Algonquin Power & Utilities falls after lowering quarterly dividend

Algonquin Power & Utilities

12/01/2023 13:35

** U.S.-listed shares of Algonquin Power & Utilities Corp
 AQN.TO , AQN.N  down 5.5% at $6.99 in premarket trade
    ** Co lowers its qtrly dividend to ~$0.11/shr from $0.18/shr
    ** AQN also targeting additional asset sales worth $1 bln to
reduce debt
    ** Credit Suisse notes co's steps are "clear and largely
unexpected" and they were taken to help "regain investor
confidence"
    ** AQN says it would continue to pursue the acquisition of
Kentucky Power that it had said would buy for $2.6 bln including
debt 
    ** Stock fell 41.6% in the quarter ended Dec. 31
 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))