Hi Pat: What are your thoughts about buying Northland Power just to collect dividends for a conservative investor? I am thinking about buying this stock. Thanks.
Northland Power Inc., $18.66, symbol NPI on Toronto (Shares outstanding: 84.4 million; Market cap: $1.6 billion; www.northlandpower.ca), owns interests in power projects that together generate over 1,005 megawatts of electricity. These include natural-gas-fired plants and renewable wind and biomass projects. The company sells almost all of its power under long-term contracts with a current average duration of 13.6 years.
Northland also has 320 megawatts of power capacity under construction, including a $677-million, 260-megawatt natural-gas-fired plant in North Battleford, Saskatchewan, that’s due to start up in mid-2013. The company has already sold this plant’s power under a 20-year contract. In addition, Northland has a further 280 megawatts of wind, solar and run-of-river hydro projects at an advanced stage of development. This power, too, has already been sold under long-term deals.
Northland converted from an income trust to a corporation on January 1, 2011.
In the three months ended March 31, 2012, Northland’s revenue rose 4.5%, to $100.6 million from $96.3 million. Cash flow per…
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