Earnings
October 17, 2017 - AW.UN
New! A&W Revenue Royalties Income Fund - Q3-2017 Earnings & Price Target Update .....
October 17, 2017 - WCP
New! Whitecap Resources Inc. Q2-2017 Earnings & Price Forecast .....
October 14, 2017 - VNR
Valener Inc. Q3-2017 Earnings & Price Target Update .....
October 13, 2017 - WJX
Wajax Corporation - Earnings Update .....
October 11, 2017 - AP.UN
Allied Properties REIT - Price Target Update .....
October 10, 2017 - NFI
New Flyer Industries - Earnings & Price Target Update .....
October 7, 2017 - PLZ-UN
Plaza Retail REIT- Q2-2017 Earnings Update .....
October 6, 2017 - GEI
Gibson Energy Inc. - Payout Ratio Update .....
Recommendation Changes
VNR, PEY, DIR.UN, SMU.UN, CPG, more...

Preferred Shares- Past, Present, Future - Earnings: EMA, RNW, CPX, INE, BEP

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When it comes to earning reliable income beginning when markets bottomed following the Global Financial Crisis, the universe of acceptable investments not only shrinks year by year, so do the available yields. One of the remaining sectors is preferred shares.

The preferred shares group has evolved from being largely populated with fixed-rate dividend payors, to a much greater prevalence of issues offering variable dividend rate-resets adjusted every 5 years based on the Government of Canada 5 year bond yield. Investors wanted protection from rising interest rates and corporate finance departments were more than happy to oblige. This week's economic comments focus on the price trends for each of these two distinctly different types of preferred shares since the Global Financial crisis, and the implications this has for future performance in this group and interest rates.

Earnings updates are focused on companies operating in the power generation and utility distribution businesses. The grouping includes Emera Inc. (EMA, EMA.PR.A,B,C, E,F) Transalta Renewables Inc. (RNW), Capital Power Corp.(CPX, CPX,PR.A,C,E,G), Innergex Renewable Energy Inc. (INE, INE.PR.A,C) and Brookfield Renewable Energy Partners LP (BEP.UN, BRF.PR, A,B,C,E,F. BEP.PR.E, G, I). The current dividend yields for each are 4.4%, 5.5%, 6.3%, 4.5% and 6% (in Canadian dollars) or on average 5.3% were they all purchased together at current prices. Each has the potential for dividend growth from active capital development programs and a regulatory regime that typically grant annual rate increases. Revenues are predominantly based on long term contracts with price escalations.

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