ATCO Ltd Hikes Quarterly Dividend by 3%


This article was originally published on TipRanks.com

ATCO Ltd (TSE: ACO.X) has announced a dividend increase for its Class I and Class II shares.

ATCO’s board of directors has declared a first-quarter dividend of C$0.4617 per Class I Non-Voting share and per Class II Voting Share, a 3% increase from the C$0.4483 paid in each of the previous four quarters.

This common stock dividend is payable on March 31, 2022, to shareholders of record on March 3, 2022. This is the 29th consecutive year that ATCO has increased its dividend.

With approximately 6,200 employees and assets of C$22 billion, ATCO is a diversified global company.

It invests in essential Structures & Logistics services, Utilities, Energy Infrastructure, Retail Energy, Transportation, and Commercial Real Estate.

Wall Street’s Take 

Two months ago, UBS analyst Ross Fowler upgraded ACO.X to Buy from Hold and raised its price target to C$49 (from C$47). This implies 19% upside potential.

Fowler mentioned the company’s cyclical leverage in 2022 and 2023 as reason for the upgrade. 
 
The rest of the Street is bullish on SSRM with a Strong Buy consensus rating based on five Buys and one Hold. The average ATCO Ltd price target of C$49.08 implies 19.5% upside potential to current levels.

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