AQN - Why Algonquin Power & Utilities Stock Plunged Below $8 This Week
Shares of Algonquin Power & Utilities (NYSE: AQN) crashed this week and were down 18% through noon Friday, according to data provided by S&P Global Market Intelligence . The utility stock found itself at the receiving end of analysts' downgrades, and investors are now worried about the safety of Algonquin's dividend.
Algonquin stock has fallen off the cliff since last Friday after its third-quarter numbers came out. Given the stock's dramatic fall since, you'd have expected its numbers to be a bummer. It was, however, a mixed quarter . Here are the key Q3 numbers you must know (all changes year over year):
Here's what happened: Despite its solid top-line growth, Algonquin suffered a huge loss and burned through cash rapidly as production costs rose, interest rates shot up, and supply constraints hit the construction of some renewable energy projects. A solar project, for example, was delayed on low solar module supply.
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Why Algonquin Power & Utilities Stock Plunged Below $8 This Week