AQN - Innergex: Solid Growth Outlook But A Bit Pricey At This Level

Investment Thesis

Innergex Renewable Energy (OTCPK:INGXF) (TSX:INE) delivered solid Q2 2019 results thanks to its Cartier Wind Farms acquisition last year. The company also has two major projects reaching completion before the end of this year that should increase its current capacity by 30%. It also has a rich development pipeline that will enable it to expand its capacity through 2022. The company pays a growing 4.7%-yielding dividend. However, it is trading at a premium valuation to its peers. We think investors may want to wait for a pullback before initiating a position.