If there is one thing that the 2019 Canadian federal election should have taught us, it’s that the push toward green energy has grown into a bi-partisan issue.
The political path for the major parties holds major differences, but the goal for a renewable future has become more concrete. This is one of the reasons I’m looking to renewable energy stocks ahead of the New year.
One of my favourites is Innergex Renewable (TSX:INE). This Quebec-based company is a developer, owner, and operator of run-of-river hydroelectric facilities, wind energy, and solar farms in North America.
Innergex stock has climbed 35.7% in 2019 as of close on November 8. The company is set to release its third quarter 2019 results tomorrow.
In the second quarter, Innergex reported a 16% year-over-year increase in total revenues to $144.7 million. Adjusted EBITDA for continuing operations climbed 15% to $120.8 million and it closed several key projects and a sale for 53.9% interest in its Icelandic assets.
In the year-to-date period, Innergex had reported net income of $6.49 million compared to $2.02 million in the same period in 2018.
Shares of Innergex are priced at a premium right now. This means investors may want to pick their spots before 2020. However, it still offers a monthly dividend of $0.175 per share.
This represents a solid 4.2% yield. The stock has rightly attracted interest in 2019, and long-term investors should look for points of entry in the coming weeks. We’ll revisit the stock after its earnings release.
