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Algonquin Power to cut dividend by 40%, provides downbeat profit outlook
Shares of Algonquin Power & Utilities Corp. rose 0.5% in premarket trading Thursday, after the utility company said it was taking “decisive actions” to strengthen its financial and strategic position, including cutting its dividend by 40% and selling assets. Based on Wednesday’s stock closing price of $7.40, the new annual dividend rate cuts the implied dividend yield to 5.86% from 9.77%, which compares with the yield for the SPDR Utilities Select Sector ETF of 2.86% and the implied yield for the S&P 500 of 1.70%.
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