Capital Power (CPX.TO)

Owns shares in company. Not adding to position, but comfortable holding. 5th largest power company in North America. Recent earnings strong. Alberta base with Ontario assets. Moving coal assets to natural gas power. Yield ~5% is very stable. Balance sheet is solid with a good proxy to bonds. Good combination of yield and growth prospects. 

Two different companies. CPX is a utility, with better income distribution and lower growth. CNQ has a nice dividend, but with better growth. What are you looking for? For income, pick CPX. For growth, pick CNQ.

At current levels, he'd stick with CPX for the dividend and potential upside. More potential for upside growth, less potential for downside risk.

Likes it. Nice base around $35.80. Trading in a tight range, breaking above. Looking at the little price movements and comparing it to volume, looks very strong. Might run into problems at $40. Pretty steady business. History of drops, but not huge drops or gains on any one day. Buy it for the dividend, not the upside. Get out if it hits $36. Yield is 6.4%.

Capital is definitely flowing to the other areas that are still working. Interest rates have hurt. Alberta power prices have not been constructive lately, a headwind. Payout ratio is 109% of 2025, so dividend's not as safe. No growth on forecast horizon, trading at 14.5x. 

Names like ALA and PPL are way better.

Excellent business franchise in Western Canada. Excellent management team with very good dividend. ~7% increase in dividend last year. Very big acquisition with Black Rock last year turning out very well. Now have 30 locations across North America. Very little maintenance expenditure for facilities turns into free cash flow. Debt levels low in comparison to sector peers. 

Tough year, along with other green-opportunity power producers. Some of that was unwarranted. Looking at it, but already owns so much in the space, like AQN. No problem with it at current levels. Yield is 6.6%. See his Top Picks.

One of key holdings. Very strong company. Recently increased dividend. Decline in stock price due to higher interest rates. If rates fall, expecting stock to appreciate. Will continue to grow through M&A. Also has strong green energy segment within company. 

14.5x PE, versus Hydro One at 17-18x. Great dividend, but payout ratio is high at 109%. Need to consider anticipated EPS growth rate, and this one's flat. Favourable acquisition. Decent. But ALA is the clear winner on PE and price to growth.

Excellent business model. Currently in the middle of positive M&A. 6.6% dividend yield very safe. As rates fall, will see company share price rice. Sees excellent growth going forward. Has been buying shares recently, and will continue to hold. 

Recent acquisition of gas plants in USA. Recent deal accretive. Believes room for further growth. Recent sell off creating buying opportunity. P/E ratio around 13 a good time to buy. Expecting a share price around $40. Would recommend buying. 

It has been a victim of merciless interest rates. Have many operations in Alberta and doing well. Today, two companies including Blackrock, have announced a deal to buy two US gas-powered plants. He still likes it.

We consider it an OK stock: not the best, but certainly priced well to reflect this, at barely 7X earnings. EPS is expected to fall nearly 30% next year which tempers our enthusiasm. Lower rates (if and when) should help the stock and the overall sector. 
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The market now likes growth as opposed to dividend stocks but dividend stocks are still good for the longer term.

In renewables, but more on the utilities side. So while he's offloaded some renewables, he's held onto this one. Has renewable assets through the States. Recent cost overrun of about 23%, but they can still absorb the cost with what's happening with power prices in Alberta.