These green power stocks still look solid

Article Excerpt

Here are two renewable power stocks that have either cut or frozen their dividends to free up cash for new investments. Even so, their current payments look sustainable, and give you solid yields. ALGONQUIN POWER & UTILITIES CORP. $11 is a buy for long-term gains. The company (Toronto symbol AQN; High-Growth Dividend Payer Portfolio, Utilities sector; Shares outstanding: 683.6 million; Market cap: $7.5 billion; Dividend yield: 5.4%; Dividend Sustainability Rating: Average; has two main businesses: the Regulated Services Group provides regulated electricity, gas, water distribution and wastewater collection services in Canada, the U.S., Chile and Bermuda; and the Renewable Power Group produces electricity from about 40 clean-energy plants in North America. Algonquin cut your quarterly dividend by 40.0% to conserve cash for its planned $2.65 billion U.S. acquisition of Kentucky Power Co., which generates and distributes electricity to 228,000 customers in Kentucky. Starting with the April 2023, payment, investors now receive $0.1085 U.S. a share instead of $0.1808 U.S. The new annual rate of $0.434 U.S….