Alliance adds to Innergex’s appeal

Article Excerpt

We continue to like the prospects of this power utility. Its focus on renewable energy helps it prosper in a time of increasingly environmental regulations. A new alliance with Hydro Quebec is also set to pay off. What’s more, Innergex gets most of its revenue from regulated businesses. That lets it keep raising dividends for investors. INNERGEX RENEWABLE ENERGY $22.68, is a buy. The power generator (Toronto symbol INE; Shares outstanding: 174.1 million; Market cap: $3.9 billion; TSINetwork Rating: Extra Risk; Dividend yield: 3.2%; operates 37 hydroelectric plants, 26 wind farms and five solar power fields. They’re spread across Quebec, Ontario, B.C., Texas, Idaho, France and Chile. The company gets 55% of its power from wind, 39% from hydroelectric and 6% from solar. In the quarter ended March 31, 2020, Innergex’s revenue rose 4.5%, to $132.1 million from $126.4 million. Cash flow fell 25.5%, to $42.8 million from $57.5 million. Cash flow per share dropped 37.2%, to $0.27 from $0.43, on more shares outstanding due…

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