How to Buy Algonquin Power & Utilities Stock in Canada [2024]

Summary: Algonquin Power & Utilities Corp (TSX: AQN) might be a great option for those investing in renewable energy and utility companies in Canada, offering a unique combination of dividends and steady growth due to its diversified portfolio of assets. In this guide, you will learn how to buy Algonquin Power & Utilities stock as a Canadian investor through an online brokerage such as Interactive Brokers.

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Low commissions starting at $0 with no platform fees or account minimums
Easily fund your account and trade assets in 26 currencies
IBKR pays up to 4.58% interest on cash balances of $10k or more

Up to 4.58% interest on balance*

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About Algonquin Power & Utilities

Algonquin Power & Utilities home page. Source: Algonquinpower.com

Algonquin Power & Utilities (TSX: AQN) is a diversified utility company operating in the renewable energy and regulated utility sectors. With some 4,000 employees and a market cap of around $4.43 billion as of December 2023, this company is dedicated to providing sustainable energy solutions to customers across North America.

Algonquin Power & Utilities operates in two main segments: renewable energy and regulated utilities. With numerous wind, solar, and hydroelectric power-generating facilities, along with water, natural gas, and electricity distribution networks, the company caters to the growing demands of clean energy and essential services.

Growth prospects

When considering investing in Algonquin Power & Utilities, it is crucial to understand its financial performance and market position. As a member of the Toronto Stock Exchange (TSX) under the ticker symbol AQN.TO, the company offers transparency regarding its financial data, making it easier for you to make informed investment decisions.

In recent years, Algonquin Power & Utilities has demonstrated growth, both organically and through strategic acquisitions. Moreover, its focus on sustainability and the increasing global demand for clean energy may position the company well for future success in the expanding renewable energy market.

Algonquin Power & Utilities annual stock prices. Source: Macrotrends.com

How to buy Algonquin Power & Utilities stock: Step-by-step process

Now that you have a bit of background information on Algonquin Power & Utilities, you can start investing in it. To buy its stock, Canadian investors can take the following steps:

Step 1: Choosing a broker

To buy Algonquin Power & Utilities stock in Canada, the first step is to choose a broker that offers access to Canadian securities. To do that, you can do some research to determine which broker best fits your needs based on their fees, platform accessibility, and offerings.

Our recommended broker is Interactive Brokers, a platform featuring:

Commission-free stock trading;
Global stock-trading on 90+ market centers;
Fractional shares;
Additional income on fully paid shares;
Lowest financing rates for margin accounts;
No account minimums.

Best Platform for Worldwide Stock Trading & Investing

Highly trusted multi-asset broker with clients in over 200 countries
Trade on 150 markets globally from a single platform (stocks, ETFs, futures, currencies, crypto & more)
Low commissions starting at $0 with no platform fees or account minimums
Easily fund your account and trade assets in 26 currencies
IBKR pays up to 4.58% interest on cash balances of $10k or more

Up to 4.58% interest on balance*

Get Started

Step 2: Opening a trading account

Once you’ve chosen a broker, the next step is to open a trading account. That typically involves creating an online profile, providing your personal information, and verifying your identity through some kind of know-your-customer (KYC) process. You may also need to answer some investment-related questions to determine your financial goals and risk tolerance.

Note

The account creating process can take a few days to complete.

Step 3: Funding your account

After opening your trading account, you need to fund it before purchasing any stocks. To transfer money to your account, you can use:

Transfer funds directly from your bank account, usually taking 1–3 business days to complete;
Set up your broker as a payee through your bank’s online bill payment system, which can take a couple of business days;
A same-day transfer of funds, usually with a high fee.

Note

Check with your broker to verify which funding options are available and choose the best one for you based on your needs and timeline. Note also that a lot of brokers do not accept gift and credit cards.

Step 4: Placing an order

With your account set up and funded, you can buy Algonquin Power & Utilities stock. Simply follow these steps:

Log in to your account and navigate to the trading platform;
Search for the stock using its symbol (AQN) or company name (Algonquin Power & Utilities);
Choose the type of order you want to place (Market, Limit, Stop, etc.). For beginners, a market order is recommended for simplicity;
Enter the number of shares you would like to buy;
Review your order to ensure the details are correct;
Submit your order for execution.

Why invest in Algonquin Power & Utilities

As mentioned, Algonquin Power & Utilities (AP&U) is a prominent utility company in Canada, and there are several reasons you might consider investing in its stock. First and foremost, the company has a long history of stable performance, which can provide confidence in their ability to manage their business effectively over time.

As an investor, you may appreciate the fact that AP&U operates in the consistently growing renewable energy sector. With a diverse portfolio that includes hydroelectric, wind, and solar power generation, AP&U is well-positioned to capitalize on the increasing global demand for clean energy sources.

Additionally, utility stocks are often viewed as less volatile compared to other market sectors — a highly desirable attribute that can help protect your investment during periods of economic uncertainty. In particular, AP&U has a history of steady dividend payments going back several years, offering an attractive income stream for investors seeking stable returns.

Algonquin Power & Utilities stock price today

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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