AQN - Why Algonquin Power & Utilities Stock Plunged 31.7% in November
Shares of Algonquin Power & Utilities (NYSE: AQN) crashed 31.7% in November, according to data provided by S&P Global Market Intelligence . It turned out to be the worst month for the utility stock in 2022 so far, with Algonquin shares now tumbling a whopping 49% year to date as of this writing.
Utility stocks typically carry large amounts of debt and have, therefore, taken a beating this year amid rising interest rates. Algonquin shares started to feel the heat as well in recent months, but a company announcement last month triggered panic selling among investors, especially those who own the stock for its dividends. The question on investors' minds now is whether Algonquin's 9.7% yield is sustainable.
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Why Algonquin Power & Utilities Stock Plunged 31.7% in November