It was a fairly forgettable day in the markets for investors in Alaska Power & Telephone Company (OTCMKTS:APTL) yesterday as the stock suffered from a bit of a selloff and ended the day with a decline of as much as 6%.

Now, a decline in a stock may not always be a bad thing considering the fact that it could be an opportunity for investors to get in at a lower level. However, it is important to figure out if a recovery could on the horizon or not. In order to work that out, it is necessary for investors to take a closer look at the company’s business and the recent developments.

Market Stats

On Thursday, APTL stock moved down 6% to $94 with more than 100 shares, compared to its average volume of 27 shares. The stock moved within a range of $94.00 – 94.00 after opening trading at $94.

About The Company

Alaska Power & Telephone works through a number of subsidiaries and is involved in providing telephone and electric services in the rural areas of Alaska. The electric division of the business is involved in providing both wholesale and retail services. On the other hand, Alaska Power & Telephone also offers a range of other services like telephones, internet, broadband and data transport among others. The company had actually been established back in 1957 and is based out of Port Townsend in Washington.

Alaska Power & Telephone Awarded $29.3m USDA ReConnect Grant to Expand Fiber Optic Connectivity in Tongass Region Communities

While the stock declined yesterday, it is important to note that there was a fairly positive development about Alaska Power & Telephone. The company announced yesterday that its subsidiary company APT Wireless had been awarded a grant to the tune $29,344,717 by the United States Department of Agriculture.

The grant was awarded as part of the USDA Rural Utility Service’s ReConnect grant program. The grant has been awarded to the company so that it could expand its fibre optic connectivity in Prince of Wales Island. On the other hand, APT Wireless is also going to make an investment of $9,781,573 in the project.

As part of this project, APT Wireless is going to be involved in creating fibre optic networks with internet speeds up to 100 Mbps in around 550 rural, remote communities in places like Hollis, Craig and Klawock. This will, in turn, help in boosting communications among residents who are scattered around Tongass National Forest region.

As one can see, this is a project that could eventually lead to the unlocking of a lot of value for Alaska Power & Telephone. Moreover, the fact that the grant is expected to take care of much of the financing, it may prove to be an even more beneficial deal for APT Wireless.

However, it was also clear to see that investor were not actually as optimistic about the prospects of the project. That being said, it is going to be interesting to see if the sentiments turn over the course of the coming days or not. The project in question is known as the SEALink project and it may well end up being one of the cornerstones of the company’s work over the course of the coming years. Investors could consider adding the Alaska Power & Telephone stock to their watch lists.