INNERGEX RENEWABLE ENERGY $14.35 (Toronto symbol INE; Shares outstanding: 108.0 million; Market cap: $1.6 billion; TSINetwork Rating: Extra Risk; Dividend yield 4.5%; www.innergex.com) operates 27 hydroelectric plants, six wind farms and one solar power field. These facilities are spread across Quebec, Ontario, B.C. and Idaho. The company gets 77% of its power from the hydro plants, 22% from wind and 1% from solar.
In contrast to Pembina, Innergex is growing slowly by building hydroelectric and solar plants, instead of acquiring them. Right now, the company has four projects under construction.
But like Pembina, Innergex makes sure it has firm long-term power-purchase contracts in place before it starts to build, or buy, new plants.
In the three months ended March 31, 2016, the company’s cash flow rose 13.6%, to $0.25 a share from $0.22 a year earlier. Its hydroelectric plants in Quebec and B.C. generated more power than they did a year ago due to higher rainfall.
The stock trades at 11.5 times Innergex’s forecast 2016 cash flow of $1.25 a share. The company increased its dividend by 3.2% with the April 2016 payment, to $0.16 from $0.155. The stock yields 4.5%.
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