Welcome to our dedicated page for Algonquin Power & Utilities news (Ticker: AQN), a resource for investors and traders seeking the latest updates and insights on Algonquin Power & Utilities stock.
Algonquin Power & Utilities Corp. (AQN) is a leading North American diversified utility company with a market capitalization of $3.6 billion. AQN operates through two main business groups: the Regulated Services Group and the Renewable Energy Group. The Regulated Services Group provides rate-regulated water, electricity, and natural gas utility services to over 485,000 customers across the United States. The Renewable Energy Group, on the other hand, owns or has interests in contracted wind, solar, hydroelectric, and natural gas-powered generating facilities with over 1,100 MW of installed capacity in the United States and Canada.
Headquartered in Oakville, Ontario, Algonquin Power & Utilities Corp. also operates under the brand Liberty, managing more than $16 billion in total assets. The company is committed to delivering safe, reliable, and sustainable energy and water solutions. AQN emphasizes organic growth within its regulated utilities and an expanding pipeline of renewable energy development projects. Additionally, AQN continues to pursue accretive acquisitions that add value to its diverse portfolio.
Recent achievements include significant financial growth, as reflected in the double-digit Divisional Operating Profit growth of its Regulated Services Group. The company has successfully implemented new rate changes, reflecting its investments in system improvements. Furthermore, AQN recently placed into service 453 MW of new wind and solar generation facilities, demonstrating its ongoing commitment to renewable energy.
Algonquin Power & Utilities Corp. also announced multiple dividends on its common and preferred shares, showcasing its strong financial condition. The company's common shares and preferred shares Series A and D are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. Its common shares and other financial instruments are also listed on the New York Stock Exchange under the symbols AQN, AQNB, and AQNU.
In recent news, AQN has been focused on streamlining its operations by winding down its international non-regulated development activities. The company has also entered into a significant support agreement to sell its stake in Atlantica Sustainable Infrastructure plc (NASDAQ: AY), which will help reduce debt and reinforce its transition to a pure-play regulated utility. Additionally, AQN has successfully remarketed $1.15 billion in senior notes, reflecting investor confidence in its long-term strategy.
As the company continues its strategic transformation, it aims to focus more on its regulated utility operations while maintaining a strong commitment to renewable energy. This approach is expected to generate sustainable growth and long-term value for shareholders.
Algonquin Power & Utilities Corp. (AQN) has agreed to sell its renewable energy business (excluding hydro) to LS Power for up to $2.5 billion. The transaction includes $2.28 billion in cash at closing and up to $220 million in earn-out payments. This strategic move aims to transform AQN into a pure-play regulated utility, strengthen its balance sheet, and enhance earnings quality.
The deal is expected to close in Q4 2024 or Q1 2025, subject to regulatory approvals. AQN anticipates receiving approximately $1.6 billion in net cash proceeds after adjustments. The company's board unanimously approved the transaction, which aligns with AQN's objective to create long-term value for customers and shareholders.
Algonquin Power & Utilities Corp. (TSX: AQN, NYSE: AQN) announced it will release its second-quarter 2024 financial results on August 9, 2024, before market open. The results will be discussed in an earnings conference call at 8:30 a.m. ET the same day, hosted by CEO Chris Huskilson and CFO Darren Myers. Investors and analysts can join the call via toll-free dial-in at 1 (800) 715-9871 or toll dial-in at 1 (647) 932-3411 using Conference ID 9608227. The event will also be webcasted, with a presentation available at www.algonquinpower.com.
Algonquin Power & Utilities Corp. (TSX: AQN, NYSE: AQN) announced the settlement rate for its corporate units issued in June 2021. Holders will receive 3.3439 common shares per share purchase contract at an effective issuance price of $14.9526 per share. The settlement is based on the average volume-weighted price on the NYSE for the past 20 trading days, adjusted for certain events.
On June 17, 2024, holders will receive the shares following a $50 payment per unit, satisfied via proceeds from a Treasury portfolio linked to senior notes remarketed in March 2024. This will yield $1.15 billion for Algonquin, issuing approximately 76.9 million shares. Furthermore, on June 17, 2024, there will be a final cash distribution of $0.96875 per unit, and the corporate units will be delisted from the NYSE.
Algonquin Power & Utilities Corp. (AQN) held its annual meeting of shareholders on June 4, 2024. During the meeting, nine directors were elected with high approval rates, ranging from 97.05% to 99.20%. Shareholders also re-appointed Ernst & Young LLP as auditors and approved amendments to several share unit plans and the company's executive compensation approach. Detailed voting results will be filed with various securities regulatory authorities.
Algonquin Power & Utilities Corp. (TSX: AQN) (NYSE: AQN) announces a support agreement with Energy Capital Partners and Atlantica Sustainable Infrastructure plc (NASDAQ: AY). AQN's subsidiary Liberty, holding 42.2% of Atlantica shares, will vote in favor of Bidco's acquisition of Atlantica for $22.00 per share, a transaction valuing Atlantica at approximately $2,555 million. This represents an 18.9% premium on Atlantica's closing price on April 22, 2024. Proceeds from AQN's $1,077 million stake will help reduce debt and focus on becoming a pure-play regulated utility. The transaction, subject to several approvals, is expected to close by late 2024 or early 2025.
Algonquin Power & Utilities Corp. announced second quarter 2024 dividends: US$0.1085 per common share payable on July 15, 2024, and C$0.41100 and C$0.42831 per preferred shares, Series A and D respectively, payable on July 2, 2024. The dividends will be paid in cash, and the DRIP for common shares was suspended in March 2023. Shareholders can choose to receive dividends in either U.S. dollars or Canadian dollars.
Algonquin Power & Utilities Corp. appointed Chris Huskilson as CEO, emphasizing strategic transformation and cost reduction. The company reported positive growth in Q1 financial results but also a decrease in adjusted net earnings. Various financing transactions closed to support business simplification and growth. The CEO highlighted progress on strategic initiatives and future plans.
FAQ
What is the current stock price of Algonquin Power & Utilities (AQN)?
What is the market cap of Algonquin Power & Utilities (AQN)?
What services does Algonquin Power & Utilities Corp. provide?
What recent achievements has Algonquin Power & Utilities Corp. made?
What is the market capitalization of Algonquin Power & Utilities Corp.?
What are the trading symbols for Algonquin Power & Utilities Corp.?
What are the major business groups of Algonquin Power & Utilities Corp.?
How is Algonquin Power & Utilities Corp. performing financially?
What is the focus of Algonquin Power & Utilities Corp.'s recent strategic initiatives?
What is Algonquin Power & Utilities Corp.'s commitment to renewable energy?
Where can I find more information about Algonquin Power & Utilities Corp.?
What is the role of Liberty in Algonquin Power & Utilities Corp.?
