Canadians will head to the polls today to decide the composition of the next government. Green energy policy has once again been at the forefront for the major parties, inspiring even top contenders like the Liberals to pitch radical reforms that rival their progressive counterparts. This promise of new investment into a developing sector has me looking for renewable energy stocks in the fall.
TransAlta Renewables (TSX:RNW) should be a top target for investors on the hunt for big income. That his not all it offers either. Shares have climbed 40.9% in 2019 as of close on October 18. The stock has achieved average annual returns of 9.7% over the past five years.
In the first six months of fiscal 2019 the company has reported revenues of $238 million compared to $232 million in the prior year. Comparable EBITDA has increased to $227 million over $208 million and adjusted funds from operations moved up marginally to $174 million.
Cash available for distribution in the year-to-date period rose $2 million year-over-year to $149 million on the back of the increase in AFFO.
The stock last paid out a monthly dividend of $0.07833 per share. This represents a tasty 6.8% yield. The company has achieved dividend-growth for six consecutive years.
Shares also boast a favourable price-to-earnings ratio of 17.5 and a price-to-book value of 1.6. TransAlta offers up great long-term growth potential coupled with the benefits of a monthly dividend payout
