ALGONQUIN POWER & UTILITIES $9.36 - Toronto symbol AQN

ALGONQUIN POWER & UTILITIES $9.36 (Toronto symbol AQN; Shares outstanding: 238.9 million; Market cap: $2.3 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.7%; www.algonquinpower.com) reports that its revenue rose 26.3% in the three months ended December 31, 2014, to $259.3 million from $205.3 million a year earlier. Cash flow per share jumped 22.7%, to $0.27 from $0.22.

The gains mostly came from acquisitions, including California’s Park Water for $327 million U.S. in September 2014.

Growth by acquisition adds risk. But Algonquin cuts that risk by buying profitable utilities like Park Water. It also ensures that its renewable energy projects sell their power under long-term government-guaranteed contracts.

The stock trades at 8.5 times its forecast 2015 cash flow of $1.10 a share. It yields 4.7%.

Algonquin Power & Utilities is still a buy.

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