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With FERC settlement, Maxim leads Canadian power stocks out of Q3

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With FERC settlement, Maxim leads Canadian power stocks out of Q3

Leading Canadian power stocks for the quarter, shares saw a 12.46%surge in stocks to close at C$3.25. Despite reporting a drop in its second-quarter results due to lower Alberta powerprices, Maxim shares jumped after FERC signedoff on a settlement that puts to rest enforcement staff's allegationsagainst Maxim Power and several of its subsidiaries.

Under the settlement, Maxim and its subsidiaries will paya $4 million civil penalty to the U.S. Treasury and $4 million to the ISO New EnglandInc. to settle charges that manipulated New England power markets during July andAugust of 2010.

Following Maxim's lead, CaribbeanUtilities Co. Ltd. reported a 10.66% quarter-over-quarter increase inshares to close at C$16.81 while TransaltaRenewables Inc. rose 10.25% to settle at C$14.73.

With its decision to embark on a strategic review of business, Northland Power Inc. rose 10.09% for the three-month periodending Sept. 30 to close at C$24.44. Northland Power is currently advancing approximately C$6billion in construction projects with its partners and owns or invests in 1,394MW of operating generating capacity.

TransCanadaCorp. opened the quarter with the completion of its $13 billion purchase of Columbia Pipeline Group Inc., including about $2.8 billionof debt.

The company's shares hit a high of $63.41 after FERC a settlement regarding naturalgas transportation rates at TransCanada's pipeline subsidiaries and . TransCanadalifted 6.59% for the period, finishing at C$62.31.

BrookfieldRenewable Partners LP climbed 4.81% to end the third quarter at C$40.31.The partnership's shares spiked the week leading to its investors day in New Yorkand around the time it reportedly backed out of its bid to buy out  's shares in

Bottom-performingstocks

Recording the biggest losses among Canadian power companiesfor the period ending Sept. 30, JustEnergy Group Inc. tumbled 15.18% to finish at C$6.65, shed 13.24% to close at$5.83, and Boralex Inc.slid 3.90% to settle at C$18.71.

FortisInc. saw a decline of 3.39% to close at C$42.19, as it cleared hurdlesfor its proposed acquisitionof ITC Holdings Corp.Within the quarter, the $11.3 billion deal was cleared under and approved by , Illinois, Missouri,Oklahoma and regulators. Approval fromthe Kansas Corporation Commission is pending and the transaction is expected toclose by the end of the year.

Fortis also reportedsecond-quarter adjusted net earnings of C$131 million, or 46 Canadian cents pershare, compared with C$123 million, or 44 Canadian cents per share, in the sameperiod of 2015.

AlgonquinPower & Utilities Corp. shares for the third quarter dropped 1.18%to close at C$11.75. The company during the quarter secured approvals from and Missouri regulators to purchase Empire District Electric Co. in an all-cash valued at $2.4 billion whichis targeted for completion in early 2017.

Intervenors in Kansas have also warmed and reach an the parties related tothe merger. Kansas regulators are asked to approve the deal by Dec. 14, as opposedto Jan. 10, 2017, previously.

Emera Inc.shed 2.69% to close the quarter at C$47.31. The company closed its $6.5 billion acquisition of TECOEnergy Inc.,including $3.67 billion worth of debt. The company and its dividend by 10% as it postedsecond-quarter adjusted EBITDA of C$451.4 million, a huge leap from the C$205.9million reported a year ago. Emera also extended its 8% annual dividend growth targetthrough to 2020 from 2019.

Lookingahead

Desjardins Capital Markets on Sept. 30 reaffirmed its expectationsfor Brookfield Renewable Partners LP to achieve 5–9% annual distribution growthand 12–15% total shareholder return. It also retained its "hold" ratingwith a C$43 target price based on the company's valuation.

"We like the high-quality, well-diversified operating portfolioand believe [Brookfield Renewable Partners] offersinvestors solid, long-term growing cash flows and steady distribution growth,"Desjardin said in a report.

Desjardins also views Boralex's growth pipeline and opportunitiespresented during the company's investors meeting in a positive light. "Further,assuming the development pipeline buildout is spread evenly over the next few years,BLX should be able to internally fund installed capacity growth of 10% per annumuntil 2020, taking its installed capacity up to 1,650 MW," according to the report.