Northland Power Inc (NPI.TO) Buy, Sell or Hold

Northland Power Inc (NPI.TO)

22.01

-0.09 (0.41%)

as of Sep 25, 2026, 8:00:00 pm Market Open.

629 watching

STRONG BUY

Also owns AQN and likes both. He owns more of AQN. NPI will grow because they have the science to grow green energy and are improving with it. They have the financing, too. It's getting easier to finance "alternate energy" which is swiftly moving into the mainstream. Both are long-term holds.

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HOLD

Cheaper than peers? It trades at a discount to its peers as there has been no new product development for them. This will change at year end into 2020. At some point it will catch up in value. There has been an overhang as to whether the largest shareholder would hold or sell their shares. That is done now. They have just bought into a regulated Colombian infrastructure play to get stability of revenues. Yield 4.7%

BUY

It is one of his largest positions. He has been purchasing. He did not like the transaction. Maybe it brings them some diversification. You have to be worried about what they will pay but it is not big enough to hurt the one way or another. He continues to own.

WATCH

AQN-T vs. NPI-T. He likes the sector. It is not a pure utility play. AQN-T has a nice upward trend. They have come off a little bit. They diverged since July. He is looking at whether they will come off a little more. Sept and Oct tend to be the worst performing months.

PAST TOP PICK

(A Top Pick Jun 21/19, Up 2%) Hasn't sold any. Loves it. He'd name it a top pick again, but it's too soon. They just reported earnings with great free cash flow which will lead to share buybacks and dividend increases. Everything is on track here.

TOP PICK

It will do well with falling interest rates. It mostly holds long-term contracts in renewable energy, so there's no pricing risk (but Ontario's renewal rates will probably be at lower prices). Ranks in the top 3% of his valuation metrics. Has good price momentum. High ROE. They carry a lot of debt, like all utilities, but NPI has stable earnings. Trades at 10x EV to EBITDA, cheaper than most utilities. Yield of 4.7% based on a good 80% payout. They have some good projects on the go. Expect growth. (Analysts’ price target is $27.80)

HOLD

You can keep holding it. All utilities have done quite well. If it is a big overall position you may want to trim it.

COMMENT

Tends to stick to the pure plays. This is one that has some natural gas within their portfolio. Mid-side on the dividend at 4.65% with the potential for some upside as they do continue to grow.

BUY

Wind in the North Sea. They started in Canada. They decided two years ago whether to put themselves up for sale and it did not go through. It has stable cash flows and there is potential for a rising dividend. Debt goes up when projects are build and then when completed, cash flow goes up and debt goes down. He sees good prospects for it going forward.

TOP PICK

They have a big catalyst coming up at the end of the year with the big Deutsche Bucht offshore wind project in the North Sea which will bump up their free cash flow by a third. With this they can raise their dividend (nearly 5% now) or buy back shares. You should get low-teens returns in the next few years. He expects the payout ratio to fall below 60% in 2020. (Analysts’ price target is $27.17)

COMMENT

In construction mode in Mexico, Europe, and overseas. You want to own it when it's in growth mode. Only problem is not raising the dividend much, as they're growing. He owns NEE instead.

BUY

This is a utility with a good dividend. This is a good quality company.

BUY

He really likes them. It has a really nice dividend. They own some natural gas so it is like co-generation. If you want 100% renewables, then this would not fit the bill. But if you want companies going in the right direction, then this is one of them. They are developing new technologies. At the end of the day they will own assets in wind generation in the north sea. They are well positioned in the sector.

COMMENT

AQN vs NPI Both companies have similar yields -- around 4.9%. He owns both. AQN-T is more US focused. NPI-T is more international. The dividend with AQN-T is paid in US dollars.

HOLD

Valuation is pretty reasonable. It trades 10.5 times EBITA. Payout ratio of 80%. He will continue to hold it. Yield 5%

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Northland Power Inc (NPI.TO)