Algonquin Power & Utilities Corp. $11.84 – Toronto symbol AQN
Article Excerpt
ALGONQUIN POWER & UTILITIES CORP. $11.84 (Toronto symbol AQN; Shares outstanding: 272.7 million; Market cap: $3.2 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.7%; www.algonquinpower.com) has tripled in size in the past three years, mostly through acquisitions.
The company’s regulated utility businesses now provide water, electricity and gas to over 560,000 customers. That’s up from 120,000 three years ago. Its hydroelectric, thermal energy, solar and wind plants generate 1,300 megawatts, up from 460.
In the three months ended June 30, 2016, Algonquin’s revenue rose 13.5%, to $222.8 million from $196.2 million a year earlier. Cash flow per share increased 27.3%, $0.28 from $0.22. The gains came from new plants, higher rates granted to its regulated facilities and the stronger U.S. dollar.
In February 2016, the company announced its biggest acquisition to date: the $3.4 billion purchase of Empire District Electric. Missouri-based Empire serves over 218,000 customers through eight power plants with 1,326 megawatts of generating capacity. The deal should be…
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