Algonquin Power & Utilities PT cut by two brokerages on lowering dividend

Algonquin Power & Utilities

13/01/2023 14:43

** At least two brokerages trim PT on Canada-based
Algonquin Power & Utilities Corp  AQN.N   AQN.TO  after company
lowers dividend and announces asset sales
    ** Company reduced its quarterly dividend to ~$0.11/shr from
$0.18/shr on Thursday
    ** Scotiabank cuts PT to $9 from $11, maintains "sector
perform" rating
    ** "We could become incrementally more positive on the
shares once there is additional clarity on the Kentucky Power
acquisition and progress has been made on the 2023 funding
plan," the brokerage says
    ** National Bank of Canada lowers PT to $11 from $12,
maintains "sector perform" rating
    ** Despite future growth opportunities from its renewable
power portfolio, tax-credit rolloffs at its older wind turbines
can pressure earnings - National Bank of Canada
    ** Stock has fallen 54.9% in 2022
 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))