ALGONQUIN POWER & UTILITIES CORP. $6.79 (Toronto symbol AQN; Shares outstanding: 205.6 million; Market cap: $1.4 billion; TSINetwork Rating: Extra Risk; Dividend yield: 5.0%) has nearly tripled in size over the last year through a series of acquisitions.
Algonquin made four acquisitions in 2012, and it has completed another four so far in 2013. Most recently, it paid $140.7 million U.S. for a natural gas distributor in Georgia that serves 64,000 clients.
The company’s regulated utility businesses now provide water, electricity and natural gas to over 470,000 customers, up from 120,000 a year ago. In addition, Algonquin’s hydroelectric, thermal energy and wind facilities generate 1,100 megawatts of power, up from 460.
Emera (Toronto symbol EMA), a recommendation of The Successful Investor, our conservative growth advisory, owns 24.5% of Algonquin.
The company is benefiting from these purchases. In the quarter ended June 30, 2013, acquisitions pushed up Algonquin’s revenue to $148.8 million from $58.7 million a year ago. Cash flow per share jumped to $0.18 from $0.11.
Growth by acquisition—particularly rapid growth—adds risk. But Algonquin cuts that risk by buying profitable utilities. It also ensures that its renewable energy projects sell their power under long-term, government-guaranteed contracts.
The company recently raised its dividend by 9.7% and currently yields 5.0%. The stock trades at 7.5 times Algonquin’s forecast 2013 cash flow of $0.90 a share.
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