5 Canadian Dividend Stocks With Over 3% Yield

4. Algonquin Power & Utilities Corp. (NYSE:AQN)

Dividend Yield as of February 11: 4.88%

Number of Hedge Fund Holders: 15

Algonquin Power & Utilities Corp. (NYSE:AQN) is a renewable energy and utility company based in Oakville, Ontario, and serves customers across North America. Algonquin Power & Utilities Corp. (NYSE:AQN), via its subsidiaries, provides hydroelectric, wind, and solar power generation facilities, in addition to natural gas and water utilities. 

On November 11, Algonquin Power & Utilities Corp. (NYSE:AQN) declared a $0.1706 per share quarterly dividend, in line with previous. The dividend was paid on January 14, to shareholders of record on December 31. Algonquin Power & Utilities Corp. (NYSE:AQN)’s dividend yield on February 11 stood at 4.88%. 

BMO Capital analyst Ben Pham upgraded Algonquin Power & Utilities Corp. (NYSE:AQN) on November 10 to Outperform from Market Perform with an unchanged price target of $17. The upgrade followed Algonquin Power & Utilities Corp. (NYSE:AQN)’s acquisition of Kentucky Power and the associated $650 million equity offering. The analyst sees “attractive” 24% potential total return in Algonquin Power & Utilities Corp. (NYSE:AQN) shares.

According to Insider Monkey’s Q3 data, 15 hedge funds were long Algonquin Power & Utilities Corp. (NYSE:AQN), down from 24 funds in the preceding quarter. Billionaire Ken Griffin’s Citadel Investment Group is the biggest Algonquin Power & Utilities Corp. (NYSE:AQN) stakeholder, holding 1.10 million shares worth $53.5 million.