Hello everyone, today I thought I would share with you a purchase I made way back on July 1st. While Canadians where busy celebrating Canada Day I was surfing the stock market looking to make a buy. I had a little bit of US cash sitting in my account slowly building over the last few months. I decided to stick with a stock that I’ve owned since about 2015, and that is Algonquin Power & Utilities. I made the purchase in my RRSP account.
In case you are unfamiliar with the company Algonquin Power & Utilities is a diversified international generation, transmission and distribution utility. The company serves approximately 805,000 customers in the United States and Canada and is a global leader in renewable energy through it’s portfolio of long-term contracted wind, solar and hydroelectric generating facilities.
(Source: Algonquin’s website)
Algonquin has two groups in it’s business structure the Regulated Services Group and the Renewable Services Group. The company currently has a $9.2 billion project development pipeline planned between 2020 and 2024, with $6.6 billion earmarked for the Regulated Services Group and the other $2.5 billion for more renewable energy projects. Another positive for shareholder’s of this company, back in May the dividend was raised 10%.
On July 1st I purchased additional 54 shares @ $12.98 USD. This takes care of my US cash in my account and I will begin the process of building it back up.
With the 10% raise in May the company now pays out $0.1551 USD per share or $0.2191 CDN when you convert the money.
With these additional 54 shares my quarterly income will increase by $8.37 and annually by $33.48.
So what do you think of my purchase? Do you own the stock??
Thanks for reading!