Topic: How To Invest

Dividend Advisor Hotline – Friday, November 18, 2022

Article Excerpt

ALGONQUIN POWER & UTILITIES CORP., $10.28, Toronto symbol AQN, is still a buy for long-term gains.   The company 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 last raised your quarterly dividend with the July 2022 payment. Investors now receive $0.1808 U.S. a share, up 6.0% from $0.1706 U.S. The new annual rate of $0.7232 U.S. yields a very high 9.4%. The stock is down 33% since the company reported lower-than-expected earnings for the third quarter of 2022. It also cut its full-year earnings forecast. Algonquin’s revenue in the three months ended September 30, 2022, gained 26.1%, to $666.7 million from $528.6 million a year earlier (all amounts except share price in U.S. dollars). That beat the consensus forecast of $594.8 million. The higher revenues reflect the start up of new projects,…