AQN and NPI: 2 TSX clean stocks as Canada plans to cut emissions by 40%

2 min read | March 31, 2022 05:24 AM AEDT | By Kajal Jain

AQN and NPI: 2 TSX clean stocks as Canada plans to cut emissions by 40% — Image source: © 2022 Kalkine Media Inc

Algonquin Power & Utilities Corp (TSX: AQN)

Algonquin Power & Utilities, earlier in March, released its fourth-quarter and annual results for the fiscal year 2021. 

The Oakville-based utility company saw its top line surge by 21 per cent year-on-year (YoY) to US$ 594.8 million in the latest quarter and realized yearly revenue growth of 36 per cent in 2021 compared to 2020.

However, its net profit declined 65 per cent YoY to US$ 175.6 million in Q4 FY2021.

AQN stock swelled by over seven per cent in the last one month and closed at C$ 19.44 apiece on Tuesday.

Algonquin Power & Utilities Corp <a class='font-weight-bold' style='border-bottom: 2px dashed;' aria-label='https://kalkinemedia.com/ca/companies/tsx-aqn' href='https://kalkinemedia.com/ca/companies/tsx-aqn'>(TSX:AQN)</a>’s Q4 FY2021 results

Also read: Shopify (TSX:SHOP) to invest in carbon removal solutions: Buy alert?

Northland Power Inc (TSX: NPI)

Northland Power saw its sales stand at C$ 640.09 million in Q4 2021, up from C$ 492.83 million a year ago. It significantly improved its net profit from C$ 26.79 million in 2020 to C$ 129.52 million in 2021.

NPI stock surged by roughly eight per cent year-to-date (YTD) and closed at C$ 40.83 apiece on Tuesday.

Bottomline

Algonquin Power and Northland Power are utility companies powered by clean energy sources. They are also known to generally provide steady dividends, which can be a point to consider if considering clean energy stocks.

Also read: Why is Hycroft Mining (HYMC) stock soaring again?

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