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Why Algonquin Power & Utilities Stock Plunged Below $8 This Week

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. 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.