Algonquin Power & Utilities falls after lowering quarterly dividend

Algonquin Power & Utilities

12/01/2023 18:25

(Updates)
    ** Shares of Canada-based Algonquin Power & Utilities Corp
 AQN.TO  down 4.5% at C$9.5
    ** 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 acquisition of
Kentucky Power it had said would buy for $2.6 bln including debt
    ** Stock had fallen 51.7% in 2022
 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))