Innergex Renewable Energy (TSX:INE) stock has climbed 6.7% over the past three months as of late afternoon trading on January 7. Shares are still down 8.1% year over year.
Interest in green energy investment has grown in recent years in response to new trends, including so-called “socially responsible investing”, which is popular among millennials.
However, stocks in the renewable energy sector have faltered over the past two years. Although the long-term trajectory is positive for renewables, the election of U.S. President Donald Trump put many oil and gas giants back into the driver’s seat when it comes to energy investment.
For the long haul, even oil and gas companies are pouring billions into renewable energy investment. That is why investors with a long-time horizon should look to stocks like Innergex Renewable.
In the first nine months of 2018 the company saw revenues increase to $408 million compared to $292 million in the prior year. Adjusted EBITDA also increased to $270 million over $218 million in 2017.
Growth at Innergex has been powered through its recent acquisitions and commissioning which has been carried out since late 2016.
The company last announced a quarterly dividend of $0.17 per share, which represents an attractive 5.1% yield. Innergex stock does not boast the tantalizing value it did back in the fall of 2018, but it is still a worthy long-term addition for its internal growth and appealing dividend.
