Capital Power L.P. (CPA.UN.TO) Buy, Sell or…

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Daily Stock Opinions and Ratings

Capital Power L.P. (CPA.UN.TO)

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20 watching

HOLD

(Market Call Minute.) Very nice distribution yield. In this environment it is the right place to be.

BUY

Thinks the distribution is safe. Likes the yields and in a more buoyant market it will go up.

TOP PICK

(Not to be confused with its parent Epcor, which is owned by Edmonton.) Owns a basket of about 20 power-generating stations. Thinks it has been oversold. Likes the distribution. Use a $16.50 Stop.

BUY

Power trusts are generally more stable. Just reported earnings and were generally in line. Has some US$ exposure. Pretty strong parent and good management team.

BUY

12% yield. Has utility type income. Stable cash flows. Great name to diversify into.

WEAK BUY

Pays distributions on a quarterly basis. Yield of over 11%. Fairly stable set of assets. Payout ratio is higher than he likes. Buy as part of a basket of power trusts. Going out to when their Power Purchase Agreements expire, their assets are not hydrology but have a lot of gas-fired plants which require capital expenditure every 15 years or so.

TOP PICK

Had been beaten up quite a bit but recently had a nice little recovery. Well diversified across 20 different power facilities through natural gas, hydro and biomass. Market has over penalized and it is cheap. Over 11% yield. Defensive.

BUY

Thinks distribution is safe. Has been really beaten up here. Investors are concerned about their US$ exposure but they have hedges on about 70% of their cash flow. 50% stake in Primary Energy recycling (PRI.UN-T), which suspended their distributions, but expects it will be reinstated. Yield of about 12%.

BUY

Diversified with both natural gas and coal. They have a 15% interest in Primary Energy (PRI.UN-T), which recently released some bad results. At these levels it represents very good value for the long term.

HOLD

Dividend is fairly safe. Have had concerns about some of their long-term contracts as to whether they will be able to roll them over at the current attractive rates. Should be okay for a couple of years. Well diversified asset base.

HOLD

A decent name to hold. With these contractually based, electric generating utility type assets, there is an issue where there is so much cash flow being paid out that it is interest-rate sensitive. 10% yield is very safe.

COMMENT

Power generator with assets both in Canada and the US. Many of the assets are fired by natural gas, whose prices have gone up faster than power contracts. In the short term, there is very little risk, but longer term you have to wonder about the currency exposure.

COMMENT

Recent environmental policy decisions seem to penalize the people who have done the most. They're going to have to reduce emissions. Pretty solid value at 8 X cash flow.

HOLD

Yield of about 9.5%. As a little bit higher debt level than others, but as a utility, the cash flow is pretty reliable. It should continue to prosper because of electricity needs.

BUY

One of the better trusts and better yields in that sector. You have another good 3 years to own.

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Capital Power L.P. (CPA.UN.TO)