INNERGEX RENEWABLE ENERGY $10.80 (Toronto symbol INE; Shares outstanding: 100.4 million; Market cap: $1.1 billion; TSINetwork Rating: Extra Risk; Dividend yield 5.6%; 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. Wind supplies 26% and solar generates 1%.
In contrast to Brookfield, Innergex is growing slowly, mostly by building its own hydroelectric and wind facilities, rather than through acquisitions. Right now, it has five projects under construction.
But like Brookfield, Innergex makes sure it has firm long-term power-purchase contracts in place before it starts building new facilities.
In the quarter ended June 30, 2014, Innergex’s cash flow fell 23.5%, to $0.13 a share from $0.17 a year ago. That was mainly because there was less rainfall, which cut the amount of power the company generated.
The stock trades at 9.5 times its forecast 2014 cash flow of $1.14 a share. Innergex raised its quarterly dividend by 3.4% with the April 2014 payment, to $0.15 from $0.145. It yields 5.6%.
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