5 Best Dividend Contenders to Buy for 2022

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1. Algonquin Power & Utilities Corp. (NYSE:AQN)

Number of Years of Dividend Increases: 11

Dividend Yield as of January 21: 4.87%

Number of Hedge Fund Holders: 15

Algonquin Power & Utilities Corp. (NYSE:AQN) is a renewable energy company from Canada, focused on electricity generation, transmission, natural gas, and water supply. Algonquin Power & Utilities Corp. (NYSE:AQN) made it to our list of the best dividend contenders to buy for 2022, delivering a dividend yield of 4.87%. 

Algonquin Power & Utilities Corp. (NYSE:AQN) on November 11 declared a $0.1706 per share quarterly dividend, in line with previous, which was paid on January 14. The company has paid increasing dividends for 11 years consecutively. 

BMO Capital analyst Ben Pham upgraded Algonquin Power & Utilities Corp. (NYSE:AQN) on November 10 to Outperform from Market Perform with an unchanged price target of $17. The analyst upgraded the stock following Algonquin Power & Utilities Corp. (NYSE:AQN)’s acquisition of Kentucky Power and associated $650 million equity offering. The analyst sees “attractive” 24% potential total return in the shares.

A total of 15 hedge funds were long Algonquin Power & Utilities Corp. (NYSE:AQN) in the third quarter of 2021, down from 24 funds in the preceding quarter. Citadel Investment Group is the biggest Algonquin Power & Utilities Corp. (NYSE:AQN) stakeholder as of Q3 2021, with 1.10 million shares worth $53.5 million. 

You can also take a look at 11 Best Blue Chip Stocks To Buy Now and Charlie Munger’s Daily Journal Portfolio: Top Stock Picks.

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