Here’s My Top Canadian Dividend Stock to Buy Today

Algonquin Power & Utilities (TSX:AQN) is an Oakville-based company that owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in North America, Chile, and Bermuda. Its shares have dropped 4.1% in 2021 as of early afternoon trading on August 10. The stock is still up 8.5% from the prior year.

The company is set to release its second-quarter 2021 results on August 12. In Q1 2021, Algonquin Power & Utilities delivered revenue growth of 36% to $634 million. Meanwhile, adjusted EBITDA climbed 17% to $282 million. Adjusted net earnings increased 21% from the prior year to $124 million.

Algonquin is notable for its footprint in the growing renewable energy space. In its most recent quarter, it announced the acquisition of majority interest in three of four wind facilities in Texas. This will provide a complimentary wind resource to its stable of green energy assets.

In the first quarter, the board of directors approved a 10% increase in its annual common share dividend. The stock last paid out a quarterly dividend of $0.171 per share. That represents a solid 4.2% yield.

Shares of Algonquin Power & Utilities currently possesses a favourable price-to-earnings ratio of 10. It has delivered impressive revenue and earnings growth in successive quarters. Investors should look to snatch up this top dividend stock that also offers exposure to the burgeoning renewable energy space.