Yields stay high at these converted trusts

Article Excerpt

ALGONQUIN POWER & UTILITIES CORP. $4.10 (Toronto symbol AQN; Shares outstanding: 93.9 million; Market cap: $385.1 million; SI Rating: Extra Risk; Dividend yield: 5.9%) converted to a dividend-paying corporation in October 2009. Prior to its conversion, it was called Algonquin Power Income Fund. Algonquin holds interests in 45 renewable-power facilities in Canada and the northeastern U.S., as well as 14 thermal-energy plants and 19 water-distribution and waste-water facilities. These assets include facilities it owns through a partnership with Emera Inc. (Toronto symbol EMA). Emera is a recommendation of The Successful Investor, our affiliated publication. Emera holds 9.9% of Algonquin. The company has started building its 26.4-megawatt Red Lily wind farm in Saskatchewan. Algonquin expects the $67.7-million project to start generating power in early 2011. The company has already signed an agreement with SaskPower, the province’s main electricity supplier, to buy all of Red Lily’s power for 25 years. Algonquin pays a quarterly dividend of $0.06 a share, for a 5.9% yield. The…

You are trying to access subscriber-only content.

To read this article, you may subscribe or sign in.
If you are already a subscriber, log in here.

If you wish to become a subscriber, click here. Or you may enjoy access to all our publications when you become a Member of Pat McKeough's Inner Circle Pro.