Recent strategic acquisitions helped this alternative energy provider to a 13.4% jump in cash flow during the most-recent quarter.
The stock trades at just 8.7 times the company’s 2020 earnings forecast. Its shares now offer a 4.6% yield.
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INNERGEX RENEWABLE ENERGY (Toronto symbol INE; www.innergex.com) operates 37 hydroelectric plants, 25 wind farms and four solar power fields. Those operations are spread across the provinces of Quebec, Ontario and B.C., as well as Idaho, France and Chile. The company gets 40% of its power from hydro, 57% from wind and 3% from solar energy.
In February 2018, Innergex purchased Alterra for a total of $1.1 billion. That firm operated 10 projects (three hydro, three wind, two geothermal and two solar) in Canada, the U.S. and Iceland. In addition, it had both a U.S. wind plant and an Iceland hydro project under construction.
In May 2019, Innergex sold all its assets in Iceland acquired in the Alterra purchase. This included a 53.9% stake in two geothermal power projects. The buyer was Jarðvarmi SLHF and the sales price was $408.8 million.
Energy Stocks: Acquisition risks minimized with this strategy
In the quarter ended June 30, 2019, cash flow rose 13.4%, to $60.3 million, or $0.45 a share, from $53.1 million, or $0.40, a year earlier.
Growth by acquisition—particularly with a big deal like the Alterra purchase—adds risk. But Innergex cuts that risk by buying profitable utilities. It also ensures that its renewable energy projects sell their power under long-term government-guaranteed contracts.
Innergex trades at a low 8.7 times its forecast 2019 cash flow of $1.75 a share. It raised its dividend by 2.9% with the April 2019 payment. The stock now yields a high 4.6%.
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Privacy Policy and Terms of Use
The Successful Investor Inc. and its affiliate Successful Investor Wealth Management (referred to hereafter as TSI Network) know that you care how information about you is used and shared, and we appreciate your trust that we will do so carefully and sensibly. This notice describes our privacy policy. By visiting websites owned by or associated with TSI Network, you are accepting the practices described in this Privacy Policy.
This privacy policy is applicable to all TSI Network Visitors, Clients, Employees, Suppliers, Web sites, Management, and all other interested parties. Any links to or from our site are not covered by this policy. We encourage you to read the privacy policies of every site that you visit.
The privacy of the site/store visitor is very important to TSI Network, and is respected at all times. The information we receive from customers helps us to personalize and continually improve your online experience at TSI Network.
We do not collect or disclose personal information, except when it is provided to us voluntarily by the site/store visitor with their consent.
We store subscriber and password files containing personal information securely. These files are stored in secure areas that are not accessible to the general public. We are always working to ensure the security of your personal information.
We are continuously in the process of improving our sites and services. If any new features or policies require a change to this current policy, we will post a clear notice of this change on pages of our site where the privacy policy appears. The principle behind this privacy policy is to collect information with your knowledge and consent.
What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
Information You Give Us: We receive and store any information you enter on our website or give us in any other way through sign-up forms or ordering forms for publications and services. You can choose not to provide certain information, but then you might not be able to take advantage of many of our services and features. We use the information that you provide for such purposes as responding to your requests, customizing your web browsing experience for you, improving our website, and communicating with you.
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We do reserve the right, however, to collect and perform statistical analyses of the internet traffic to our website for our internal use. However, information collected does not allow us to identify any individual, and will not collect any personal information of the visitor. Furthermore, we do not sell, rent or loan to any outside parties the information collected and analyzed.
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Does TSI Network Use the Information It Receives?
"Contact Us" and Comment Features: TSI Network encourages visitors to its websites to contact us with questions and comments. Email addresses and other information of persons using these features may be collected in order to facilitate our responses to those inquiries.
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COMMENTS: TERMS OF USE
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TSI Network has procedures in place to keep your personal information accurate, complete and current for the purposes for which it is collected and used. You may review the information that you have provided to us and where appropriate you may request that it be corrected. If you wish to review your personal information please send a request to: service@tsinetwork.ca.
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The provision of information by you is entirely voluntary and you have the right not to provide information. Subject to applicable law, you may have the right to receive certain information as to whether or not personal information relating to you is held by TSI Network and to obtain a copy of such information that is sought. You may also have the right to require information, where appropriate, to be erased, blocked or made anonymous or to have data updated or corrected. If you do not wish TSI Network to hold information about you or if you wish to have access to information, modify information, or object to any processing of information or if you have questions please contact us.
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Changes to this Policy
This Policy is the sole authorized statement of TSI Network's practices with respect to the collection of personal information through TSI Network's websites and the subsequent use and disclosure of such information. Any summaries of this Policy generated by third party software or otherwise (for example, in connection with the "Platform for Privacy Preferences" or "P3P") shall have no legal effect, are in no way binding upon TSI Network, shall not be relied upon in substitute for this Policy, and neither supersede nor modify this Policy.
TSI Network may revise this Policy from time to time.
Legal Notices and Disclaimers
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Information presented on this web site or contained in our publications is not an offer, nor a solicitation, to buy or sell any securities referred to on the web site or in the publications. The material is general information intended for recipients who understand the risks associated with an investment in any securities referred to in the publications or on this web site. The Successful Investor has made no determination regarding whether an investment, course of action, or associated risks are suitable for the recipient.
