Bob Hastings, the veteran utility, power and pipeline analyst at Canaccord Adams, rates Algonquin Power & Utilities as his top pick.
Unlike the other names in this column, Algonquin -- like roughly 50 other former trusts -- has already converted to a corporation, and cut its distribution. Still, I've included it here because it still offers a 24-cent annual dividend, for a nice yield of 5.7 per cent.
Algonquin is a smaller independent power producer that Hastings believes offers good growth potential, as demand for green power expands.
"The company has successfully developed and operated greenfield hydro and wind projects, thermal and biomass power plants and water infrastructure," he notes.
"It recently struck an alliance with Emera, a Canadian utility with solid generation, transmission, distribution and energy marketing experience. This alliance should prove useful in Algonquin's transition from a trust to a growth power and water utility."
Hastings has a 12-month target price of $6 apiece on Algonquin's shares, which closed Friday at $4.26 apiece on the TSX.