Canadian Utilities Hikes Dividend, Reinstates Dividend Reinvestment Program
Canadian Utilities (TSE: CU) has announced a dividend increase for its Class A and Class B shares.
It also announced reinstatement of its dividend reinvestment program.
Canadian Utilities’ board of directors has declared a first-quarter dividend of C$0.4442 per Class A Non-Voting share and per Class B common share, a 1% increase from the C$0.4398 paid in each of the previous four quarters.
This common stock dividend is payable on March 1, 2022, to shareholders of record on February 3, 2022. This is the 50th consecutive year that Canadian Utilities has increased its dividend.
The board of directors also announced that the company’s dividend reinvestment program will be reinstated effective January 13, 2022.
An ATCO Company
With approximately 4,500 employees and assets of C$21 billion, Canadian Utilities Limited is an ATCO (TSE :ACO.X) company.
Canadian Utilities is a diversified global energy infrastructure company providing essential services and innovative business solutions in Utilities, Energy Infrastructure, and Retail Energy.
Wall Street’s Take
Two months ago, Credit Suisse analyst Andrew Kuske kept a Hold rating on CU with a C$39 price target. This implies 9.8% upside potential. The rest of the Street is neutral on SSRM with a Hold consensus rating based on one Buy and five Holds. The average Canadian Utilities price target of C$39.56 implies 11.4% upside potential to current levels.
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