Algonquin Power & Utilities is still a buy. INNERGEX RENEWABLE ENERGY $10.04 (Toronto symbol INE; Shares outstanding: 95.7 million; Market cap: $961.3 million; TSINetwork Rating: Extra Risk; Dividend yield 5.8%; www.innergex.com) operates 23 hydroelectric facilities, five wind farms and one solar power plant in Quebec, Ontario, B.C. and Idaho. Innergex gets 73% of its power from hydroelectric facilities. Wind farms supply 26% and solar generates 1%.
In contrast to Algonquin, Innergex is growing slowly, mostly by building its own hydroelectric and wind plants, rather than through acquisitions. Right now, it is developing or building eight projects.
But like Algonquin, Innergex makes sure it has firm long-term power-purchase contracts in place before it starts building new facilities.
In the quarter ended September 30, 2013, Innergex’s cash flow jumped to $0.34 a share from $0.11 a year earlier. That was mainly because heavier rainfall and stronger winds increased the amount of power the company generated.
The stock trades at 8.8 times Innergex’s forecast 2014 cash flow of $1.14 a share. It yields 5.8%.
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