INNERGEX RENEWABLE ENERGY $10.60 - Toronto symbol INE

INNERGEX RENEWABLE ENERGY $10.60 (Toronto symbol INE; Shares outstanding: 95.9 million; Market cap: $1.0 billion; TSINetwork Rating: Extra Risk; Dividend yield 5.7%; www.innergex.com) operates 25 hydroelectric plants, six wind farms and one solar power facility in Quebec, Ontario, B.C. and Idaho. Innergex gets 73% of its power from hydroelectric plants. Wind supplies 26%, and solar generates 1%.

In contrast to Algonquin, Innergex is growing slowly, mostly by building its own hydroelectric and wind facilities, rather than through acquisitions. Right now, it is developing or building five 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 December 31, 2013, Innergex’s cash flow fell 23.5%, to $0.13 a share from $0.17 a year earlier. But that was mainly because there was less rainfall, which cut the amount of power the company generated.

The stock trades at 9.3 times Innergex’s forecast 2014 cash flow of $1.14 a share. The company has just raised its quarterly dividend by 3.4%, to $0.15 from $0.145. The shares now yield 5.7%.

Innergex Renewable Energy is a buy.

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