ALGONQUIN POWER & UTILITIES CORP. $7.42 (Toronto symbol AQN; Shares outstanding: 169.0 million; Market cap: $1.3 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.2%; www.algonquinpower.com) holds interests in 20 hydroelectric plants in Canada and the northeastern U.S. It also owns seven thermal energy facilities and five wind farms.
Algonquin’s subsidiary, Liberty Utilities, has operations in Arizona, California, Illinois, Iowa, Missouri, New Hampshire and Texas. These include 21 water-distribution and sewage-treatment plants, as well as four natural gas and two electricity distribution operations with over 257,000 customers.
Emera (Toronto symbol EMA), which is a recommendation of The Successful Investor, our conservative growth advisory, holds a 19.9% interest in Algonquin.
In the three months ended September 30, 2012, Algonquin earned $0.02 a share, down from $0.18 a share a year earlier. Cash flow per share fell 47.1%, to $0.09 from $0.17. However, the declines were mostly due to exceptionally warm weather, which reduced electricity consumption and prices.
Algonquin continues to make acquisitions, including wind farms. These operations add risk, because they are reliant on uncertain government subsidies. However, the company sells its wind power under long-term government-guaranteed contracts.
The company recently raised its quarterly dividend by 10.7%, to $0.0775 from $0.07. It now yields 4.2%. The stock trades at 9.3 times Algonquin’s forecast 2013 cash flow of $0.80 a share.
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