The Globe and Mail reports in its Friday, Sept. 15, edition that RBC Dominion Securities analyst Nelson Ng is sticking with his "sector perform" call for Algonquin Power & Utilities. The Globe's David Leeder writes that Mr. Ng shaved his share target by $1 (U.S.) to $8 (U.S.). Analysts on average target the shares at $9.15 (U.S.). The Globe says Mr. Ng sees the shares of Algonquin Power remaining rangebound until there is greater clarity on the sale of its renewable energy business. The announcement came alongside the departure of Arun Banskota as chief executive officer with former Emera boss Chris Huskilson taking over. Mr. Ng says in a note: "Transitioning to a utility pure play feels like the right strategy to pursue, but the timing is not ideal due to the unfavourable environment for renewable valuations, leading to uncertainty and execution risk. We estimate that Algonquin can generate 48 cents per share of EPS in 2025 as a utility pure play, assuming that its renewables division and 42-per-cent interest in Atlantica Sustainable Infrastructure are divested by the end of 2024. This would imply an elevated payout ratio of 90 per cent, meaning that there would be no dividend increases for several years."