INNERGEX RENEWABLE ENERGY $10.14 (Toronto symbol INE; Shares outstanding: 101.3 million; Market cap: $1.0 billion; TSINetwork Rating: Extra Risk; Dividend yield 6.1%; www.innergex.com) operates 26 hydroelectric plants, six wind farms and one solar power facility in Quebec, Ontario, B.C. and Idaho. The company gets 73% of its power from hydroelectric plants, 26% from wind and 1% from solar.
In contrast to Algonquin, Innergex is growing slowly, mostly by building its own hydroelectric and wind facilities, rather than through acquisitions. Right now, the company has five projects under construction.
But like Algonquin, Innergex makes sure it has firm long-term power-purchase contracts in place before it starts building new plants.
In the three months ended June 30, 2015, Innergex’s revenue rose slightly, to $70.2 million from $69.6 million a year earlier. But cash flow jumped to $0.22 a share from $0.13. The company’s high-profit B.C. hydroelectric plants generated much more power than they did a year ago.
The stock trades at 8.9 times Innergex’s forecast 2015 cash flow of $1.14 a share. It yields 6.1%.
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