Northland Power Inc (NPI.TO)

There is speculation that they are going to buy some fairly significant alternative wind energy assets that is pretty pricey. Stock cratered to $14 because they were going to issue something like $400 million worth of equity. Management has since tried to find creative solutions to finance the transaction, which will be very accretive. This could make a lot of sense for them. 6.7% dividend.

He likes the infrastructure plays, pipelines and utilities. His company’s target on this is $19. Likes the yield at 7%. Has had a good pull back. So now is a good entry point.

Utility, some wind and a lot of power and a bit of growth with some co-gen power. With all of these, the perception is that there is not much growth, you are just owning for yield. If he were buying a utility, this and Innergex Renewable Energy (INE-T) would be the 2 that he would own. Not a bad entry point. 7.4% yield is safe.

Has sold off because there is speculation that their dividend may not increase and the payout ratio may not come down below 100% due to an acquisition. It is a dividend story and now a portfolio being diversified through acquisition. If they complete the acquisition it will be a better entry point. Should be 5% lower.

His company has a $19 target on this with an “outperform”. Likes the 7.2% yield and this is a really good entry point.

Their North Battleford Creek asset is coming into service this year, which reduces pressure on the payout ratio. Thinks it is worth $19-$20. Looking to make a huge acquisition off the coast of the Netherlands, an offshore wind farm. 6.6% yield.

Used to own years ago. Most companies in this space are a good buy now on weakness.

He likes that management owns about 30% of the company. Renewable energy and well distributed. Natural gas, Hydro and wind. Current yield is 5.6%.

Still solid value. You could probably step into it here at a 5.8% payout.

Payout ratio had been very high. Nearing completion on a couple of projects that should add to cash flow and materially reduce the payout ratio so he is going to take a closer look at this going forward. Generally the gas powered power generators are names he has not traditionally owned because the power purchase agreements are coming due and the recontracting process has usually led to a lower cash flow per unit.

(A Top Pick Sept 28/11. Up 25.28%.) Good name but he is reducing his holdings because the valuation is beginning to look stretched.

(A Top Pick Sept28/11. Up 20.71%.) Independent power producer primarily through natural gas. Excellent management team. Good pipeline. Trimming his holdings in the order of 20%.