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Algonquin Power & Utilities Corp. Declares Third Quarter 2024 Common Share Dividend of U.S.$0.0650 (C$0.0893), and Declares Third Quarter 2024 Preferred Share Dividends

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Algonquin Power & Utilities Corp. (AQN) has declared its third quarter 2024 dividends for common and preferred shares. The company will pay US$0.0650 (C$0.0893) per common share on October 15, 2024, to shareholders of record on September 30, 2024. For preferred shares, AQN will distribute C$0.41100 per Series A share and C$0.42831 per Series D share on October 1, 2024, to holders of record on September 13, 2024. The dividends will be paid in cash, as AQN suspended its dividend reinvestment plan (DRIP) for common shares on March 16, 2023. Shareholders can request to receive dividends in either U.S. or Canadian dollars, with the Canadian equivalent based on the Bank of Canada's exchange rate one day before the declaration date.

Algonquin Power & Utilities Corp. (AQN) ha dichiarato i suoi dividendi del terzo trimestre 2024 per azioni ordinarie e privilegiate. L'azienda pagherà US$0.0650 (C$0.0893) per azione ordinaria il 15 ottobre 2024, agli azionisti registrati il 30 settembre 2024. Per le azioni privilegiate, AQN distribuirà C$0.41100 per azione di Serie A e C$0.42831 per azione di Serie D il 1 ottobre 2024, ai titolari registrati il 13 settembre 2024. I dividendi saranno pagati in contante, poiché AQN ha sospeso il suo piano di reinvestimento dei dividendi (DRIP) per le azioni ordinarie il 16 marzo 2023. Gli azionisti possono richiedere di ricevere i dividendi in dollari statunitensi o canadesi, con l'equivalente canadese basato sul tasso di cambio della Banca del Canada un giorno prima della data della dichiarazione.

Algonquin Power & Utilities Corp. (AQN) ha declarado sus dividendos del tercer trimestre de 2024 para acciones comunes y preferentes. La empresa pagará US$0.0650 (C$0.0893) por acción común el 15 de octubre de 2024, a los accionistas registrados el 30 de septiembre de 2024. Para las acciones preferentes, AQN distribuirá C$0.41100 por acción de la Serie A y C$0.42831 por acción de la Serie D el 1 de octubre de 2024, a los tenedores registrados el 13 de septiembre de 2024. Los dividendos se pagarán en efectivo, ya que AQN suspendió su plan de reinversión de dividendos (DRIP) para acciones comunes el 16 de marzo de 2023. Los accionistas pueden solicitar recibir los dividendos en dólares estadounidenses o canadienses, siendo el equivalente canadiense basado en la tasa de cambio del Banco de Canadá un día antes de la fecha de declaración.

Algonquin Power & Utilities Corp. (AQN)은 보통주 및 우선주에 대한 2024년 3분기 배당금을 발표했습니다. 이 회사는 2024년 10월 15일에 2024년 9월 30일 기준주주에게 주당 US$0.0650 (C$0.0893)를 지급할 예정입니다. 우선주의 경우, AQN은 2024년 10월 1일에 2024년 9월 13일 기준 보유자에게 시리즈 A주당 C$0.41100시리즈 D주당 C$0.42831을 분배할 것입니다. 배당금은 현금으로 지급되며, AQN은 2023년 3월 16일 보통주에 대한 배당금 재투자 계획(DRIP)을 중단했습니다. 주주들은 미국 달러 또는 캐나다 달러로 배당금을 받을 것을 요청할 수 있으며, 캐나다 달러로의 환산 금액은 선언일 전날의 캐나다 은행 환율을 기준으로 합니다.

Algonquin Power & Utilities Corp. (AQN) a déclaré ses dividendes du troisième trimestre 2024 pour les actions ordinaires et privilégiées. La société versera US$0.0650 (C$0.0893) par action ordinaire le 15 octobre 2024, aux actionnaires inscrits au 30 septembre 2024. Pour les actions privilégiées, AQN distribuera C$0.41100 par action de Série A et C$0.42831 par action de Série D le 1er octobre 2024, aux détenteurs inscrits au 13 septembre 2024. Les dividendes seront versés en espèces, car AQN a suspendu son plan de réinvestissement des dividendes (DRIP) pour les actions ordinaires le 16 mars 2023. Les actionnaires peuvent demander à recevoir les dividendes en dollars américains ou canadiens, avec l'équivalent canadien basé sur le taux de change de la Banque du Canada un jour avant la date de déclaration.

Algonquin Power & Utilities Corp. (AQN) hat seine Dividenden für das dritte Quartal 2024 für Stamm- und Vorzugsaktien erklärt. Das Unternehmen wird am 15. Oktober 2024 US$0.0650 (C$0.0893) pro Stammaktie an Aktionäre auszahlen, die am 30. September 2024 registriert sind. Für Vorzugsaktien wird AQN am 1. Oktober 2024 C$0.41100 pro Serie A-Aktie und C$0.42831 pro Serie D-Aktie an die am 13. September 2024 registrierten Inhaber ausschütten. Die Dividenden werden in bar gezahlt, da AQN am 16. März 2023 seinen Dividenden-Reinvestitionsplan (DRIP) für Stammaktien ausgesetzt hat. Aktionäre können beantragen, die Dividenden in US-Dollar oder kanadischen Dollar zu erhalten, wobei der kanadische Gegenwert auf dem Wechselkurs der Bank von Kanada einen Tag vor dem Bekanntgabedatum basiert.

Positive
  • Consistent dividend payments for common and preferred shareholders
  • Option for shareholders to receive dividends in U.S. or Canadian dollars
Negative
  • Suspension of the dividend reinvestment plan (DRIP) for common shares

Insights

This dividend announcement from Algonquin Power & Utilities Corp. (AQN) is routine news that maintains the company's commitment to shareholder returns. The US$0.0650 (C$0.0893) quarterly dividend per common share represents a continuation of the company's dividend policy. While dividend consistency is generally viewed positively, it's important to note that AQN's dividend yield remains relatively high compared to industry peers, which could indicate potential sustainability concerns.

The suspension of the dividend reinvestment plan (DRIP) since March 2023 suggests that the company is prioritizing cash preservation. This could be a prudent move given the challenging economic environment and rising interest rates, which can impact utility companies' borrowing costs. Investors should monitor AQN's payout ratio and cash flow generation to assess the long-term sustainability of these dividend payments.

AQN's decision to maintain its dividend levels amidst a challenging market environment for utilities sends a mixed signal to investors. On one hand, it demonstrates confidence in the company's financial stability and commitment to shareholder returns. On the other, the high yield relative to peers could be interpreted as a red flag, potentially indicating market skepticism about the company's growth prospects or financial health.

The option for Canadian shareholders to receive dividends in Canadian dollars (C$0.0893) provides a hedge against currency fluctuations, which could be attractive given recent volatility in exchange rates. However, investors should be aware that the effective yield may vary depending on the chosen currency and exchange rate movements. This flexibility in dividend currency could appeal to a broader investor base, potentially supporting the stock's liquidity.

OAKVILLE, ON, Aug. 9, 2024 /PRNewswire/ - Algonquin Power & Utilities Corp. ("AQN" or the "Company") (TSX: AQN) (TSX: AQN.PR.A) (TSX: AQN.PR.D) (NYSE: AQN) announced today that the board of directors has declared the following common and preferred share dividends:

  1. US$0.0650 per common share, payable on October 15, 2024, to the shareholders of record on September 30, 2024, for the period from July 1, 2024 to September 30, 2024.  Registered shareholders can elect to receive the dividend in Canadian dollars in the amount of C$0.0893.
  2. C$0.41100 per preferred share, Series A, payable on October 1, 2024 to preferred share, Series A holders of record on September 13, 2024, for the period from June 30, 2024 to, but excluding, September 30, 2024.
  3. C$0.42831 per preferred share, Series D, payable on October 1, 2024 to preferred share, Series D holders of record on September 13, 2024, for the period from June 30, 2024 to, but excluding, September 30, 2024.

Each of the foregoing dividends will be paid in cash. Effective March 16, 2023, AQN suspended the dividend reinvestment plan ("DRIP") for its common shares.  If AQN elects to reinstate the DRIP in the future, shareholders who were enrolled in the DRIP at its suspension and remain enrolled at reinstatement will automatically resume participation in the DRIP.

The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, holders of common shares will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered holders of common shares receive dividend payments in the currency of residency. Registered holders of common shares may opt to change the payment currency by contacting TSX Trust Company at 1-800-387-0825 prior to the record date of the dividend.

The Canadian dollar equivalent of the quarterly common share dividend is based on the Bank of Canada daily average exchange rate on the day before the declaration date.

Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, AQN hereby notifies holders of common shares, preferred shares, Series A, and preferred shares, Series D that such dividends declared qualify as eligible dividends.

About Algonquin Power & Utilities Corp. and Liberty

Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility with approximately $18 billion of total assets. AQN is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of electric generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. In addition, AQN owns, operates, and/or has net interests in over 4 GW of installed renewable energy capacity. AQN's common shares, preferred shares, Series A, and preferred shares, Series D are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN's common shares and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN and AQNB, respectively.

Visit AQN at www.algonquinpower.com and follow us on X.com @AQN_Utilities.

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SOURCE Algonquin Power & Utilities Corp.

FAQ

What is the dividend amount for AQN common shares in Q3 2024?

Algonquin Power & Utilities Corp. (AQN) declared a dividend of US$0.0650 (C$0.0893) per common share for the third quarter of 2024.

When will AQN pay its Q3 2024 common share dividend?

AQN will pay the Q3 2024 common share dividend on October 15, 2024, to shareholders of record on September 30, 2024.

What are the preferred share dividend amounts for AQN in Q3 2024?

AQN will pay C$0.41100 per Series A preferred share and C$0.42831 per Series D preferred share for Q3 2024.

Is AQN's dividend reinvestment plan (DRIP) currently active?

No, AQN suspended its dividend reinvestment plan (DRIP) for common shares effective March 16, 2023.

Algonquin Power & Utilities Corp

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