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.
On April 17, 2023, Algonquin Power & Utilities Corp. (AQN) announced that its subsidiary Liberty Utilities has mutually terminated the stock purchase agreement with American Electric Power (AEP) regarding Kentucky Power Company and AEP Kentucky Transmission Company. This decision comes after careful consideration of the current macro environment, as stated by AQN's CEO, Arun Banskota. The company maintains its projected Adjusted Net Earnings per share for 2023 at $0.55 to $0.61 and plans to release its Q1 2023 financial results on May 11, 2023. AQN highlights its robust asset base and commitment to sustainable growth. Additional investor information is available on its website.
Algonquin Power & Utilities Corp. (AQN) announced its board of directors approved dividends for the first quarter of 2023. Common shareholders will receive US$0.1085 per share, payable on April 14, 2023, with a record date of March 31, 2023. Preferred Series A shareholders will receive C$0.32263 and Series D shareholders C$0.31819, both payable on March 31, 2023, with a record date of March 24, 2023. Additionally, the company suspended its dividend reinvestment plan on March 16, 2023.
Algonquin Power & Utilities Corp. (AQN) announced plans to release its Q4 and full-year 2022 financial results on March 17, 2023, before market opening. The earnings conference call will take place at 8:30 a.m. ET, hosted by CEO Arun Banskota and CFO Darren Myers. AQN boasts over $17 billion in total assets and operates in the U.S. and Canada, serving over one million customers. The company leads in renewable energy with over 4 GW of installed capacity. The results and their implications will be pivotal for investors looking to track AQN's performance.
Algonquin Power & Utilities Corp. (AQN) held an investor update on January 12, 2023, outlining plans to strengthen its financial and strategic positions amid evolving market challenges. CEO Arun Banskota stated the company will reduce capital expenditures and realign capital allocation while focusing on sustainable growth. Key actions include lowering the quarterly dividend from $0.1808 to $0.1085, pursuing the Kentucky Power Acquisition, targeting $1 billion in asset sales, and suspending the dividend reinvestment plan. AQN expects Adjusted Net Earnings per common share of $0.55 to $0.61 for the fiscal year 2023.
Algonquin Power & Utilities Corp. (AQN) has declared a fourth-quarter common share dividend of US$0.1808, payable on January 13, 2023, to shareholders of record by December 30, 2022. Shareholders can opt to receive the dividend in Canadian dollars at C$0.2438. Additionally, preferred share dividends include C$0.32263 for Series A and C$0.31819 for Series D, both payable on January 3, 2023. The dividends qualify as eligible dividends under Canadian tax law.
Algonquin Power & Utilities Corp. (AQN) has announced the release of its third quarter 2022 financial results on November 11, 2022, before market open. A conference call will take place at 8:00 a.m. ET on the same day, featuring CEO Arun Banskota and CFO Darren Myers. The company maintains a diversified portfolio of over $17 billion in total assets, focusing on renewable energy and utility services across the U.S. and Canada, with more than 4 GW of installed renewable energy capacity.
Algonquin Power & Utilities Corp. (AQN) announced a significant asset recycling initiative, selling a 49% stake in three U.S. wind projects (totaling 551 MW) and 80% in a Canadian facility (175 MW) to InfraRed Capital Partners. The total cash proceeds are expected to be around US$277 million and C$107 million. AQN will maintain operational oversight and management services. This transaction, anticipated to close in Q4 2022, is part of a broader $12.4 billion capital plan extending to 2026, aimed at enhancing shareholder value through renewable energy projects.
American Electric Power (AEP) has signed an amended agreement for the sale of its Kentucky operations to Liberty, with a closing expected in January 2023, pending Federal Energy Regulatory Commission (FERC) approval by December 16. Liberty will acquire Kentucky Power and AEP Kentucky Transco for $2.646 billion, with AEP receiving about $1.2 billion in cash after taxes and fees. AEP anticipates a pre-tax GAAP loss of $180 million to $220 million in Q3 2022 due to this amendment. The deal is expected to enhance customer benefits in Eastern Kentucky and support AEP's future investments.
On September 29, 2022, Liberty Utilities, a subsidiary of Algonquin Power & Utilities Corp. (AQN), amended its stock purchase agreement to acquire Kentucky Power Company and AEP Kentucky Transmission Company for a revised price of $2.646 billion, including $1.221 billion in debt. The acquisition aims to enhance AQN's regulated services in the U.S. and is pending approval from the U.S. Federal Energy Regulatory Commission, expected to close in January 2023. This transaction aligns with AQN's growth strategy and commitment to customer service in Kentucky.
Algonquin Power & Utilities Corp. (AQN) appointed Darren Myers as Chief Financial Officer, succeeding Arthur Kacprzak, who steps down immediately but will assist in the transition until year-end. Myers brings extensive experience, having served as CFO at Loblaw and Celestica. CEO Arun Banskota expressed confidence in Myers’ ability to deliver strong financial results, while Chairman Ken Moore emphasized the importance of this leadership change for shareholder returns. AQN remains focused on growth in renewable energy and maintaining a solid balance sheet.
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