ALGONQUIN POWER & UTILITIES, $10.16, is a buy. The utility (Toronto symbol AQN; Shares o/s: 677.8 million; Market cap: $6.7 billion; TSINetwork Rating: Extra Risk; Yield: 9.5%; www.algonquinpower.com) is down 33% since the company reported lower-than-expected earnings for the third quarter of 2022. Per-share earnings declined 26.7%, to $0.11 from $0.15. That was mostly due to higher interest payments on its floating rate debt.
Going forward, the company says high borrowing costs and tough economic conditions are expected to remain a challenge into next year. That could force Algonquin to cut the dividend—the current rate, yielding a very high 9.5%, is a concerning 107% of its projected 2022 earnings per share. However, the company could instead slow its capital spending plans. It could also make selected asset sales to pay down variable-rate debt.
Even though challenges remain—including the possibility of a dividend cut—the share price drop appears overdone. We still see Algonquin as a buy right now for your long-term gains.
Algonquin Power & Utilities is a buy…
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