share for their current fiscal year despite a negative net margin of 1.17%, many investors remain optimistic about their future prospects regarding sustainable infrastructure mandates.
Overall it seems like there’s always action taking place in finance as companies constantly shuffle positions within different companies based on current trends or projections. Only time will tell whether this shift in position between Raymond James Financial Services Advisors Inc. and Algonquin Power & Utilities Corp. proves to be profitable in the long run.
Algonquin Power & Utilities Corp sees a recent rise in large investments from various firms and advisors.
Algonquin Power & Utilities Corp, an energy and water distribution investment company, has seen a recent rise in large investments from various firms and advisors. During Q3, Ten Capital Wealth Advisors LLC acquired around $28,000 in shares of the NYSE:AQN listed company. US Bancorp DE raised its holdings by 83.7% during Q3 and owns 2,485 shares in Algonquin corp’s stock valued at $28,000 after acquiring an additional 1,132 shares in the last quarter. This is similar to Power Corp of Canada who also acquired a new position during Q1 valued at $31,000. Captrust Financial Advisors followed suit during Q2 raising its holdings by 66.4% owning 3,526 shares of the utilities provider’s stock worth $47,000 after purchasing an additional 1,407 shares in the last quarter. Most recently Baskin Financial Services Inc. bought a new stake in shares of Algonquin Power & Utilities during the 4th quarter valued at about $69,000.
However, it is important to note that institutional investors only own around 41.26% of the stock according to Bloomberg.com.
NYSE:AQN opened at $8.33 on Friday with a fifty-two week low of $6.41 and a fifty-two week high of $14.85. The firm has a market capitalisation value of $5.74 billion with a P/E ratio currently -138.81 along with a P/E/G ratio recording as much as 4.92 and a beta rate of 0.51.
The Canadian firm offers regulated services within electric natural gas water distribution and wastewater collection transmission systems for enterprise clients looking for investment opportunities within renewable energy zones.
Recently announcing quarterly dividends due to be paid on July 14th encourages investors for AQN greatly with stockholders gaining record dividends before June ends receiving up to $0.216 with an annualised return of $0.86.
Various financial firms have undergone research into AQN offering their own reports, such as CIBC downgrading shares of Algonquin to a ‘neutral’ rating from a ‘sector outperform’ and decreasing their price target value from $17 to $10 on April 17th this year.
With differing reports and investors splitting each other’s stance on the stock, Bloomberg.com currently averages the ratings of AQN’s stand at “Hold” with the average target price set at $10.13.
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