Algonquin Power & Utilities Corp (Symbol-AQN)

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AltaRed
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

Post by AltaRed »

SQRT wrote:
AltaRed wrote:Looks like AQN will start trading on the NYSE on Nov 26th under symbol AQN. Helpful for those wanting to journal it over to the US side of accounts and keep dividends in USD.
I journaled my AQN shares over to the USD side of my TSFA a couple years ago (TDDI). A stock doesn't have to trade in the US to be held in a USD sub account. At least not at TDDI.
Yes, I know. I can see my post was not well worded - jamming 2 thoughts in one sound bite.
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

Post by SQRT »

pmj wrote:
SQRT wrote:
AltaRed wrote:Looks like AQN will start trading on the NYSE on Nov 26th under symbol AQN. Helpful for those wanting to journal it over to the US side of accounts and keep dividends in USD.
I journaled my AQN shares over to the USD side of my TSFA a couple years ago (TDDI). A stock doesn't have to trade in the US to be held in a USD sub account. At least not at TDDI.
Presently - and since at least Dec 2009 according to Google Finance - AQN trades as AQUNF on the OTC markets:
https://www.google.ca/finance?q=OTCMKTS:AQUNF. But no info (that I can find) at the website.
That is the share I hold at TDDI, journalled last year when the dividend was changed to US$.
Just checked. You are right. Never noticed if before. Wonder what will happen when it starts trading as AQN? Presumably they will just change the symbol?
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

Post by pmj »

SQRT wrote:Just checked. You are right. Never noticed if before. Wonder what will happen when it starts trading as AQN? Presumably they will just change the symbol?
Yes - this am, AQUNF is now AQN at TDDI. And probably Google Finance will loose track of all its US$ historic data, like almost always when a symbol changes :(.
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

Post by AltaRed »

Hard to get stock price traction on capital hungry companies when they go to market way too often on secondary offerings. AQN's turn today with a bought deal at $11.
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

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AQN's turn today with a bought deal at $11.
I can't find that news. Where did you see it?
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

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Sic transit gloria mundi. Tuesday is usually worse. - Robert A. Heinlein, Starman Jones
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

Post by JaydoubleU »

Yes I saw that one, and another in late 2015, but nothing recent.

I know that dilution is never popular among current investors. However, I don't mind so much if I think the capital is going to be invested wisely and produce a decent return.

Of course, it's always preferable if a company can invest in growth or make acquisitions with cash on hand.

Anyhow, AQN has bounced back nicely from last week, up 5.33% in 5 trading days.
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

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Not saying this is bad. Just that it pops the bubble on stock price momentum.

If there are 'guarantees' that a secondary offering for an acquisition will be accretive, then it is hard to argue against it and IF ihe secondary offering is priced right, i.e. not a substantive discount from recent market prices. Unfortunately, no one provides those guarantees beyond management aremwaving that the deal is accretive.
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

Post by Shakespeare »

Could you link the release? I am unable to find it.
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

Post by AltaRed »

It came to me as an iTrade IPO offering in this morning's email.
New Issues Centre: Keeping You Informed.
Dear Scotia iTRADE Client,
We are pleased to inform you that Scotia iTRADE is now participating in the following issues through our New Issues Centre:

Algonquin Power and Utilities Corp
Price: $11.00
Closing date: December 08, 2016
For more information on our current offers, or to place an indication of interest, please log into your Scotia iTRADE account and visit our New Issues Centre.

Sincerely,
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

Post by Shakespeare »

Thanks. No public announcement yet, which is odd.
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

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I went to iTrade online and here is why. It is EMA's interest that is being sold and Scotia is the sole Bookrunner.
Issuer: Algonquin Power and Utilities Corp. (the “Company”).
Selling Shareholder: Emera Inc. (the “Selling Shareholder”).
Offering: 12,938,457 common shares (“Shares”) on a secondary basis.
Issue Size: C$142,323,027.
Issue Price: C$11.00 per Share.
Use of Proceeds: The Company will not receive any of the proceeds from the Offering. All proceeds will be paid directly to the Selling Shareholder.
Retained Interest:Following completion of the Offering, the Selling Shareholder will no longer own any Common Shares of the Company
Added: It is now closed... Lasted less than one trading day.
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

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Wow. That is news. And Emera also just had its own bought deal offering of 6,630,000 shares. They must really need cash:

http://www.theglobeandmail.com/feeds/pr ... 78082001-1

I guess that puts to rest any likelihood of Emera taking AQN out. But now I feel a little relieved that I own different companies with less duplication, cause I hold both AQN and EMA
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

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JaydoubleU wrote:Wow. That is news. And Emera also just had its own bought deal offering of 6,630,000 shares. They must really need cash:

http://www.theglobeandmail.com/feeds/pr ... 78082001-1

I guess that puts to rest any likelihood of Emera taking AQN out. But now I feel a little relieved that I own different companies with less duplication, cause I hold both AQN and EMA
Whether it is pipelines or utilities the debt levels are getting scary. I know some here have a major focus on this stock. Experience has taught me not to fall in love with a stock. When things start going bearish it's hard to let go.
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

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Thegipper wrote:
JaydoubleU wrote:Wow. That is news. And Emera also just had its own bought deal offering of 6,630,000 shares. They must really need cash:

http://www.theglobeandmail.com/feeds/pr ... 78082001-1

I guess that puts to rest any likelihood of Emera taking AQN out. But now I feel a little relieved that I own different companies with less duplication, cause I hold both AQN and EMA
Whether it is pipelines or utilities the debt levels are getting scary. I know some here have a major focus on this stock. Experience has taught me not to fall in love with a stock. When things start going bearish it's hard to let go.
There is an article in the G&M about sectors and stocks which have the most shorts. Utilities were first. High valuations, high debt levels and rising interest rates seemed to be the explanation. 2017 will tell us if the shorts are right.
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

Post by JaydoubleU »

Short positions on stocks or sectors that I own don't concern me in the least. Short investors are in for a quick trade, hoping other investors will panic and sell to them cheaply so they can make a quick buck. That, or the company situation is so dire (aka Valeant) that a short is obvious.

Short sellers targeted Canadian banks for years, and that didn't work out too well, did it. Looking at values of Canadian banks a year ago nearly brings tears to my eyes.

I like investing in what is cheap or ignored or being sold off indiscriminately. At the moment, it's the defensive, interest rate sensitives such as utilities and telecoms, and that's where I'm interested.
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

Post by brad911 »

JaydoubleU wrote:Looking at values of Canadian banks a year ago nearly brings tears to my eyes.
I TOLD you to back up the truck, lol
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

Post by JaydoubleU »

I TOLD you to back up the truck, lol
:lol:

I did, I did! But I backed it into the energy sector where among the garbage and the flowers I picked up TRP, ENB, ALA, ENF and the like.
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

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JaydoubleU wrote:
I TOLD you to back up the truck, lol
:lol:

I did, I did! But I backed it into the energy sector where among the garbage and the flowers I picked up TRP, ENB, ALA, ENF and the like.
Good timing. I didn't have any energy or pipeline holdings and a small position with Emera and RY. I am up 20% year to date not including dividends. I have averaged 23% since 2008 and I have basically avoided utilities, pipelines, energy, materials and financials. Small caps are the friend of the small retail investor.
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

Post by 2 yen »

So, the Algonquin website has the annual dividend at .466 dollars U.S. Does this mean I should multiply by the exchange rate to get the Canadian $ dividend amount? For today I get a dividend of CAN 4.27%. Just want to make sure before I press the BUY button.

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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

Post by pmj »

Easier to check the US$ div against the US$ price for AQN-N.
Google Finance usually gets the yield wrong for C$ stocks that pay US$ divs :shock:.
If you are at TDDI, and maybe others, even though the AQN website says you can request C$ payments (and thus avoid TDDI's vig) - you can't. I have journalled all my US$ div C$ stocks to the US$ sub-account.
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

Post by Wallace »

I'm at Royal Direct and have all my shares of AQN on the US side. I never used to worry about forex charges or which side of the border my shares were on. AltaRed rapped my knuckles about that with Magna and I did the math. All my stocks are dividend-producing, so holding them on the "wrong" side of the border turned out to be not-so-trivial.
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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

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Wallace wrote: 31 Oct 2017 23:59 I'm at Royal Direct and have all my shares of AQN on the US side. I never used to worry about forex charges or which side of the border my shares were on. AltaRed rapped my knuckles about that with Magna and I did the math. All my stocks are dividend-producing, so holding them on the "wrong" side of the border turned out to be not-so-trivial.
Hi Wallace. Do you spend the dividends?

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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

Post by 2 yen »

pmj wrote: 31 Oct 2017 17:27 Easier to check the US$ div against the US$ price for AQN-N.
Google Finance usually gets the yield wrong for C$ stocks that pay US$ divs :shock:.
If you are at TDDI, and maybe others, even though the AQN website says you can request C$ payments (and thus avoid TDDI's vig) - you can't. I have journalled all my US$ div C$ stocks to the US$ sub-account.
Thanks! Good idea. The 4.27% above included the TDDI conversion rate.

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Re: Algonquin Power & Utilities Corp (Symbol-AQN)

Post by kcowan »

New issue today at $13.25 from TDDI.
For the fun of it...Keith
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