Northland Power Inc (NPI.TO)

Dividend is stable with a payout ratio of 100%. They are going through a CapX program right now with the Gemini project, an offshore European wind project. Comes online in 2017-2018, and when that happens the dividend payout ratio will immediately drop to 80%-85%. Management has a tendency to go through CapX cycles pretty extensively, so there is a potential that Gemini could come online, the payout ratio dips into the 80%s, and then they undertake another CapX program, which would keep the payout ratio high. They are always investing in high return/high growth businesses. 5.5% yield.

Roughly 21% of its EBITDA is going to be generated by solar power. Currently trading at 18X earnings. His target price is roughly $21. Solar power makes more sense as you see oil prices going up. 5.8% dividend yield is a little bit rich.

You won’t see much capital appreciation during the next year or 2. Somewhat fairly valued here. Longer term he expects you will see disproportionate dividend growth. This is an independent power producer with a significant renewable portfolio. The biggest asset for them is going to be their Gemini wind project, and offshore wind development in Europe. This doesn’t start kicking out cash flow until 2017, so in the interim, you have to wait for that to get built, and you are not going to see much in the way of dividend growth until a couple of years later.

Very attractive dividend growth model. Have a lot of growth projects coming on stream. Last year they embarked on an offshore wind project which will continue to drive growth over the next number of years. Not cheap, so be a little bit patient about accumulating.

(A Top Pick April 26/13. Up 3.35%.) This is one that he would be adding to new portfolios. 6.3% yield.

He rates it at a sector outperform. He has been moving between utilities. They are all good and solid and are needed no matter what.

Have 105% payout ratio. Not cheap. They are engaging in a project in Europe, which he thinks will help fund their growth, so through that, he believes the payout will actually be safe. You will probably only get your dividend for the next little while until the market starts to see that they are executing well on Gemini and that it is really worth the risks.

Likes this company and the sector of power utilities and power generation. A steady place to be. The drop in the stock gives you a pretty good entry point. 7% yield.

Is in the category where they are trying to have new projects on the wind side off shore but the risk is a little higher. Valuation for growth is not very good and you are going for the dividend. Prefers going outside the utilities.

There is speculation that they are going to buy some fairly significant alternative wind energy assets that is pretty pricey. Stock cratered to $14 because they were going to issue something like $400 million worth of equity. Management has since tried to find creative solutions to finance the transaction, which will be very accretive. This could make a lot of sense for them. 6.7% dividend.

He likes the infrastructure plays, pipelines and utilities. His company’s target on this is $19. Likes the yield at 7%. Has had a good pull back. So now is a good entry point.

Utility, some wind and a lot of power and a bit of growth with some co-gen power. With all of these, the perception is that there is not much growth, you are just owning for yield. If he were buying a utility, this and Innergex Renewable Energy (INE-T) would be the 2 that he would own. Not a bad entry point. 7.4% yield is safe.

Has sold off because there is speculation that their dividend may not increase and the payout ratio may not come down below 100% due to an acquisition. It is a dividend story and now a portfolio being diversified through acquisition. If they complete the acquisition it will be a better entry point. Should be 5% lower.

His company has a $19 target on this with an “outperform”. Likes the 7.2% yield and this is a really good entry point.

Their North Battleford Creek asset is coming into service this year, which reduces pressure on the payout ratio. Thinks it is worth $19-$20. Looking to make a huge acquisition off the coast of the Netherlands, an offshore wind farm. 6.6% yield.