INNERGEX RENEWABLE ENERGY $8.40 - Toronto symbol INE

INNERGEX RENEWABLE ENERGY $8.40 (Toronto symbol INE; Shares outstanding: 94.5 million; Market cap: $802.8 million; TSINetwork Rating: Extra Risk; Dividend yield 6.9%; www.innergex.com) operates 23 hydroelectric facilities, five wind farms and one solar-power plant in Quebec, Ontario, B.C. and Idaho. Innergex gets 55% of its power from hydroelectric facilities. Wind farms supply 39% and solar generates 6%.

In contrast to Algonquin, Innergex is growing slowly, mostly by building its own hydroelectric and wind plants, rather than by making acquisitions. Right now, it is developing or building eight 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 March 31, 2013, Innergex’s cash flow jumped to $0.15 a share from $0.04 a year earlier. Power generation rose mostly on favourable wind conditions and heavier rainfall.

The stock trades at 8.8 times Innergex’s forecast 2013 cash flow of $0.96 a share. It yields 6.9%.

Innergex Renewable Energy is a buy.

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Blue chip stocks are big, well-established, dividend-paying corporations with strong business prospects. These are companies that also have sound management that should be able to make the right moves to keep competing successfully in a changing marketplace.

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One of the sweetest and most profitable pleasures of successful investing is to buy high-quality “value stocks” (or stocks that are reasonably priced, if not cheap, in relation to its sales, earnings or assets), then hold on to them as mainstream investors recognize the value and push up the share price.

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