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) announced a common share dividend of US$0.1706 per share, payable on April 14, 2022, with a record date of March 31, 2022. Preferred shares Series A and D will see dividends of C$0.32263 and C$0.31819, respectively, payable on March 31, 2022. A change in the discount for the shareholder dividend reinvestment plan was also implemented, reducing it to 3% from 5%. The dividends qualify as eligible dividends under the Canadian Income Tax Act.
Algonquin Power & Utilities Corp. (AQN) reported a 36% increase in annual revenue to $2,285.5 million for 2021, alongside a 24% rise in Adjusted EBITDA to $1,076.9 million. Fourth-quarter revenue also increased by 21% to $594.8 million, although net earnings fell 65% year-over-year. The company is focused on a $12.4 billion capital expenditure plan from 2022 to 2026, aimed at enhancing long-term shareholder value. Key acquisitions include Kentucky Power for $2.846 billion and a renewable natural gas platform. 2022 Adjusted Net Earnings per share are estimated between $0.72 and $0.77.
Algonquin Power & Utilities Corp. (AQN) has announced the release date for its fourth quarter and full year 2021 financial results on March 3, 2022, after market close. A conference call will follow on March 4, 2022, at 10:00 a.m. ET, featuring President Arun Banskota and CFO Arthur Kacprzak. Algonquin, with over $16 billion in total assets, operates in the renewable energy sector with over 4 GW of installed capacity, catering to over one million customer connections mainly in the U.S. and Canada.
Algonquin Power & Utilities Corp. (AQN) announced its pricing for two public offerings totaling US$750 million in the U.S. and C$400 million in Canada. Both offerings consist of junior subordinated notes due January 18, 2082. The net proceeds will primarily finance the company's acquisition of Kentucky Power Company, while short-term proceeds will reduce outstanding credit facilities. The offerings are set to close on or about January 18, 2022.
Algonquin Power & Utilities Corp. (AQN) has announced plans for two underwritten public offerings: U.S. dollar denominated junior subordinated notes series 2022-B and Canadian dollar denominated junior subordinated notes series 2022-A, both due in 2082. The offerings aim to partially finance the acquisition of Kentucky Power Company and its related transmission company, while initially reducing existing credit facility debts. The offerings are not contingent on each other, and there are no guarantees of completion.
Algonquin Power & Utilities Corp. (AQN) has completed the acquisition of New York American Water Company for approximately $608 million. This acquisition, conducted by Liberty Utilities, enhances AQN's presence in the southeastern New York water utility market, serving over 125,000 customer connections. The acquisition is expected to improve local service and employment through the reintegration of customer service operations back to Long Island. AQN aims to leverage its expertise in utility operations for better customer satisfaction in the region.
Algonquin Power & Utilities Corp. (AQN) hosted its annual Investor Day, detailing a robust capital plan of $12.4 billion for 2022-2026, a significant increase from the previous plan. The company is poised to enhance its greenfield pipeline with over 600 MW of new projects, including solar and wind developments in the U.S. AQN anticipates Adjusted Net Earnings per share between $0.72 and $0.77 for fiscal year 2022, projecting a 7%-9% growth rate for the next five years. Approximately 70% of the capital will be allocated to its Regulated Services Group, emphasizing their commitment to sustainability.
Algonquin Power & Utilities Corp. (AQN) will host its annual Analyst and Investor Day via webcast on December 14, 2021, from 9:00 a.m. to 11:30 a.m. EST. President Arun Banskota and CFO Arthur Kacprzak will provide a strategic overview and financial outlook alongside the executive team. Access the webcast at https://webinars.vantagevenues.com/algonquin-investor-day-2021 or dial in toll-free at 1-833-670-0721 using passcode 9180565. AQN, with over $16 billion in total assets and a strong renewable energy portfolio, emphasizes sustainable energy solutions.
Algonquin Power & Utilities Corp. (AQN) reported a 40% increase in Q3 2021 revenues, totaling $528.6 million, compared to the same quarter in 2020. Adjusted EBITDA rose 27% to $252.0 million, while Adjusted Net Earnings increased 11% to $97.6 million. However, net earnings attributable to shareholders decreased significantly, resulting in a per-share loss of $0.05. AQN has announced the acquisition of Kentucky Power Company and Kentucky Transmission Company for $2.846 billion, alongside plans to issue an C$800 million share offering to finance this acquisition.
Algonquin Power & Utilities Corp. (AQN) has declared a fourth-quarter 2021 common share dividend of US$0.1706, payable on January 14, 2022, to shareholders of record on December 31, 2021. For Canadian dollar equivalents, the amount is C$0.2124. Additionally, C$0.32263 and C$0.31819 dividends for Series A and D preferred shares will be paid on December 31, 2021. The dividends qualify as eligible dividends under Canadian tax law.
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